Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on "IoT Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, and Application," the market is expected to grow from US$ 611 billion in 2023 to US$ 3,967.99 billion by 2030; it is estimated to register a CAGR of 30.6% from 2023 to 2030. The growing transition from traditional to digital ecosystems across industries creates a tremendous need for connected ecosystems, which is increasing the demand for IoT-based solutions.
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The US holds the largest IoT market share in 2022 in North America. A well-established economy, a rise in internet penetration, and large adoption of high network technologies and smartphones are a few of the major factors driving the demand for IoT solutions. Moreover, the country is witnessing a growing deployment of IoT solutions as a part of the government infrastructure plans to promote smart manufacturing and smart city projects in the country. In addition, increasing demand for wearable devices along with a rising focus on the Industrial Internet of Things (IIoT) among industries such as transportation, manufacturing, and BFSI is accelerating the adoption of IoT solutions in the country. Furthermore, Amazon Web Services Inc, Cisco Systems Inc, Google LLC, International Business Machines Corp, Intel Corp, Microsoft Corp, and Oracle Corp are a few players operating in the IoT market across the country. These players are continuously working on product innovation to satisfy customer needs. In February 2023, Cisco Systems Inc announced a plan to enhance its cloud-based IoT Operations Dashboard, which enables efficient remote operations and manages industrial IoT environments. Per the plan, the dashboard will be integrated with Cisco Cyber Vision and allow access to Secure Equipment Access Plus via the platform. Thus, the growing IoT adoption in the country and product innovation by the market players is expected to fuel the growth of the IoT market in the US during the forecast period.
The number of IoT-based devices that share data by connecting wirelessly to a network is growing tremendously. Also, sensor technology embedded in IoT devices is budget-friendly, advanced, and widely available. The easy availability and cost-effectiveness of devices create possibilities for new sensor applications, including large-scale monitoring and detection. Moreover, mobile connectivity has improved with the advent of 5G, further accelerating investments in IoT-based solutions. Large enterprises continue to invest their resources in IoT, as they are increasingly utilizing the technology as part of their business plans by rapidly revamping their IoT plans and executing long-term IoT deals. For instance, in January 2023, Godrej & Boyce announced its plan to invest in IoT-based systems to improve customer experience and increase their global footprint as well as market share. The company's material handling business division planned to double its investment in technology to support various operations, including sales, manufacturing, and sustainability across its value chain. Also, businesses are investing in connected device sensors, from tools and equipment to vehicles and buildings, and leveraging various layers of analytics to create actionable data sources that derive enhanced business insights. The shift toward IoT adoption is increasing in the IoT industry as several businesses collect and analyze information for better decision-making and increased transparency. The implementation of IoT enables innovation and revenue streams, provides better customer experiences and asset utilization, improves employee productivity, and increases efficiency in supply chain and logistics operations. Therefore, the benefits of employing IoT are a key factor boosting the investment in the cloud, data centers, global networks, and big data analytics, which is driving the IoT market growth.
Global IoT Market: Component Overview
Based on component, the IoT market is segmented into hardware, software, and service. Hardware segment in IoT market is anticipated to have the largest market share in 2023. Advancement in research and development in the IoT space to get smaller, cheaper, and improved devices is a significant factor contributing to the growth of the IoT hardware. Moreover, government organizations collaborating with large enterprises and SMEs to establish IoT-enabled ecosystems across the globe are expected to boost the IoT market growth during the forecast period.
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Global IoT Market: Competitive Landscape and Key Developments
Microsoft Corporation; Hewlett Packard Enterprise Development LP; SAS Institute Inc.; VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc are among the key IoT market players profiled in the report. Several other essential IoT market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed IoT market insights, which can help major players strategize their growth.
In January 2023, Amazon Web Services (AWS) launched several new data and location service capabilities in late 2022, providing significant opportunities for partners in the Internet of Things (IoT) space. Yasser Alsaied, AWS' IoT leader, believes these new services will enable partners to enhance their offerings and provide customers with advanced data and cybersecurity solutions. The cloud is ideal for securely and reliably managing IoT connectivity and data.
In January 2023, IoT Connectivity as-a-Service provider KORE chose Amazon Web Services (AWS) to support its Massive IoT solutions, addressing the security challenges associated with large-scale IoT deployments. KORE's OmniSIM SAFE solution, powered by AWS IoT Core, leverages eSIM technology to enhance IoT security by providing unique credentials and secure data communications. The partnership aims to streamline operations and ensure end-to-end security for the anticipated exponential growth of IoT devices in the coming years.
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