New York, United States , Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Global Internet of Things (IoT) Market Size is to Grow from USD 347.2 Billion in 2023 to USD 3,267.4 Billion by 2033, at a Compound Annual Growth Rate CAGR of 25.13% during the projected period.
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The Internet of Things (IoT) is a network of real-world items that have been implanted with software, sensors, and other technologies to allow them to communicate and share data with other online devices and systems. In recent years, the Internet of Things has emerged as one of the major technologies of the twenty-first century. Commonplace items such as cars, baby monitors, kitchen appliances, and thermostats may now be seamlessly connected to the internet through embedded devices, facilitating communication between people, processes, and things. The number of smart city projects, the number of online and offline distributors of IoT products, and the growing need for IoT technology in the automotive sector are driving the global IoT market. The e-commerce industry is expanding quickly as a result of consumers' increased inclination towards online buying due to its convenience and the widespread use of smartphones. The IoT market is being driven by the growing usage of IoT in the automotive sector. One of the biggest markets for IoT adoption is the automotive sector, which supports a variety of applications including dashboards, real-time monitoring, predictive maintenance, in-car infotainment, security features, and self-driving cars. In addition, fierce rivalry in the worldwide automotive sector is pushing businesses to use IoT, AI, and other cutting-edge technologies, which is propelling the IoT market's expansion. The IoT market's growth is mostly reliant on operational efficiency and technology advancements. Many countries in Latin America, the Middle East and Africa, and Asia Pacific lack the necessary technology, such as networking and telecommunications infrastructure, and are unable to implement smart projects swiftly due to a range of factors, such as low budgets and low rates of literacy.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts From the Report on the "Global Internet of Things (IoT) Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution, Services, Hardware, and Software), By Organization Size (Large Enterprises, and SME), By End-user (Agriculture, BFSI, Healthcare, Government, Retail, Manufacturing, Sustainable Energy, Transportation, IT & Telecom, and others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is expected to hold the largest share of the global internet of things (IoT) market during the forecast period.
The global internet of things (IoT) is divided into segments based on component: solution, services, hardware and software. Among these, the hardware segment is expected to hold the largest share of the internet of things (IoT) market during the forecast period. This is due to the fact that IoT systems need hardware, such as sensors, devices, and gateways, in order to allow communication and collect data. These hardware elements comprise the backbone of the Internet of Things infrastructure and are necessary for IoT solutions to be implemented successfully.
The large enterprises segment is expected to grow at fastest pace in the global internet of things (IoT) market during the forecast period.
The global internet of things (IoT) is classified into large enterprises, and SME. The large enterprises segment is expected to grow at the fastest pace in the internet of things (IoT) market during the forecast period. Large companies are better equipped to invest in IoT infrastructure, develop intricate IoT solutions, and implement them throughout their whole business. Additionally, they have more money to dedicate to IoT projects.
The agriculture segment is expected to grow at the greatest pace in the global internet of things (IoT) market during the forecast period.
Based on the end-user the global internet of things (IoT) is divided into agriculture, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT & telecom, and others. The agriculture segment is expected to grow at the greatest pace in the internet of things (IoT) market during the forecast period. Among the significant applications of technology in the agriculture sector are smart farming, smart drones, smart agriculture, smart greenhouses, and precision farming. Farmers stand to gain from the Internet of Things in two ways. It has aided farmers in making more informed decisions and lowering expenses by providing them with reliable data.
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North America is anticipated to hold the largest share of the global Internet of Things (IoT) over the predicted timeframe.
North America is projected to hold the largest share of the global internet of things (IoT) over the predicted years. The primary drivers of the Internet of Things market's expansion in North America are the rising use of connected devices and the related network infrastructure, as well as the expanding collaboration of hardware, network, and software vendors. Smart transportation is becoming more widely available in the region and helping commuters get to their destinations safely. Canadian companies are improving and simplifying their company processes with the use of IoT capabilities.
Asia Pacific is expected to grow at the fastest pace in the global internet of things (IoT) during the forecast period. The rapid adoption of new technology in this field makes it a significant market for the IT industry. As a result, it is projected that the IoT market in Asia Pacific would grow at the quickest rate. This is the world's most active urbanization zone, and it is home to the majority of emerging nations that are rapidly urbanizing. This trend creates enormous financial potential but also offers significant barriers to sustainable growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Internet of Things (IoT) include Siemens, Microsoft, Particle, HQ Software, AWS, Oracle, Cisco, Qualcomm, Losant, Litmus Automation, IBM, Google, Intel, Hitachi, GE Digital, ARM, Software AG, ClearBlade, Ayla Networks, and others.
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Recent Developments
- In February 2023, Cisco updated its line of IoT products, with an emphasis on meeting the requirements of large-scale IoT installations. The goal of the Cisco IoT Control Center upgrades is to make connectivity management easier for low-cost, fixed devices like medical equipment and utility meters. The platform covers a range of IoT use cases, allowing service providers to meet varying complexity levels and capitalize on new market possibilities. Cisco wants to increase the value and usability of IoT for its clients by offering a single platform for a range of corporate purposes.
- In January 2023, KORE, a provider of IoT connectivity as-a-service, selected Amazon Web Services (AWS) to power its massive IoT solutions, tackling the security issues that come with extensive IoT installations. By offering distinct credentials and safe data connections, eSIM technology is used by KORE's OmniSIM SAFE solution, which is powered by AWS IoT Core and improves IoT security. The collaboration intends to optimize processes and guarantee comprehensive security for the predicted rapid expansion of IoT devices in the upcoming years.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Internet of Things (IoT) Market based on the below-mentioned segments:
Global Internet of Things (IoT) Market, By Component
- Solution
- Services
- Hardware
- Software
Global Internet of Things (IoT) Market, By Organization Size
- Large Enterprises
- SME
Global Internet of Things (IoT) Market, By End-user
- Agriculture
- BFSI
- Healthcare
- Government
- Retail
- Manufacturing
- Sustainable Energy
- Transportation
- IT & Telecom
- others
Global Internet of Things (IoT) Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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