The market report not only deals with major industrial categories but also different associated segments such as services, technologies, & applications. What is more, the global Internet of Things (IoT) Technology Market research report provides market data in such a way that it also considers new product development from beginning to launch.
Internet of Things (IoT) Technology Market Overview
The global Internet of Things (IoT) Technology Market size was estimated at USD 1,001.0 billion in 2023 and is projected to reach USD 2,846.1 billion in 2030 at a CAGR of 16.1% during the forecast period 2023-2030.
The Internet of Things (IoT) technology comprises of intelligent devices that are interconnected with the web and are capable of acquiring, examining, and manipulating data from their environment through the aid of embedded systems, which consist of sensors, processors, and communication hardware. Numerous enterprises, spanning across various industries, are progressively transitioning towards IoT technology, with the objective of ameliorating their organizational performance, comprehending their clientele better, providing superior customer services, augmenting decision-making capabilities, and elevating their business's worth.
The Internet of Things market is being driven by several key factors including the availability of low-cost, low-power sensor technology, widespread access to high-speed connectivity, the increasing adoption of cloud-based solutions, and a growing reliance on data processing and analytics. In addition, the worldwide increase in smart city initiatives and the proliferation of connected devices are expected to further fuel the growth of IoT. Furthermore, the emergence of 5G technology is poised to play a key role in driving IoT adoption on a global scale, presenting lucrative opportunities for IoT vendors.
Get a Sample Copy of the Internet of Things (IoT) Technology Market Research Report: https://www.delvens.com/get-free-sample/internet-of-things-iot-technology-market
On the other hand, Lack of advancements in communication technology and poor operational efficiency in developing economies may hamper the market growth to some extent.
The Internet of Things (IoT) market has observed significant growth over recent years. However, due to the COVID-19 pandemic outbreak, organizations are swiftly transitioning their operations towards digital platforms. This shift can be attributed to the lifting of lockdown and movement restrictions in public places by governments in the majority of countries, as well as the resumption of travel and tourism, albeit with caution, to boost the local economy and promote market growth. COVID-19 has caused widespread disruption to daily life and has necessitated substantial changes in the policies, priorities, and activities of individuals, organizations, and governments. These changes have served as a catalyst for technology and innovation. Remote working has become the norm for many companies over the past few months, and it will continue to be so wherever possible. This arrangement provides greater flexibility for companies to save on physical spaces, have teams working in different locations, and reduce the time wasted on commuting.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Advancements in digital technology at an industrial-grade level, a growing inclination towards cloud-based Internet of Things (IoT) software, and an increased need for improved management of supply chain and customer relations all significantly contribute to the expansion of the global IoT market. The utilization of IoT technology enables individuals to live and work more intelligently by providing them with complete control over their lives. Moreover, smart devices that automate homes have become a primary need for customers. Additionally, IoT offers businesses a real-time perspective into the functionality of their systems, providing insights into everything from machine performance to supply chain and logistics operations. Companies can also automate processes and decrease labour costs through the employment of IoT. Furthermore, it reduces waste and enhances service delivery, resulting in cheaper manufacturing and transportation costs. The transparency it provides into customer transactions is expected to create profitable opportunities for global IoT market expansion. These factors have led to the expansion of the market and increased demand for Internet of Things (IoT) Technology solutions.
Key Findings
• The component segment is further fragmented into Hardware, Software/Platform, Connectivity and Services. The Software solution segment is expected to account for a larger market size during the forecast period. IoT software solutions improve business operations, increase customer satisfaction, and create revenue streams. IoT devices communicate with other devices and provide trusted data to users. Software solutions use various technologies to help organizations stay competitive. These solutions automate functions in infrastructure and manufacturing.
• The End-user Industry segment is further bifurcated into Manufacturing, Transportation, Healthcare, Retail, Energy and Utilities, Residential and Other End-user Industries. The Manufacturing Industry is the largest market during the forecast period. Industry 4.0 technologies, including the industrial internet of things (IIoT), machine learning, and big data, are enabling the manufacturing industry to shift its focus to digital transformation to increase productivity and quality, reduce downtime, and assist in supply chain management.
• The organization segment is further bifurcated into Small and medium-sized enterprises and large enterprises. Large enterprises to account for a larger market size during the forecast period. The rise in the employment of IoT technology by enterprises to attain a strategic and competitive edge over their rivals is the source of this trend. Consumers employ IoT to uncover novel insights on a vast and varied range of data, encompassing both contemporary and historical records. This technology is optimal for gathering data and conducting algorithmic and analytical procedures on a vast array of data sets to identify pertinent correlations, entities, and insights.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, there is significant growth in the healthcare, industrial, and automotive sectors owing to a growing customer base for cloud-based platforms.
Internet of Things (IoT) Technology Market Regional Analysis
North America to Dominate the Market
• North America is estimated to account for the largest market share during the forecast period. In North America, there is significant growth in the healthcare, industrial, and automotive sectors owing to a growing customer base for cloud-based platforms.
• Moreover, the strong presence of the key providers of IoT technologies is expected to boost the North American market growth.
Internet of Things (IoT) Technology Market Competitive Landscape
• Aeris Communications Inc.
• Amazon Web Services Inc.
• AT&T Inc.
• AWS
• Cisco Systems Inc.
• Fujitsu Ltd
• General Electric Company
• Google Inc.
• Honeywell International Inc.
• Huawei Technologies Co. Ltd
• IBM Corporation
• Koninklijke Philips NV
• Microsoft Corporation
• Oracle Corporation
• PTC Inc.
• Qualcomm
• Robert Bosch GmbH
• SAP SE
• Siemens AG
• Wipro Ltd
Inquiry Before Buying: https://www.delvens.com/Inquire-before-buying/internet-of-things-iot-technology-market
Internet of Things (IoT) Technology Market Recent Developments
• In April 2023, Texas Instruments created the Simple Link Wi-Fi 6 ICs to help designers create reliable, secure, and cost-effective Wi-Fi connections for high-density and high-temperature applications. Their CC33xx devices can be used in IoT connections in various industrial settings when paired with an MCU or CPU.
• In February 2023, Qualcomm launched Qualcomm Aware, which offers services for managing assets in industries that require precise and time-sensitive decision-making. It combines silicon, cloud framework, and hardware and software partners to improve operational efficiency and global connection. It also uses location technologies and sensor alerts to optimize device management and control functions.
Internet of Things (IoT) Technology Market Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Internet of Things (IoT) Technology Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Direct Purchase of Internet of Things (IoT) Technology Market Report Research Report: https://www.delvens.com/checkout/internet-of-things-iot-technology-market
Frequently Asked Questions
What are the years considered to study Internet of Things (IoT) Technology Market?
What is the compound annual growth rate (CAGR) of the Internet of Things (IoT) Technology Market?
Which region holds the largest market share in Internet of Things (IoT) Technology Market?
Which region is the fastest growing in Internet of Things (IoT) Technology Market?
Who are the major players in Internet of Things (IoT) Technology Market?
Browse Related Reports:
Hybrid Cloud Market – Trends Forecast Till 2030
Hybrid Cloud Market, by Component (Solutions, Services), End-user Industry (Government and Public Sector, Healthcare, BFSI, Retail, Information and Communication Technology, Media and Entertainment), Workloads, Organization size, Vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Metaverse Market – Trends Forecast Till 2030
Metaverse Market by Product, By Platform, By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR), Mixed Reality (MR)), By Offering, By Application, By End Use, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Location Analytics Market – Trends Forecast Till 2030
Location Analytics Market, by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application, Deployment Mode (On-Premises, Cloud), Organization Size, Industry Vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
About Us:
Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide the information on country, regional and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally.
Delvens database assists the clients by providing in-depth information in crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.
Contact Us:
UNIT NO. 2126, TOWER B,
21ST FLOOR ALPHATHUM
SECTOR 90 NOIDA 201305, IN
+44-20-8638-5055
[email protected]