The Global Internet of Things (IoT) Market was valued at USD595.58 Billion in 2023 and is estimated to reach USD 4325.34 Billion by 2033, growing at a CAGR of 24.8% from 2023 to 2033.
Scope of the market:
The Internet of Things (IoT) is a network interrelated to devices that connect and exchange data with other IoT devices and the cloud. These are embedded with technology such as software and sensors which can include digital and mechanical machines and consumer objects. Many industries are using IoT to operate more efficiently, improve decision-making, and increase the value of business. IoT can transfer data over the network without human-to-human or human-to-computer interactions. As there is an increase in the use of e-commerce platforms and a rise in disposable income supports the growth of hypermarkets in the retail industry. Critical applications of retailers include supply chains, smart store applications, and connected consumers.Communication technology advancement in developing countries can be one of the challenges in growing the Internet of Things (IoT) Market. Furthermore, the market still looks promising with the potential across healthcare, transportation, manufacturing, and retail sectors. Furthermore, IoT enables companies to automate.
Economic Impact of COVID-19:
The analysis of the COVID-19 recovery trajectory provides an overview of the main strategies that industries are implementing to respond to and recover from the economic crisis. It also focuses on the post-pandemic and pre-pandemic era of the Global Internet of Things (IoT) Market through PEST analysis, SWOT, Quantitative and Qualitative analysis, Attractive analysis, and DROs.
Key Players:
- Intel Corporation
- Sap SE
- Bosch Software
- Microsoft Corporation
- IBM Corporation
- Dell Inc
- Hitachi Data Systems
- Huawei Technologies Co Ltd
- Cisco Systems Inc
- Amazon Web Services
- Hewlett Packard Enterprises
- Siemens
- PTC Inc
- GE
- Others
The above key players in the Global Internet of Things (IoT) Market can be changed according to the client’s requirements.
Moreover, the key players aim towards expansion, joint ventures, collaboration, mergers, and acquisitions to advance capabilities in the Internet of Things (IoT) Market.Strategic acquisitions and growth-driven mergers are highly desirable in the current landscape, with the Technology and Health sectors demonstrating leadership.A thriving M&A market is anticipated to be sparked by the opportunity provided by solid company balance sheets, better financing terms, and industry-specific drivers.
Recent Developments in the GlobalInternet of Things (IoT)Market:
In 2023
Renesas Electronics acquired Sequans Communications
In August 2023, a Japan-based semiconductor manufacturer agreed to buy Sequans Communications a France-based cellular IoT chip maker for USD 249 million, a deal to be closed in 2024, and is poised to expand Renesa’s foray into IoT sectors.
International Development Finance Corporation announced investment in India
In June 2023, the US International Development Finance Corporation (DFC) announced a formalized USD 49.5 million investment in India-based smart meter manufacturer Genus Power Infrastructures, aimed at helping to expand its smart meter production. 250 million of the current 16.6 billion global IoT devices could come from one initiative alone to roll out smart meters in India. This goal will be met by the end of 2025 as only 8 million smart meter installations have taken places.
Global Internet of Things (IoT)Market Key Benefits:
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
- Quantitative and Qualitative analysis of the current market.
- Estimations for the forecast period 2033.
- Historical data and forecast data.
- Recent developments and trends in the market.
- Market share of the market players, company profiles, SWOT analysis, and competitive landscape.
- Covid-19 Impact analysis
Global Internet of Things (IoT)Market Segmentation:
By Component:
- Hardware
- Software
- Services
By Deployment:
- On-premises
- Cloud
By Organization:
- SMEs
- Large Enterprises
By Technology:
- Pressure Sensors
- Network Communications
- Data Processing
- Near-field Communications
- Radiofrequency Identification
By Industry Vertical:
- Healthcare
- E-Commerce
- Manufacturing
- IT & Telecom
- Others
By Platform:
- Application Management
- Network Management
- Device Management
By Region:
Asia-Pacific
- Japan
- China
- India
- Australia
- New Zealand
- Rest of Asia-Pacific
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
Rest of the World
Each of the market segments has been analyzed in detail for market trends, recent trends and developments, drivers, restraints, opportunities, and competitive analysis.
Research Scope:
|
Report Scope |
Details |
|
Base Year |
2023 |
|
Forecast Years |
2023 to 2033 |
|
Historical Years |
2019 to 2023 |
|
Market Size 2023 |
595.58 BN |
|
Market Revenue 2033 |
4325.34BN |
|
Growth Rate 2023- 2033 |
24.8% |
|
Report Coverage |
Trends, SWOT Analysis, Competitive Landscape, DROs, Revenue Forecast, PEST Analysis. |
|
Segments Covered |
Component, Deployment, Organization, Technology,Industry Vertical Platform, Region |
|
Companies Mentioned |
Intel Corporation, Sap SE, Bosch Software, Google, Microsoft Corporation, IBM Corporation, Dell Inc, Hitachi Data Systems, Huawei Technologies Co Ltd, Cisco Systems Inc, Amazon Web Services, Hewlett Packard Enterprises, Siemens, PTC Inc, GE |
|
Customization |
Yes |
Regional Analysis:
North America accounted for USD 186.75 Billion in 2023 with a market share of 32.81%. The growing customer base in the automotive industry for cloud-based platforms, and a growing industry like healthcare and industrial are witnessing significant growth in this region.The expansion of IoT-enabled devices, increasing investments in research and development in advanced technology,and the presence of key players such as Google, Amazon Web Services, Cisco, and Microsoft are propelling the growth of the market. There are over 15 billion IoT devices worldwide.
Asia Pacific is predicted to be growingwith the fastest CAGR driven by smart cities and developed infrastructure.This is due to smart city plans and initiatives such as Smart Wellington New Zealand and the Intelligent Disease Prediction Project which is in China. China's Internet of Things Market holds the largest market share followed by India which is the fastest-growing market in the Asia-Pacific region. Greater China has more than 5 Billion IoT devices which will increase by 8.57 billion by 2030.Growing demand for 5G services will also enhance the growth of the IoT market in the Asia-Pacific region.
According to Transform Insight:
Key questions answered by this report.
- Top market players contributing to the revenue?
- Trending strategies by the players?
- Which region will be the leading one in the forecast period?
- Factors that drive the Global Internet of Things (IoT) Market?
- Which factors will affect the Global Internet of Things (IoT)Market?
- How Covid-19 pandemic impact the growth of the Global Internet of Things (IoT) Market?
- Which Segment accounted for the Global Internet of Things (IoT) Market shares?
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