Global IoT Market – Size, Outlook, Trends and Forecast (2024 – 2032)

IoT (Internet of Things) is a network of devices, home appliances, vehicles, and various other things with built-in software, sensors, electronics and connectivity that enables these items to connect as well as exchange data and creates potential opportunities which result in improvement in efficiency, economic benefits and reduced human errors. Nowadays, IoT is becoming a transformational force which helps companies improve their efficiencies and performances through IoT Security and IoT analytics for better results. IoT will also help organisations reduce cost by improving process efficiencies, productivity and asset utilisation. The growth, as well as convergence of data, processes and things over the internet, will make connectivity more relevant and vital, creating more potential opportunities for people, businesses, organisations and industries. Healthcare, manufacturing, transportation & logistics, retail, insurance, oil & gas, infrastructure and energy & utility sectors can reap the benefits of IoT by making informed decisions, supported by the availability of massive amount of data at their disposal.

Global IoT Market Size:

Global IoT market is poised to reach the value of $1,017.61 billion in 2024 from $176.58 billion in 2017, growing with the CAGR of 32.31%. Software solutions and platforms are anticipated to drive the market as colossal data is moved to the cloud and new IoT applications will be introduced into the market, analytics will continue to gain in importance. Increasing adoption of the cloud platform, growing use of advanced data analytics and data processing practices, rapid demand from various end-user industries, advancements in wireless network technologies are the primary factors boosting the market growth during the forecast period. On the flip side, increasing data security and privacy issues, raising concerns over the data migration from the legacy systems, and lack of proper standards and interoperability issues are hampering the market growth. Market opportunities such as IoT traction among SMEs, increasing growth opportunities for the system integrators are enhancing the market at the global level.

Global IoT Market Share:

The market is segmented as by platform & services, software solutions, application, end user and by geography. By platform & services, the market is classified into platform and services. Platforms are further segmented into device management, network management, application management. Services are further segmented into professional and managed services. By software solutions, the market is segmented into real-time streaming analytics, data management, remote monitoring, security, network bandwidth management. The software solutions are expected to have a significant share among all the other segments, owing to an increase in the development of cloud applications and increasing adoption of cloud for the storage of data. The service segment is categorised into professional services and managed services. By application, the market is classified into smart energy and utilities, home and building automation, smart manufacturing, connected health, smart retail, smart mobility and transportation and others. By end-users, the market is segmented into healthcare, manufacturing, energy & utility, government, transportation & logistics, BFSI, retail, oil and gas, infrastructure, and others. Various end-user verticals are adopting IoT solutions to provide affordable, and quality services to the customers. By geography, the market is classified into North America, South America, Europe, APAC, and Middle East & Africa regions. North America is expected to hold the most significant market share is owing to an increasing digitalisation across various sectors, and the advancements in technologies have propelled the growth of the market in the region. Most of the organisations in the region are incorporating IoT solutions to boost the performances and to deliver better results to the customers. APAC is the fastest growing region owing to the increased adoption of IoT technologies.

Additionally, the countries in the APAC region are taking considerable steps to upsurge the IT infrastructures and helps the customers to adopt cutting-edge technologies in the market. Europe is also a promising region for the growth of the IoT market due to increasing adoption of technologies in the automotive industry. However, advances in technologies, an increasing number of acquisitions, partnerships by the major players in the IoT ecosystem is boosting the growth of the market.

Global IoT Market Trends:

• Asset management, inventory management, fleet management in transportation as well as government security are the hottest areas for the growth of IoT market. Increasing smart home adoption is a major trend in boosting the market.
• Digital transformation initiatives are expected to drive IoT expansion during the forecast period. Healthcare industry is expected to see increased IoT adoption owing to increasing usage of wearable devices.
• Mergers & Acquisitions in the IoT market will increase in the coming years as providers continue to differentiate their product and service offerings.
• Security, connectivity, and analytics will require more AI, and IBM is improving its Watson IoT spend and the initiatives that battle for AI IoT dominance will upsurge, mostly for specific verticals.

Global IoT Market Research Reports Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have a complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
• Identifying DROC in the current market and their impact on altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
  • IBM Corporation
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • General Electric
  • Google Inc.
  • Amazon Web Services
  • SAP SE
  • AT&T

Along with these companies, there were many other companies are considered in the report while analysing the Global IoT market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.