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

Global IoT Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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,

Global IoT Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

software solutions, application, end user and by geography. By by the major

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Global IoT Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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