According to the report published by Allied Market Research, Global IoT Market Size Projected to Reach USD 5,332.3 Billion by 2032, Growing at a CAGR of 21.3%. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global IoT market has grown due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. However, the privacy and security concerns act as a restraint for the IoT market expansion. In addition, the emergence of mobile devices is projected to provide many opportunities for market growth during the forecast period.
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The global IoT market size was valued at $956.0 billion in 2023, and is projected to reach $5,332.3 billion by 2032, growing at a CAGR of 21.3% from 2024 to 2032.
The IoT market size is segmented on the basis of component, deployment mode, organization size, platform, technology, industry vertical, and region. By component, the market is divided into solution and service. Depending on deployment mode, it is segregated into on-premise and cloud. On the basis of organization size, it is bifurcated into large enterprises and small & medium size enterprises (SMEs) . As per the platform, it is fragmented into device management, application management, and network management. By technology, it is differentiated by radiofrequency identification, pressure sensors, network communications, data processing, and near-field communications. By industry vertical, it is categorized into retail, e-commerce, & consumer electronics, energy & utility, healthcare, transportation & logistics, IT & telecom, manufacturing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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By component, the solution segment held the highest market share in 2023 due to the growing need for solutions that support the functioning of IoT devices. The service providers deliver end-to-end software development solutions for consumer IoT, from project planning and testing to deployment. This is in turn expected to propel the growth of this segment in the global market.
By deployment mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety.
By organization size, the large enterprises segment held the highest market share in 2023. This is attributed to an increase in the adoption of IoT technology by businesses to gain a strategic and competitive advantage over their competitors. Customers use IoT to discover new insights on large-scale diverse data, including historical and recent data. This technology is suitable for the collection of data and running algorithms and analysis across a large set of data to find relevant relationships, entities, and insights.
By platform, the device management segment held the highest market share in 2023. As it enables the efficient provisioning of devices, ensuring they are correctly configured and ready for use. These platforms support large-scale deployments, which is essential for industries with vast numbers of connected devices.
By technology, the network communication segment held the highest market share in 2023. Network communication technologies are widely used in public and private networks, supported by a growing ecosystem of devices and applications.
By industry vertical, the IT & telecom segment held the highest market share in 2023. IT & telecom companies provide robust platforms for device management, including provisioning, monitoring, and updating IoT devices. IT & telecom companies provide the essential connectivity backbone for IoT devices.
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By region, North America held the highest market share in terms of revenue in 2023 and is expected to lead the market in terms of revenue throughout the forecast period. This demand is attributed to the rising need for internet services to address the increasing adoption of digital technologies in several sectors. Individuals are choosing digital services to improve their knowledge and skills.
The major players operating in the IoT market share include Google LLC, Hewlett Packard Enterprise, Cisco Systems, Inc., International Business Machine Corporation (IBM) , SAP SE, Microsoft Corporation, Amazon Web Service., Oracle Corporation, Intel Corporation, and Bosch Software Innovation GMBH.
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Industry Trends:
● In July 2023, the U.S. Government launched its long-awaited Internet of Things (IoT) cybersecurity labeling program that aims to protect Americans against the myriad security risks associated with internet-connected devices.
● In May 2021, the Presidential Executive announced the improvement in the Nation’s Cybersecurity and directed NIST to initiate two labeling programs on cybersecurity capabilities of Internet-of-Things (IoT) consumer devices and software development practices.
Recent Key Strategies and Developments
● In February 2024, Digi International Inc. launched Digi IX40, a 5G edge computing industrial IoT cellular router solution. Digi IX40 is purpose-built for Industry 4.0 use cases such as advanced robotics, predictive maintenance, asset monitoring, industrial automation, and smart manufacturing.
● In February 2023, KORE launched its recent technology software MODGo, which provides a unified, digital approach to IoT asset management, at the Mobile World Congress Barcelona. This cutting-edge solution provides a streamlined approach to managed services, designed to help organizations overcome the challenges of IoT implementation and management.
● In March 2023, the Ministry of Electronics and Information Technology (MeitY) launched three IoT sensor-based products, which include a “Smart Digital thermometer”, “IoT enabled Environmental Monitoring System” and “Multichannel data Acquisition System”, developed by C-MET in the CoE in IIoT sensors.
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