Global IoT Market Size, Share and Trends Analysis Report, by Component (Hardware, Platform, Solution & Services, Services), by Organization Size (Large Enterprises, and SMEs) (and by Application (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), Forecast Period (2022-2028)

The global IoT market is anticipated to grow at a CAGR of 25.2% during the forecast period (2022-2028). IoT generates revenue for loT-enabled products and services by safeguarding loT data and creating loT-enabled system data. They are capable of increasing the organization’s economic and operational efficiency. Some of the most common company functions that they are used for are operations, supply chain, information technology, marketing and sales, and finance. IoT enables businesses to monitor, analyze, and manage their operations in order to generate revenue in the most cost-effective way possible. The increased use of smartphones and growing internet connectivity will be major factors influencing market growth rates.

Furthermore, a surge in cloud platform adoption, an increase in the network of connected devices, and increased government support for digitalization promotion are factors that will accelerate growth. Moreover, increasing use of IoT monetization in agriculture and an increase in the number of investments will increase the beneficial opportunities for IoT monetization market growth. However, the rise in data breaches and the lack of a common communication standard among platforms will hinder the growth of the IoT market. In addition, the lack of power-efficient devices will stymie the growth of the IoT market. IoT technology is the key for several organizations to digitally transform, thus, empowering them to upgrade the existing processes by creating and tracking new business models. Enterprises and service providers are looking at IoT as the key enabler to attributed digital transformation and unlock operational efficiencies. The growing adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, is propelling the IoT market’s growth.

North America dominates the internet of things (IoT) market and will maintain its dominance over the forecast period due to the presence of major IoT companies and rapid mass adoption of new technology. Due to the growing adoption of IoT-enabled devices in emerging economies, Asia-Pacific will witness the fastest growth for this period. Moreover, the market players are additionally, contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance,

• In March 2021, Nokia in partnership with Mobily completed a narrowband ‘Internet of Things (NB-IoT) network deployment in the L 800 band. Both the companies in collaboration, Mobily and Nokia connected more than 4,000 sites and facilitated NB-IoT cell radius coverage averaging 20 km per cell, that is much wider than normal LTE cells. The completion of the project would increase Mobily’s digitalization by offering new NB-IoT services to serve its enterprise customers better.
• In February 2021, Siemens, IBM, and Red Hat launched a Hybrid Cloud initiative to increase the real-time value of Industrial IoT Data. Through this new joint collaboration, Siemens Digital Industries Software will be applied to IBM’s open hybrid cloud approach, built on Red Hat OpenShift, and it will extend the deployment flexibility of MindSphere, the industrial IoT, as a service solution from Siemens.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component
  • By Organization Size
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Cisco Systems, Inc., Google, Inc., Huawei Technologies Co. Ltd., IBM Corp., and Microsoft Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global IoT Market Report by Segment

By Type

• Hardware
• Platform
• Solution & Services
• Services

By Organization Size

• Large Enterprises
• SMEs

BY Application

• BFSI
• Retail
• Government
• Healthcare
• Manufacturing
• Agriculture
• Sustainable Energy
• Transportation
• IT & Telecom
• Others

Global IoT Market Report by Region

North America

• US
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa