IoT Technology Market by Node Component, Software Solution, Platform, Service, End-Use Application

List of Tables

[197 Pages Report] The IoT Technology Market size was estimated at USD 414.69 billion in 2023 and expected to reach USD 444.47 billion in 2024, at a CAGR 7.35% to reach USD 681.62 billion by 2030.

IoT, or the "Internet of Things," refers to the network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet. These objects range from ordinary household items including, refrigerators and thermostats to sophisticated industrial tools. The key characteristic of IoT technology is its ability to collect and transmit data from the environment, enhancing the capabilities, efficiencies, and features of goods and services. An increase in connectivity and smartphone usage is driving the demand for IoT technology, subsequently driving the market growth. Rising demand for automation and efficient operations across industries to improve efficiency and productivity drives the adoption of IoT solutions for automation and better data-driven decision-making. Security and privacy concerns with the IoT technology hamper the market growth. Rising investments in smart city infrastructure with the emerging trend of home automation are expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 414.69 billion
Estimated Year [2024]	USD 444.47 billion
Forecast Year [2030]	USD 681.62 billion
CAGR (%)	7.35%

Regional Insights

The IoT market in the Americas is highly developed, with a significant adoption rate of IoT technologies across both consumer and industrial sectors. The Americas with high tech adoption rates in sectors such as healthcare, automotive, and manufacturing is creating a platform for growth of the IoT market. IoT applications are commonly used to enhance operational efficiency and integrate advanced data analytics for better decision-making. The APAC region is experiencing rapid growth in IoT deployment, encouraged by both emerging and developed economies such as China, Japan, South Korea, and India. The expansion in this region is partly due to the increasing urbanization and industrialization. IoT technologies here are often utilized in smart city projects, industrial automation, and improving the scope and quality of telecommunication services. Western Europe shows strong market development similar to the United States, with significant use in automotive, industrial, and smart home applications. The Middle East and parts of Africa are progressively adopting IoT, mainly in oil and gas industries, and smart city initiatives. Europe's strict data protection regulations also shape IoT implementation and data handling practices.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the IoT Technology Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Potential demand attributed to increasing adoption of IoT solutions by end-user sectors worldwide
- Proliferation in smart city initiatives with higher utilization of IoT technological solutions
- Growing penetration of smart devices coupled with upsurging numbers of internet connections

Market Restraints
- High cost associated with installation and manufacturing of IoT solutions

Market Opportunities
- Emergence of cloud platform solutions with heightened demand for data centers
- Favorable governmental initiatives and investments for implementation of IoT solutions

Market Challenges
- Concerns associated with privacy and security of user data

Market Segmentation Analysis
- Platform: Growing usage of application management to process and analyze the data gathered from IoT devices
- End-Use Application: High potential of IoT technology in consumer electronics for enhanced convenience and energy efficiency

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the IoT Technology Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the IoT Technology Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

LTIMindtree and Vodafone Announce Partnership to Propel Smart IoT and Industry 4.0 Innovations

LTIMindtree, a major player in the technology consulting and digital solutions sector, established a strategic alliance with telecommunications company Vodafone to embark on the development of advanced Smart IoT (Internet of Things) and Industry 4.0 solutions. The collaboration aims to cultivate innovative solutions to transform industrial operations by enhancing efficiency, reducing downtime, and fostering sustainability. [Published On: 2024-04-18]

Qualcomm's Innovative Advances in IoT Technologies for Industrial Applications

Qualcomm introduced an array of pioneering IoT technologies designed to enhance industrial operations. This technology aims to empower industries such as manufacturing, logistics, and automation by providing scalable solutions that integrate easily with existing systems, ensuring minimal disruption. This addition solidifies Qualcomm's position in powering next-generation smart devices across multiple domains, including healthcare, smart homes, and gaming. [Published On: 2024-04-09]

Revolutionizing Smart Packaging with Wiliot's IoT Platform

Wiliot introduced the Internet of Things (IoT) platform, which was designed to enhance product packaging capabilities. By embedding a sticker-sized Bluetooth tag onto packages, this platform provides continuous real-time data across the entire supply chain, from the manufacturing process to the end consumer. This advancement aims to improve business operational efficiencies and enhance transparency and consumer engagement. [Published On: 2024-01-12]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the IoT Technology Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the IoT Technology Market, highlighting leading vendors and their innovative profiles. These include Arm Limited, Cisco Systems, Inc., Fujitsu Limited, General Electric Company, Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation, Juniper Networks, Inc., Microsoft Corporation, Nokia Corporation, Nvidia Corporation, Oracle Corporation, PTC Inc., Qualcomm Technologies, Inc., Samsara Inc., Samsung Electronics Co., Ltd., SAP SE, Semtech Corporation, Siemens AG, Softeq Development Corp., Software AG, SparkCognition, Inc., Telit Cinterion group, Verizon Communications, Inc, and Wind River Systems, Inc..

Market Segmentation & Coverage

This research report categorizes the IoT Technology Market to forecast the revenues and analyze trends in each of the following sub-markets:

Node Component
- Connectivity IC
- Logic Device
- Memory Device
- Processor
- Sensor

Software Solution
- Data Management
- Network Bandwidth Management
- Real-Time Streaming Analytics
- Remote Monitoring
- Security Solution

Platform
- Application Management
- Device Management
- Network Management

Service
- Managed Services
- Professional Services

End-Use Application
- Aerospace & Defense
- Agriculture
- Automotive & Transportation
- BFSI
- Consumer Electronics
- Healthcare
- Manufacturing
- Oil & Gas
- Retail & Consumer Goods

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-8201ABF2155C

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Potential demand attributed to increasing adoption of IoT solutions by end-user sectors worldwide
  - 5.1.1.2. Proliferation in smart city initiatives with higher utilization of IoT technological solutions
  - 5.1.1.3. Growing penetration of smart devices coupled with upsurging numbers of internet connections
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with installation and manufacturing of IoT solutions
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of cloud platform solutions with heightened demand for data centers
  - 5.1.3.2. Favorable governmental initiatives and investments for implementation of IoT solutions
- 5.1.4. Challenges
  - 5.1.4.1. Concerns associated with privacy and security of user data
5.2. Market Segmentation Analysis
- 5.2.1. Platform: Growing usage of application management to process and analyze the data gathered from IoT devices
- 5.2.2. End-Use Application: High potential of IoT technology in consumer electronics for enhanced convenience and energy efficiency
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. IoT Technology Market, by Node Component

6.1. Introduction
6.2. Connectivity IC
6.3. Logic Device
6.4. Memory Device
6.5. Processor
6.6. Sensor

7. IoT Technology Market, by Software Solution

7.1. Introduction
7.2. Data Management
7.3. Network Bandwidth Management
7.4. Real-Time Streaming Analytics
7.5. Remote Monitoring
7.6. Security Solution

8. IoT Technology Market, by Platform

8.1. Introduction
8.2. Application Management
8.3. Device Management
8.4. Network Management

9. IoT Technology Market, by Service

9.1. Introduction
9.2. Managed Services
9.3. Professional Services

10. IoT Technology Market, by End-Use Application

10.1. Introduction
10.2. Aerospace & Defense
10.3. Agriculture
10.4. Automotive & Transportation
10.5. BFSI
10.6. Consumer Electronics
10.7. Healthcare
10.8. Manufacturing
10.9. Oil & Gas
10.10. Retail & Consumer Goods

11. Americas IoT Technology Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific IoT Technology Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa IoT Technology Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. LTIMindtree and Vodafone Announce Partnership to Propel Smart IoT and Industry 4.0 Innovations
- 14.3.2. Qualcomm's Innovative Advances in IoT Technologies for Industrial Applications
- 14.3.3. Revolutionizing Smart Packaging with Wiliot's IoT Platform
- 14.3.4. KORE Acquires Twilio's IoT Division to Cement Its Position as a Leading IoT Hyperscaler
14.4. Strategy Analysis & Recommendation

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio