PUBLISHER: Market Research Future | PRODUCT CODE: 1545614
PUBLISHER: Market Research Future | PRODUCT CODE: 1545614
Global Internet of Things Market Research Report Information By Component Hardware, Software, Services) By Connectivity Platform (Cellular, Wi-Fi, Ethernet, Bluetooth, Zigbee, Others) By organization Size (Small and Medium Enterprises (SMEs), Large Enterprises) By end-use Industry (Manufacturing, Transportation, Logistics, Construction, Healthcare, Automotive, Retail, IT & Telecom, Utility, Others), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast Till 2032
The size of the Internet of Things (IoT) market is expected to increase at a compound annual growth rate (CAGR) of 22.16% from USD 158.16 million in 2024 to USD 784.24 million by 2032. Several factors are likely to contribute to the Internet of Things (IoT) Market's significant growth throughout the forecast period. Key factors such the growing need for improved integration in industries dependent on sensor-based measurements, the synergy between IoT and data analytics, and meeting industry-specific needs are anticipated to propel the expansion of the Internet of Things (IoT) market. However, obstacles including the lack of progress in communication technology and security issues brought on by the gathering and sharing of private data are anticipated to limit market expansion. Nonetheless, there are significant prospects for the global market due to the IoT market's ongoing development and expansion as well as the customized IoT solutions it offers for a range of industries, including manufacturing, logistics, healthcare, and agriculture.
The Internet of Things (IoT) sector has enormous potential to be driven by the convergence of data analytics and IoT. Organizations can gain important insights from the large amount of data created by Internet of Things (IoT) devices by utilizing the advancements achieved in the field of data analytics. This synergy facilitates creative solutions across a range of industries, increases operational efficiency, and improves decision-making.
Some of the main advantages of integrating data analytics with IoT are as follows: data analytics plays a crucial part in redesigning the market and propelling its growth. IoT device raw data is frequently meaningless and unorganized. By cleaning, combining, and organizing this data, data analytics transforms it into insightful knowledge that businesses may utilize to guide their decisions. Data analytics assists businesses in doing this by revealing patterns and trends that would otherwise go unnoticed and enabling them to derive actionable insights.
Insights on Market Segments
Hardware, software, and services are included on the Internet of Things (IoT) market segmentation based on component. The market is divided into segments based on connectivity platforms, which include cellular, Wi-Fi, Ethernet, Bluetooth, Zigbee, and others.
The Internet of Things (IoT) Market Segmentation comprises Small & Medium Enterprise and Large Enterprise based on Organization Size.
Manufacturing, Transportation, Logistics, Construction, Healthcare, Automotive, Retail, IT & Telecom, Utility, and Others are included in the market segmentation based on the end use industry.
Regional Perspectives
Asia-Pacific accounted for 38.7% of the global Internet of Things (IoT) market in terms of revenue in 2022, and this dominance is anticipated to continue throughout the forecast period. The adoption of IoT is especially significant in asset-intensive sectors like manufacturing, utilities, and transportation. These assets, whether stationary or mobile, are now a part of a networked ecosystem where they may communicate and exchange vital information. Shipment vehicles, including trucks and ship boats, are movable assets that play a significant role on the Internet of Things and have a lasting effect on the logistics industry. Among the first industries to adopt linked technology were logistics and warehousing, even before the term "Internet of Things" was coined. These industries have prospered because of the early adoption, which has also given other industrial segments the ability to enhance their supply chain management and other end-to-end processes.
Better monitoring and telemetry systems brought about by the Internet of Things have revolutionized the logistics industry. IoT is undoubtedly a blessing for the logistics sector. A logistics company has been able to alter its operations and get better results because to its deployment.
Principal Players
The leading companies in the market include Hitachi Ltd., Huawei Technologies Co. Ltd., IBM Corporation, NETOBJEX INC., SAMSARA, Amazon Web Services (AWS), AT&T Inc., Cisco Systems, Inc., Google LLC, Oracle Corporation, Dell, Microsoft Corporation, and Others.