Global Internet of Things (IoT) Market Insights Forecasts to 2033

• The Global Internet of Things (IoT) Market Size was Valued at USD 347.2 Billion in 2023.
• The Market Size is Growing at a CAGR of 25.13% from 2023 to 2033
• The Worldwide Internet of Things (IoT) Market Size is Expected to Reach USD 3,267.4 Billion by 2033
• Asia Pacific Expected to Grow the Fastest during the Forecast period

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The Global Internet of Things (IoT) Market Size is Anticipated to Exceed USD 3,267.4 Billion by 2033, Growing at a CAGR of 25.13% From 2023 to 2033.

 

Market Overview

The Internet of Things (IoT) is a network of physical objects things embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. The Internet of Things has become one of the twenty-first century's most significant technologies in recent years. Everyday objects kitchen appliances, vehicles, thermostats, baby monitors can now be connected to the internet via embedded devices, allowing for seamless communication between people, processes, and things. The worldwide IoT market is being driven by an increase in the number of smart city projects, online and offline IoT product distributors, and rising demand for IoT technology in the automotive industry. The e-commerce business is fast rising with the increasing ubiquity of smartphones and the growing customer preference for purchasing things online due to the convenience of shopping. Furthermore, connections between IoT devices may be made over the Internet or directly using a wireless protocol. Thus, these gadgets may be remotely monitored and controlled. Smart home goods, such as lighting fixtures, thermostats, home appliances, cameras, and home security systems, are examples of IoT devices that are gaining momentum in the consumer market, supporting the IoT market's development in the anticipated period. IoT technology connects various smart devices to facilitate company operations; the linked smart devices gather and exchange data, which can then be used to improve customer experience, hence accelerating the IoT market growth.

 

Report Coverage

This research report categorizes the market for global internet of things (IoT) market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global internet of things (IoT) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global internet of things (IoT) market.

Driving Factors

The global internet of things (IoT) market is growing due to the growing need for dynamic messaging, parking sensors, real-time occupancy data of parking places, and vehicle parking slots, various government agencies are supporting smart city programs and adopting smart parking to maintain smooth traffic flow in the city. As a result, the increased use of IoT in the automotive industry is propelling the IoT market. Automotive is one of the greatest areas for IoT adoption, supporting a wide range of applications like self-driving vehicles, security features, data analytics, in-vehicle infotainment, predictive maintenance, real-time monitoring, and dashboards. Furthermore, the high degree of competition in the global automotive industry is driving enterprises to implement IoT, AI, and other new technologies, accelerating the growth of the IoT market.

 

Restraining Factors

The growth of IoT market is largely dependent on technological improvements and operational effectiveness. Various nations in Asia Pacific, the Middle East and Africa, and Latin America face a lack of essential technologies, such as telecom and networking infrastructure, and are unable to quickly execute smart projects owing to a variety of circumstances, including a low budget and literacy rate. The initial budget limitation plays a significant role in slowing the growth of the Internet of Things market in such countries. Even established countries, such as those in Europe and North America, are having difficulty replacing their outdated infrastructures with new and smart ones.

 

Market Segmentation

The Global Internet of Things (IoT) Market share is classified into component, organization size, and end-user.

 

• The hardware segment is expected to hold the largest share of the global internet of things (IoT) market during the forecast period.   

The Internet of Things (IoT) market is categorized by component into solutions, services, hardware, and software. Among these, the hardware segment is expected to hold the largest share of the internet of things (IoT) market during the forecast period. This is because hardware components like sensors, devices, and gateways are required to enable connectivity and gather data in IoT systems. These hardware components constitute the backbone of the IoT infrastructure and are critical for the effective implementation of IoT solutions.

 

• The large enterprises segment is expected to grow at fastest pace in the global internet of things (IoT) market during the forecast period.    

Based on the organization size the global internet of things (IoT) market is divided into large enterprises, and SME. The large enterprises segment is expected to grow at fastest pace in the internet of things (IoT) market during the forecast period. Large companies have more resources and capacities to invest in IoT infrastructure, create complex IoT solutions, and expand them throughout their operations. They also have higher funds to spend on IoT initiatives.

 

• The agriculture segment is expected to grow at greatest pace in the global internet of things (IoT) market during the forecast period.

Based on the end-user the global internet of things (IoT) market is divided into agriculture, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT & telecom, and others. The agriculture segment is expected to grow at greatest pace in the internet of things (IoT) market during the forecast period. Smart farming, smart greenhouses, precision farming, smart drones, and smart agriculture are a few of the agricultural industry's notable uses of technology. Farmers stand to gain from the Internet of Things in two ways. With accurate data to support farmer decision-making, it has helped them reduce costs and increase yields. For instance, by enabling farmers to produce food more effectively and providing real-time farm monitoring, smart farming improves the overall agricultural system.

 

Regional Segment Analysis of the Global Internet of Things (IoT) Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global internet of things (IoT) market over the predicted timeframe.

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North America is projected to hold the largest share of the global internet of things (IoT) market over the predicted years. The increasing usage of connected devices and associated network infrastructure, together with the growing cooperation of hardware, network, and software providers, are the main factors contributing to the growth of the Internet of Things market in the North American area. In the area, smart transportation is spreading, assisting commuters in securely getting to their destinations. Using IoT capabilities, Canadian businesses are streamlining and optimizing their business operations. In addition, the enterprises produce and market IoT infrastructure for business optimization. The abundance of well-known public safety organizations in North America, including emergency medical services and fireman services, makes smart citizen services a development facilitator.

 

Asia Pacific is expected to grow at the fastest pace in the global internet of things (IoT) market during the forecast period. This area is a valuable market for the IT sector because of the quick rate at which new technologies are adopted. The Asia Pacific IoT market is anticipated to develop at the fastest rate as a result. Most developing countries experiencing fast urbanization are located in this area, which is the most active urbanization zone in the world. This tendency poses serious obstacles to sustainable development even as it opens up massive financial opportunities. Japan has already announced completion of most of its ‘smart city’ projects, while other nations in the area are still in the basic construction phase. When it comes to IoT development for smart cities, China is the largest market in the area.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global internet of things (IoT) along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Siemens
• Microsoft
• Particle
• HQ Software
• AWS
• Oracle
• Cisco
• Qualcomm
• Losant
• Litmus Automation
• IBM
• Google
• Intel
• Hitachi
• GE Digital 
• ARM
• Software AG
• ClearBlade
• Ayla Networks

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

 

Recent Developments

 

• In February 2023, Cisco updated its line of IoT products, with an emphasis on meeting the requirements of large-scale IoT installations. The goal of the Cisco IoT Control Center upgrades is to make connectivity management easier for low-cost, fixed devices like medical equipment and utility meters. The platform covers a range of IoT use cases, allowing service providers to meet varying complexity levels and capitalize on new market possibilities. Cisco wants to increase the value and usability of IoT for its clients by offering a single platform for a range of corporate purposes.

 

• In January 2023, KORE, a provider of IoT connectivity as-a-service, selected Amazon Web Services (AWS) to power its massive IoT solutions, tackling the security issues that come with extensive IoT installations. By offering distinct credentials and safe data connections, eSIM technology is used by KORE's OmniSIM SAFE solution, which is powered by AWS IoT Core and improves IoT security. The collaboration intends to optimize processes and guarantee comprehensive security for the predicted rapid expansion of IoT devices in the upcoming years.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Internet of Things (IoT) Market based on the below-mentioned segments: 

 

Global Internet of Things (IoT) Market, By Component

• Solution
• Services
• Hardware
• Software

 

Global Internet of Things (IoT) Market, By Organization Size

• Large Enterprises
• SME

 

Global Internet of Things (IoT) Market, By End-user

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

 

Global Internet of Things (IoT) Market, By Region

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Uk
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of the Middle East & Africa