United Kingdom IoT Market Size, Share, and COVID-19 Impact Analysis, By Component (Platform and Solution & Services), By Deployment (Cloud and On Premise), By Enterprise Type (SMEs and Large), By Industry (Banking, Financial Services, & Insurance, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, and Others), and United Kingdom IoT Market Insights, Industry Trend, Forecasts to 2033

United Kingdom IoT Market Insights Forecasts to 2033

• The U.K. IoT Market Size was valued at USD 19.10 Billion in 2023.
• The U.K. IoT Market Size is Growing at a CAGR of 11.49% from 2023 to 2033
• The U.K. IoT Market Size is Expected to reach USD 56.70 Billion by 2033

The United Kingdom IoT Market Size is Anticipated to Exceed USD 56.70 Billion by 2033, Growing at a CAGR of 11.49% from 2023 to 2033. The growing demand for smart cities, expanding 5G networks, healthcare technology development, government initiatives & funding, and emphasis on energy efficiency are driving the growth of the IoT market in the UK.     

Market Overview

IoT market refers to the market encompassing the network of physical objects or things integrated with sensors, software, and other technologies to communicate and share data with other devices and systems over the internet. IoT (Internet of Things) is a network of interrelated devices that connect and exchange data with other IoT devices and the cloud. These devices include everyday objects such as toothbrushes and cars, as well as industrial tools. IoT empowers modernized services to connect and communicate things based on prevailing and evolving communication mechanisms. The technology is anticipated to create new revenue streams, enhancing business efficiencies, which aids in new business models and process delivery of current services across various sectors. The emergence of generative AI, which involves the usage of machine learning mechanisms for generating new data in IoT for enhancing predictive maintenance. The adoption of blockchain technologies for improving the connected technology’s scalability and security concerns is escalating the market growth opportunities.

Report Coverage

This research report categorizes the market for the UK IoT market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United Kingdom 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 UK IoT market.

Driving Factors

The growing demand for IoT in smart cities with urbanization and the need for efficient resource management are propelling the IoT market. The expansion of 5G networks offers faster speeds, lower latency, and increased connectivity. The use of IoT-powered technologies supported by 5G networks is driving market growth. The integration of IoT technologies in the healthcare industry for applications including remote patient monitoring, individualized treatment strategies, and streamlined healthcare deliveries, is propelling the market growth. The funding initiatives by the government for advancing connectivity for promoting economic growth and improving quality of life are supporting the market.

Restraining Factors

The limitations associated with the privacy and security of customer data, as well as inadequate infrastructure, are restraining the IoT market. Further, the increased initial investment operational costs are challenging the market.

Market Segmentation

The United Kingdom IoT market share is classified into component, deployment, enterprise type, and industry.

• The platform segment dominated the United Kingdom IoT market and is expected to grow at the fastest CAGR growth during the projected period.

The United Kingdom IoT market is segmented by component into platform and solution & services. Among these, the platform segment dominated the United Kingdom IoT market and is expected to grow at the fastest CAGR growth during the projected period. The platform segment is further bifurcated into network management, cloud platform, and devices management. The increasing demand for IoT platforms in automotive testing and rising TIC in the medical equipment industry are driving the market.

• The on premise segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR growth during the projected period.

The United Kingdom IoT market is segmented by deployment into cloud and on premise. Among these, the on premise segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR growth during the projected period. In on-premise IoT, IoT infrastructure is installed and managed within a company’s premises, offering increased control over data security, privacy, and customization. The use of on-premise infrastructure for addressing unique requirements associated with sovereignty, latency, compliance, and connectivity is propelling the market.

• The large segment dominated the market with a major market share in 2023 and is anticipated to grow at a significant CAGR during the projected period.

The United Kingdom IoT market is segmented by enterprise type into SMEs and large. Among these, the large segment dominated the market with a major market share in 2023 and is anticipated to grow at a significant CAGR during the projected period. Large enterprises integrate IoT data with their existing systems like ERP and CRM for improved decision-making and to derive actionable insights. The extensive resources, capabilities, and organizational complexities of large enterprises contribute to driving the market demand.

• The agriculture segment dominated the United Kingdom IoT market and is anticipated to grow at the fastest CAGR growth during the projected period.

The United Kingdom IoT market is segmented by industry into banking, financial services, & insurance, retail, government, healthcare, manufacturing, agriculture, sustainable energy, and others. Among these, the agriculture segment dominated the United Kingdom IoT market and is anticipated to grow at the fastest CAGR growth during the projected period. Precision farming, agricultural drones, livestock monitoring, and smart greenhouses are several applications of IoT in the agriculture industry. The implementation of IoT in the agriculture sector for reducing expenses and improving the decision-making of farmers is propelling the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.K. IoT market 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

• Cisco (Cisco IoT platforms and software)
• Qualcomm
• Dell EMC
• IBM
• Others

Key Target Audience

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

Recent Development

• In July 2024, the latest landing for the 2Africa subsea cable system took place in the important UK cable hub of Bude, Cornwall, led by Vodafone UK.

Market Segment

This study forecasts revenue at U.K., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom IoT Market based on the below-mentioned segments:

UK IoT Market, By Component

• Platform
• Solution & Services

UK IoT Market, By Deployment

• Cloud
• On Premise

UK IoT Market, By Enterprise Type

• SMEs
• Large

UK IoT Market, By Industry

• Banking, Financial Services, & Insurance
• Retail
• Government
• Healthcare
• Manufacturing
• Agriculture
• Sustainable Energy
• Others