Internet Of Things (IoT) Technology Market

Market Synopsis:

Global Internet Of Things (IoT) Technology Market is valued at USD 406.36 Billion in the year 2022 and is projected to reach a value of USD 652.58 Billion by the year 2030. The Global Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.10% over the forecast period.

Internet Of Things (IoT) Technology refers to Internet of Things technology, which is an umbrella term used to describe the interconnection of uniquely identifiable embedded devices within the physical world. Internet Of Things (IoT) Technology enables the creation of smart objects that collect data about their environment and share information over networks. This data can be analyzed to extract insights that support operational decisions and improve productivity.

The factors driving this growth include the rising demand for connected devices, increasing number of smart cities, and growing need for real-time data analytics. However, high costs associated with Internet Of Things (IoT) Technology implementation may hinder its growth.

Governments across the world are supporting the development of IoT to propell productivity. Smart traffic management systems, energy consumption through smart meters, and smart security systems are being developed to improve efficiency. In addition, various governments are funding research projects for the developing smart cities in the future, including smart transportation, smart water, smart waste management, and smart agriculture.

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Market Segmentation:

The Global Internet Of Things (IoT) Technology Market is segmented by node component, software solution, platform, service, and end-use application. Based on node, the target market is segregated into processor, connectivity IC, memory device, sensor, and logic device. By software solution, market is segmented as data management, real-time streaming analytics, network bandwidth management, remote monitoring, and security solution. By platform, market is segmented as device management, application management, and network management. Based on service, market is segmented as professional services and managed services. On the basis of end-use application, the market is bifurcated into healthcare, automotive & transportation, building automation, manufacturing, retail, BFSI, oil & gas, agriculture, aerospace & defense, wearable devices, and consumer electronics.

Data Management segments holds the largest market share in terms of revenue during the forecast period

The data management software segment accounted for the largest share of the global IoT data management software market in 2021. Data management software solutions are designed to meet the interoperability challenges that arise due to varied heterogeneous devices, as well as manage a large volume of structured and unstructured data. With the increase in the number connected devices, the volume data is also proliferating, and the data management solution is the most important software solution in the realm of IoT. Businesses are aiming to get a better competitive edge with predictive analytics and optimize their operations. This is attributed to the increasing adoption of IoT devices across various industries such as healthcare, manufacturing, retail, transportation, energy & utilities, and others. The growing demand for IoT-based applications in these industries is expected to drive the growth of this market over the forecast period.

Remote monitoring is expected to grow at the fastest pace among the segments. These systems use sensors to collect data from assets and use this data to trigger automated alerts and actions. Using IoT devices, assets located anywhere can now be monitored. This allows companies to save money by eliminating the need for human operators to monitor assets manually. The key advantages of these systems are data collection, low cost, improved efficiency of monitoring processes, and proactive maintenance.

Device Management segments holds the largest market share in terms of revenue during the forecast period

Device Management Platforms are expected to register the highest growth rate over the projected period. Device management platforms assist in managing, tracking, securitizing, and sustaining the devices used in organizations. With increasing number of connected devices and traffic, the need for device management platform will increase. Device management platform helps in device provisioning, configuration, remote access, device monitoring, software management, and troubleshooting. Without device management platform, businesses may end up spending huge amounts of money and time to manage devices. The benefits of using a device management platform include fast device registration, simple device organization, quick locating connected devices, and easy device management.

IoT network management is expected to project in the forecast period. Authentication, provision, configuration, monitoring, tracking, and device software management are all possible with network management (e.g., firmware update, bug fix, and so forth). These functions help to maintain optimal network performance and are typically supplied as a network service in an IoT setting. A good network management solution is device-independent and provides an easy approach to integrate cross-vendor hardware models and data structures into the IoT workflow.

Retail segments dominates the market share in the forecast period

The retail segment is witnessing enormous growth over the projected period, particularly with the significant growth of the e-commerce industry in many countries. E-Commerce is leading to an increase in online sales, and this is causing a decrease in brick and mortar stores. This means that there is a huge opportunity for retailers to utilize Internet Of Things (IoT) Technology to improve their operations. Retailers are using IoT to improve their operational efficiency, as well as to enhance the customer experience. These benefits include reducing costs, improving customer satisfaction, and gaining a competitive edge. In addition, the decreasing cost of Internet-connected devices, increased customer demand for a better customer experience, and the growing adoption of smart payments are some of the main drivers behind IoT adoption in the retail sector. IoT is helping retailers to automate processes, improve operational efficiency, and provide a safer environment for customers. IoT is also helping them to monitor their cold chains more effectively, and to ensure the safety of temperature-sensitive products such as groceries and pharmaceuticals.

The North America region dominated the Internet Of Things (IoT) Technology Market during the forecast period

North America dominates the Global Internet Of Things (IoT) Technology Market, followed by Europe and Asia Pacific. North America held the largest share of the Global Internet Of Things (IoT) Technology Market in 2021, owing to the increasing adoption of IoT technologies across various industries. The U.S. is the leading country in terms of revenue generation from Internet Of Things (IoT) Technology, followed by Canada and Mexico. In addition, the U.K., Germany, France, Italy, Spain, Japan, China, India, Australia, and Brazil are among other countries that have adopted Internet Of Things (IoT) Technology.

However, Asia-Pacific held the second largest share of the global market in 2021. This can be attributed due to the rising awareness about the benefits of IoT technologies among consumers in emerging economies such as India and China. Moreover, the government initiatives taken by several countries in the region have helped in driving the growth of the Internet Of Things (IoT) Technology Market in the region.

Competitive Landscape:

Some of the major key players in the Global Internet Of Things (IoT) Technology Market are Intel Corporation (US), Qualcomm Technologies (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), IBM (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft Corporation (US), PTC (US), Amazon Web Services (AWS) (US) among others.

Segmentation of Global Internet Of Things (IoT) Technology Market: