Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global IoT market size was valued at USD 544.38 billion in 2022 and is projected to reach USD 3352.97 billion by 2030, exhibiting a CAGR of 26.1% over the forecast period. Fortune Business Insights presents this information in their latest research report titled "Global Internet of Things Market Forecast, 2023-2030."
The market is expected to gain impetus from the rising adoption of digital twins by a wide range of industries. They help in transforming the physical assets of the industries into a virtual representation. It aids in controlling, examining, and viewing the operations based on the digital platform.
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Factors such as the increasing adoption of IoT in precision farming and the healthcare sector are anticipated to boost the growth of the market during the forecast period. For instance, precision farming combines use of sensors, GPS, robots, AI, mapping tools, and different type of data-analytics software to customize care for plants.
Key Industry Development:
June 2022 – Siemens rolled out Siemens Xcelerator for creating value for users in all grids, buildings, and industries. The platform includes a curated platform of IoT-empowered hardware, software, and digital facilities.
Key Takeaways:
- Internet of Things Market size in North America was USD 179.71 billion in 2022
- Major driving factors include Surging Demand for Downstream Data Servers
- Platforms Segment to Register Substantial Surge Owing to Increasing Product Demand
- Manufacturing Sector to Lead Driven by Huge Spending on Advanced Technologies
- Device Management Segment to Grow Steadily Fueled by Need to Manage Several Devices
Discover the Leading Players Featured in the Report:
“Companies leading the global IoT Market are Amazon Web Services, Inc. (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), PTC Inc. (U.S.), GE (U.S.) , Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 26.1% |
| 2030 Value Projection | USD 3352.97 Billion |
| Base Year | 2022 |
| Internet of Things Market Size in 2022 | USD 544.38 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Component, End-use Industry and Geography |
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Drivers and Restraints:
Rising Demand for Smart Sensors in the Healthcare Sector to Propel Growth
The sensors measure inputs provided by users and transform them into raw data, which is then digitally stored to analyze the data and then pass on information through the internet. Therefore, the adoption of smart sensor devices has seen an upsurge in different sectors such as smart metering, security and emergency services, home automation, and the e-health sector.
For example, the healthcare sector uses smart sensors devices to monitor remote patients. These smart devices are connected to the patient and measure their vitals, such as glucose level, brain activity, blood pressure, and cardiac status. The data is then accessible to doctors present at any location. This helps doctors to analyze the patient's data and then provide them with correct recommendations. Therefore, the high demand from the healthcare sector is expected to favor the global internet of things (IoT) market growth in the forthcoming years.
Market Share to Surge Owing to Increasing Number of Smart City Initiatives
One of the key factors propelling internet of things (IoT) market growth comprise increasing urbanization and population and the adoption of smart city solutions for the management of resources. Furthermore, connected devices help in the improvement of infrastructure efficiency and related services.
Segmentation:
By Component
- Platform
- Solution & Services
By End-use Industry
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Agriculture
- Sustainable Energy
- Transportation
- IT & Telecom
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Regional Insights:
North America to Lead Owing to Rising Customer Base for Cloud-based Platforms
North America internet of things (IoT) market share is expected to register substantial expansion over the forecast period. The rise is driven by surging customer base for cloud-based platforms. Additionally, cloud platforms are witnessing considerable adoption in the region driven by rising investments in R&D and the expansion of IoT-enabled devices.
Furthermore, the Europe market is poised to depict an appreciable surge throughout the estimated period. The rise in market share is driven by the provision of a range of insights such as descriptive analytics, diagnostic analytics, prescriptive analytics, and predictive analytics.
Leading companies project Europe Internet of Things market growth to witness an appreciable gain following the demand from the healthcare sector. The flourishing healthcare industry and the development of smart technologies will augment the footfall of big data analytics and IoT. Prominently, predictive, descriptive, and diagnostic analytics have become trendier across the U.K., France, Germany, and Italy.
Competitive Landscape:
Major Companies Enter Partnership Agreements to Expand Product Reach
Leading companies are centered on the adoption of an array of initiatives for reinforcing their position in the market. These include merger agreements, acquisitions, and the launch of new products. Some of the additional initiatives comprise an increase in research activities and the rollout of new solutions.
Key Companies Aim to Launch New Solutions to Intensify Competition
The market houses a large number of enterprises that are currently aiming to launch new products for intensifying competition. They are also investing in research and development activities to bring in their in-house products.
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FAQs
How big is the IoT market?
The IoT market size was USD 544.38 billion in 2022. It is expected to reach USD 3352.97 billion by 2030.
How fast is the IoT market growing?
The IoT market will exhibit a CAGR of 26.1% during the forecast period, 2023-2030.
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