Internet of Things market represented USD 126 billion in 2020 and is estimated to grow at a CAGR of 22.1% during forecast period 2021-2030. Increasing penetration of internet through surge in number of smartphones users and rising broadband connections has created huge opportunity for the Internet of Things market growth. According to the WE Forum Organization in 2019, 7.5 million objects are connected every day around the world. IoT based embedded system helps to connects and exchange data with the help of sensors, software, and other technology systems over the internet. Increasing internet penetration with the surge in adopting IoT-connected devices has propelled the IoT market growth and a number that could quickly reach billions.
Market Dynamics and Factors:
Forecast suggests the Internet of Things market has benefited from the covid-19 pandemic. Increasing prevelence of the Covid-19 infection cases in the developing and developed countries around the globe have boosted the demand for the growth of the IoT market. For instance, in Africa, the health crisis has accelerated the deployment of IoT, particularly in countries such as Kenya and Nigeria, but the continent is still lagging. In Kenya, the Government is investing in IoT networks and basic resources, while in Nigeria, IoT networks are deployed powered by RPMA technology. Market growth is expected to be driven by increased demand for artificial intelligence. The growing adoption of IoT in precision agriculture, defence, logistics and the healthcare industry are also expected to drive the expected rise market share.
Competitive Scenario:
It should be noted that the main companies in the market include Amazon, Google, AT&T Inc, Bosch Software Innovations GmbH, Cisco Systems, IBM and companies such as Oracle, Microsoft and Siemens.
Market Segmentation:
Internet of Things Market can be segmented By Product Type into Hardware, Software/Platform, Connectivity, Services, By end user industry into Manufacturing ,Sports & Entertainment, Residential, Government, Insurance, Fintech , Security , Transportation, Healthcare, Retail Energy and Utilities, Other End User Industries, By Market Region into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Geographic Analysis:
North America dominates the Internet of Things market due to increasing sale of the IoT devices due to presence of leading players such as IBM, Google, etc. According to the WE Forum Organization, IoT market is growing at the rate of 10% per year and is expected to reach a fleet of 35 billion units in 2030 with a particularly growing with highest CAGR in Asia-Pacific region since it alone already represents 48% of the total market in 2017. China overtakes the United States in 2021.
In Europe, Germany is taking the lead thanks to its strong positions in the automotive industry and industry (notably through the Industry 4.0 public initiative). The UK stands out particularly in the smart metering and security sectors. Italy stands out for its leadership in the smart metering market (launched long before its European neighbours followed by France and Spain.
Internet of Things Market Report Scope
| Report Attribute | Details |
| Analysis Period | 2020–2030 |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Market Size Estimation | Billion (USD) |
| Growth Rate (CAGR%) | 22.1 % |
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| By Product Type (Hardware, Software/Platform, Connectivity, and Services), By End User Industry (Manufacturing, Sports & Entertainment, Residential, Government, Insurance, Security, Transportation, Healthcare, Retail Energy & Utilities, and Others) |
| Geographical Segmentation | North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), South America (Brazil, Argentina, Rest of SA), MEA (UAE, Saudi Arabia, South Africa) |
| Key Companies Profiled | Amazon, Google, AT&T Inc, Bosch Software Innovations GmbH, Cisco Systems, IBM and companies such as Oracle, Microsoft and Siemens. |
