Market Overview:
The Global Internet of Things (IoT) Market size is expected to grow from USD 194 Billion in 2022 to USD 1077.4 Billion by 2030, at a CAGR of 23.9% during the forecast period (2023-2030).
The Internet of Things (IoT) is quickly becoming the next big thing all over the world. The idea is small devices that are attached to software electronics sensors are connected through a network which helps to share information easily between those linked objects. The Internet of Things (IoT) is the next big thing for the future; it allows proper monitoring of individuals through the use of a stable and supportive network infrastructure. The addition of computer-based systems provides a good chance for digital and physical worlds to work together as one. Various end-users, including industries, businesses, customers, groups, and governments, are becoming aware of the Internet of Things also in many commercial and industrial places, it increases and amplifies the counter-productivity which supports the growth of the market.
Top Key Players for Internet of Things (IoT) Market:
Intel (US), Microsoft (US), Cisco (US), Google (US), IBM (US), Samsung (South Korea), Apple (US), SAP (Germany), Gartner (US), Oracle (US), ARM (UK), General Electric (US), Accenture (Ireland), Amazon (US), HP (US), Arduino (US), IDC (US), Blackberry (Canada), PTC (US), Verizon (US), and other major players
Market Dynamics and Factors for Internet of Things (IoT) Market:
Drivers:
Increased Use of IoT Technology in the Healthcare Sector
The IoT technology provides many benefits to enhance health care services and to predict health issues, diagnose disease, treat and monitor patients inside as well as outside of the hospital. All over the world governments, leaders, and decision-makers are developing and implementing policies to deliver health care services using technology. The Internet of Things is powering intelligent communication and brings digital transformation in healthcare sectors. This help to change the pattern of handling increasingly complex systems and devices to increase productivity and lower the risk and time consumption.
Opportunities:
Growing Adoption of E-Commerce Platform
Companies and people can connect due to the Internet of Things (IoT). It allows companies to gain insights into product success and also provides options to reach new and old consumers. Internet of Things is also expected to have a significant impact on an e-commerce platform due to the ease of shopping and the growing mobile penetration allows the high adoption of e-commerce platforms which propels the growth of the IoT industry. IoT technology offers benefits to both eCommerce retailers and customers.
Segmentation Analysis of the Internet of Things (IoT) Market:
- By Deployment Type, the On-Premise segment is expected to account largest market share during the forecasted period. On-premise provides various advantages like a high level of data safety and security. On-premise deployment can be operated in a controlled, and completely internet-independent which provides higher system visibility and Quality-of-Service.
- By Platform, the Device Management segment is expected to dominate the Internet of Things (IoT) market during the forecasted period. IoT device management allows remotely accessing, diagnosing and managing the functionality of IoT devices, applying security patches, and providing device-centric reports.
Regional Analysis of the Internet of Things (IoT) Market:
North America is expected to dominate the Internet of Things (IoT) market during the projected period. Owing to the continuous increasing presence of the Internet of Things in the region due to the implementation of connected vehicles, smart energy initiatives, home automation, and smart manufacturing industries it also generates significant revenue in this region. In addition to this, North America is one of the largest in the world due to the presence of companies such as Google, Cisco, and IBM are leading names in the field which also supports the growth of the market in this region. According to Statista, In 2020, the number of IoT devices is forecast to reach 8.74 billion, which surpasses the number of people on earth, this shows the high growth of the Internet of Things (IoT) market during the projected period.
Key Industry Development:
- In January 2023, Intel introduced the Intel Core mobile processor, 13th Gen. The advancement is powered by Intel's hybrid architecture and has 32 mobile processors, Intel's Core H-, P-, and U-range mobile processors are power-driven with light and thin laptops and Internet of Things devices.
- In December 2022, AWS and Slalom expanded their strategic partnership to provide innovative, high-tech, and industry-precise solutions to the expanded customer base. The two firms collaborate to launch AWS | Shalom Launch Centers to help organizations modernize IT services and accelerate business renovations. These centres enable customers to access the AWS professional service with cloud solutions and Slalom expertise in software mechanics, analytical capabilities, and business transformation.
