IoT Market Growth Drivers and Opportunities by 2030
The IoT market size is projected to reach US$ 3967.99 billion by 2030 from US$ 611.0 billion in 2023. The market is expected to register a CAGR of 30.6% during 2023–2030. The fusion of Artificial Intelligence (AI) with IoT is likely to remain a key trend in the market.
IoT Market Analysis
The IoT market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period. The IoT market is growing owing to factors such as the increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries. The development of smart cities and the progressive deployment of 5G networks are some of the factors anticipated to provide lucrative opportunities for the IoT market growth.
IoT Market Overview
The Internet of Things, or IoT, is a network of interrelated devices that connect and exchange data with each other and the cloud. IoT devices are typically embedded with technology such as sensors and software. Organizations across various industries are using IoT to operate more efficiently, deliver enhanced customer service, improve decision-making and increase the value of the business.
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IoT Market: Strategic Insights
IoT Market
-
CAGR (2022 - 2030)
30.6%
-
Market Size 2023
US$ 611.00 Billion
-
Market Size 2031
US$ 3967.99 Billion
Market Dynamics
GROWTH DRIVERS
- Increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries
FUTURE TRENDS
- The fusion of Artificial Intelligence (AI) with IoT
OPPORTUNITIES
- The development of smart cities and the progressive deployment of 5G networks
Key Players
- Microsoft Corporation
- Hewlett Packard Enterprise Development LP
- SAS Institute Inc
- VMware Inc
- Google LLC
- Oracle Corporation
- Cisco Systems Inc
- SAP SE
- IBM Corporation
- Qualcomm Technologies Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Hardware
- Software
- Services
Enterprise Size
- Large Enterprises and SMEs
Application
- Building & Automation
- Smart Energy & Utilities
- Smart Manufacturing
- Connected Logistics
- Banking & Financial Services
- Aerospace & Defense
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
IoT Market: Strategic Insights
-
CAGR (2022 - 2030)30.6% -
Market Size 2023
US$ 611.00 Billion -
Market Size 2031
US$ 3967.99 Billion
Market Dynamics
- Increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries
- The fusion of Artificial Intelligence (AI) with IoT
- The development of smart cities and the progressive deployment of 5G networks
Key Players
- Microsoft Corporation
- Hewlett Packard Enterprise Development LP
- SAS Institute Inc
- VMware Inc
- Google LLC
- Oracle Corporation
- Cisco Systems Inc
- SAP SE
- IBM Corporation
- Qualcomm Technologies Inc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Hardware
- Software
- Services
- Large Enterprises and SMEs
- Building & Automation
- Smart Energy & Utilities
- Smart Manufacturing
- Connected Logistics
- Banking & Financial Services
- Aerospace & Defense
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
IoT Market Drivers and Opportunities
Increasing Adoption of IoT Devices to Favor Market
The Internet of Things (IoT) describes An extensively broad network of interconnected devices along with technologies that enable communications between these devices and the cloud. Recently, there has been a huge surge in the adoption of IoT technologies due to advancements in mobile and wireless connectivity technologies, and a gradual drop in the cost of sensors and other components. Several industries are using IoT to improve efficiency and reduce the costs of their operations. According to Finance Online, there were approximately 14.76 billion connected IoT devices as of November 2023, and this figure is expected to rise to ~25.44 billion by 2030. As per a forecast by IoT Analytics, 75% of the total devices in use would be IoT by 2030. Furthermore, FinleyUSA estimated the global IoT spending at US$ 1.1 trillion in 2023. Such increasing adoption of IoT devices drives market growth.
Development of Smart Cities
The reliance on technology for a more comfortable living is increasing with the evolving lifestyles of consumers and communities worldwide. Smart cities have gained huge traction in the last few decades. According to TWI Ltd., 54% of the world’s population lives in cities, and the number is expected to rise to 66% by 2050. According to the Indian Ministry of Housing and Urban Affairs (MoHUA), 100 smart cities had issued work orders for 7,978 projects as of July 2023, of which 5,909 projects were completed. As per the SmartAmerica Challenge, city governments in the US announced plans to invest ~US$ 41 trillion over the next 20 years to upgrade their infrastructure and benefit from the network of connected devices. In December 2023, a Chinese property development consortium announced an investment of approximately US$ 1.85 trillion in a new smart city in Brazil. IoT devices are being increasingly used in smart cities, thereby providing growth opportunities for the market.
IoT Market Report Segmentation Analysis
Key segments that contributed to the derivation of the IoT market analysis are component, enterprise size, and application.
- Based on the component, the IoT market is divided into hardware, software, and services. The hardware segment will hold a significant market share in 2022.
- By enterprise size, the market is segmented into large enterprises and SMEs. The large enterprises segment held the largest market share in 2022.
- In terms of application, the market is segmented into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held the largest market share in 2022.
IoT Market Share Analysis by Geography
The geographic scope of the IoT market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The IoT market in Asia Pacific is experiencing rapid growth, propelled by various factors such as huge digitization of various industries, high growth of the smart manufacturing sector and favorable government support.
IoT Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 611.00 Billion |
Market Size by 2031 | US$ 3967.99 Billion |
Global CAGR (2022 - 2030) | 30.6% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Component
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
IoT Market News and Recent Developments
The IoT market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT market are listed below:
- Vodafone has entered a major strategic partnership with Microsoft that will significantly expand Vodafone’s IoT capabilities. This 10-year agreement aims to leverage both companies’ strengths to transform digital platforms for over 300 million businesses, public sector organizations, and consumers in Europe and Africa. (Source: Vodafone, Press Release, January 2024)
- Soracom, Inc., a global provider of advanced Internet of Things (IoT) connectivity, and Suzuki Motor Corporation, which offers products in multiple mobility categories, including automobiles, motorcycles, and outboard motors, announced that they had signed an agreement to pursue applications of advanced IoT technologies in the field of mobility services. (Source: Suzuki Motor Corporation, Press Release, February 2024)
IoT Market Report Coverage and Deliverables
The “IoT Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- IoT market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- IoT market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- IoT market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Enterprise Size, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, Russian Federation, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to dominate the IoT market with the highest market share in 2022.
The IoT market size is projected to reach US$ 3967.99 billion by 2030.
The leading players operating in the IoT market are Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc.
The global IoT market is expected to grow at a CAGR of 30.6% during the forecast period 2023 - 2030.
Increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries are the major factors driving the IoT market.
The fusion of artificial intelligence (AI) with IoT is anticipated to play a significant role in the global IoT market in the coming years.
The List of Companies - IoT Market
- Amazon Web Services Inc
- Cisco Systems Inc
- Google LLC
- Software AG
- International Business Machines Corp
- Intel Corp
- Microsoft Corp
- Oracle Corp
- Siemens AG
- SAP SE