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Global Internet of Things (IoT) Market by Component (Software Solutions, Services, and Platform), By Platform (Device Management, Application Management, Network Management, and Cloud Platform), By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others), By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others), By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,)) and By Region (North America, Europe, Asia Pacific, South America, Middle East, and Africa)
Global Internet of Things (IoT) Market Overview:
The Internet of Things (IoT) refers to the use of various information sensors, radio frequency identification technology, global positioning systems, infrared sensors, laser scanners, and other devices. The Internet of Things (IoT) technologies collect any real-time monitoring, connection, and interaction object and access through various possible networks to realize the ubiquitous connection between things and people, for identification, achieving intelligent perception, and management of processes and items. The Internet of Things is an information carrier based on the internet, traditional telecommunications networks, etc. It allows all common physical objects that can independently address to form an interconnected network.
The Internet of Things (IoT) combines a variety of information sensing devices with the internet to form a huge network that can implement at any time, at any place, people, machines, and things that are interconnected. The Internet of Things is to use radio frequency identification, infrared sensors, global positioning systems, laser scanners, and other information sensing equipment to connect any item with the internet as per the agreed protocol for information exchange and communication to achieve.
Global Internet of Things (IoT) Market Insights
Global Internet of Things (IoT) market estimated to grow with a CAGR 12.30% over the forecast period, 2020-2027, and expected to generate USD 1.3 trillion revenue by 2027. The growing use of e-commerce platforms owing to the ease of shopping and increasing smartphone penetration is likely to flourish the global Internet of Things (IoT) market in the future time. Additionally, the increasing application of IoT in the connected car and driverless vehicles, ultra-high-definition video, and smart home industries will accelerate the global IoT market in future periods. According to IDC, Global IoT connections predicted to increase from 7 billion to 25 billion approximately from 2017 to 2025.
Additionally, various developing countries promoted the internet of things for smart cities and helped improve the livability index of these cities, which led to robust IoT market trends. Furthermore, rapid urbanization, which results in rising digitalization investment coupled with favorable regulatory policies, are some key factors projected to expand the global IoT market. Further, the development of wireless technologies such as Wi-Fi, ZigBee, Z-Wave, Insteon, and Digital Enhanced Cordless Telecommunications (DECT) witness to accelerate the demand for global IoT market in the projected periods.
Growth Driver
Advancements in connectivity technologies
The Low Power Wide Area (LPWA) and 5G networks are the connecting technologies supporting IoT-based technologies. Additionally, the amalgamation of IoT, fog computing, Big Data, analytics, and cloud technology will affect the IoT market forecast in the next few years. Most operators expect new IoT use cases, such as remote control, to drive much of the demand for 5G, so operators need to develop relationships and joint technology with key partners, such as automobile and industrial companies, as well as to build out their networks. According to IDC, the number of global IoT devices would exceed 20 billion by 2025.
Government policies and regulations supporting the promotion of IoT technology
Various governments of developing and developed countries enable IoT-related policies and regulatory frameworks in place. For example, the government of India drafted IoT Policy Document in 2016. This policy lays the foundation of a strong governance framework for the holistic execution and implementation of IoT-related campaigns and policies. It plays an essential role in realizing the GoI’s vision of building USD 15 billion Indian IoT market and enabling India to hold nearly 5%-6% of the global IoT industry.
Component Segmental Analysis
Based on components, the global Internet of Things (IoT) Market categorized into Software Solutions, Services, and Platform. The Software Solutions segment likely to generate maximum revenue by 2027. The software solutions provide governance and information security such as network and data center, cloud, mobility and end-point solutions, and policy management security to the enterprise.
Services segment will drive by services features such as it provides support for IoT- based problems such as cybersecurity solutions, cybercrime, privacy breaching, and cyber threats to the enterprise.
Platform Segmental Analysis
Based on Platform, the Global Internet of Things (IoT) Market classified Device Management, Application Management, Network Management, and Cloud Platform. The Device Management segment estimated to dominates as it manages IoT devices, connected devices and provides a solution such as device provisioning, remote access, and configuration.
Network Management will grow by benefits such as lower security risks, reduce costs, and improve network management.
Software Solution Segmental Analysis
Based on software solutions, the global Internet of Things (IoT) Market categorized into Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others. Real-Time Streaming Analytics segment expected to gain maximum revenue by 2027 owing to its application in e-commerce, network monitoring, risk management, fraud detection, and pricing & analytics.
The security segment will propel by the application of IoT security to reduce cyber threats and hacking, maintain data confidentiality, integrity, and availability across the IT infrastructure.
Technology Segmental Analysis
Based on the technology, the global Internet of Things (IoT) market classified into Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others. The 5G segment projected to lead on account of 5G reshaping wireless communication methods used for IoT-based applications. 5G provides much more than just fast downloads such as high-speed connectivity, very low latency, and ubiquitous coverage for smart vehicles and transport infrastructure.
Virtual & Augmented Reality expected to influence by bridging the physical and digital worlds by overlaying information, such as audio, text, images, and interactive graphics, onto the physical environment.
End-Users Segmental Analysis
Based on End-Users, the global Internet of Things (IoT) market segregated into Building and Automation, Smart Cities, Manufacturing, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others (Smart Agriculture, Smart Mobility and Transportation, etc.,). The Smart Cities segment predicted to dominate based on the use of IoT technologies in smart cities for communication networks, highly distributed wireless sensor technology, and intelligent management systems to solve smart governance, smart economy, smart environment, smart living, etc.
The manufacturing segment will bolster owing to the most spending industry on IoT spending, focusing on solutions that support production asset management and manufacturing operation. IoT based manufacturing industry drives the demand for the industrial IoT market.
Region Segmental Analysis
Based on geography, the global Internet of Things (IoT) market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s market share by 2027 on account of massive digitalization across various industries and the growing adoption of smart connected devices in these regions.
The Asia-Pacific will be the swelling investment in IoT technology by major companies along with government policing for promoting IoT.
Global Investment Trends
In 2016, the global IoT industry attracted USD 4.46 billion funding from 690 deals. By 2020, the Internet of Things (IoT) predicted to generate an additional $344 billion in revenues and to drive USD 177 billion in cost reductions. The USA saw the majority of global IoT deals, followed by Canada and the UK. Israel and Germany accounted for 2% of global IoT deals each.
Competitor Analysis
Companies such as Intel Corporation, SAP SE, Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, International Business Machine, PTC Inc., Google Inc., Hewlett-Packard Enterprise, Amazon Web Services Inc., Bosch Software Innovation GmbH, Qualcomm, Huawei Technologies, Alcatel Lucent, Gemalto NV and General Electric are the key players in the Global Internet of Things (IoT) Market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Internet of Things (IoT) services providing companies
- Research organizations and consulting companies
- Organizations, associations, and alliances related to the Internet of Things (IoT)
- Regulatory bodies
Recent Developments
- In August 2021, Vodafone has started a new IoT-based technology to help water companies enhance monitoring and detection systems, reduce wastage, increase efficiency, and meet regulatory requirements. The new solution offers a single data management platform that combines old and new sensors in one system to improve operational efficiency.
- In July 2021, SpaceX – the company building arrays of thousands of low-Earth orbit satellites for space-based Internet services-acquired a startup called Swarm Technologies targeting the IoT sector with similar technology.
- In April, Tyndall National Institute at University College Cork (UCC) and Net Feasa, an Irish wireless internet of things (IoT) provider, is developing sustainable sensors to bring innovative technology to the cargo industry.
- In January 2020, Xiaomi announced that it plans to invest $7.2 billion into 5G and artificial intelligence in the next five years that includes significant investments into several consumer and organization IoT devices such as smart TVs, drones, air purifiers, routers, electric scooters, security cameras, and much more.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Component
- Software Solutions
- Services
- Platform
By Platform
- Device Management
- Application Management
- Network Management
- Cloud Platform
By Software Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Others
By Technology
- Digital Twin
- 5G
- Virtual & Augmented Reality
- Blockchain
- Others
By End-User Industry
- Building and Automation
- Manufacturing
- Smart City
- Connected logistics
- Smart Retail
- Connected Healthcare
- Banking and Financial Services
- Government & Defense
- Others(Smart Agriculture, Smart Mobility and Transportation etc.))
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Global Internet of Things (IoT) Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- IoT Value Chain
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Global Internet of Things (IoT) Market Overview
- Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Component
- Software Solutions
- Services
- Platform
- By Platform
- Device Management
- Application Management
- Network Management
- Cloud Platform
- By Software Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Others
- By Technology
- Digital Twin
- 5G
- Virtual & Augmented Reality
- Blockchain
- Others (Artificial Intelligence, Machine Learning etc.)
- By End-Users
- Building and Automation
- Manufacturing
- Smart City
- Connected logistics
- Smart Retail
- Connected Healthcare
- Banking and Financial Services
- Government & Defense
- Others (Smart Agriculture, Smart Mobility and Transportation etc.))
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Component
- Market Size & Forecast, 2016-2027
- Europe Internet of Things (IoT) Market Overview
- Europe Internet of Things (IoT) Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Europe Internet of Things (IoT) Market Share & Forecast, 2016-2027
- By Component (Software Solutions, Services, and Platform)
- By Platform (Device Management, Application Management, Network Management, and Cloud Platform))
- By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others)
- By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others (Artificial Intelligence, Machine Learning etc.))
- By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,))
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Internet of Things (IoT) Market
- Europe Internet of Things (IoT) Market Size & Forecast, 2016-2027
- North America Internet of Things (IoT) Market Overview
- North America Internet of Things (IoT) Market Size & Forecast, 2016-2027
- By Value (USD Million)
- North America Internet of Things (IoT) Market Share & Forecast, 2016-2027
- By Component (Software Solutions, Services, and Platform)
- By Platform (Device Management, Application Management, Network Management, and Cloud Platform))
- By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others)
- By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others (Artificial Intelligence, Machine Learning etc.))
- By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,))
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Internet of Things (IoT) Market
- North America Internet of Things (IoT) Market Size & Forecast, 2016-2027
- Asia Pacific Internet of Things (IoT) Market Overview
- Asia Pacific Internet of Things (IoT) Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Asia Pacific Internet of Things (IoT) Market Share & Forecast, 2016-2027
- By Component (Software Solutions, Services, and Platform)
- By Platform (Device Management, Application Management, Network Management, and Cloud Platform))
- By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others)
- By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others (Artificial Intelligence, Machine Learning etc.))
- By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,))
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Internet of Things (IoT) Market
- Asia Pacific Internet of Things (IoT) Market Size & Forecast, 2016-2027
- South America Internet of Things (IoT) Market Overview
- South America Internet of Things (IoT) Market Size & Forecast, 2016-2027
- By Value (USD Million)
- South America Internet of Things (IoT) Market Share & Forecast, 2016-2027
- By Component (Software Solutions, Services, and Platform)
- By Platform (Device Management, Application Management, Network Management, and Cloud Platform))
- By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others)
- By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others (Artificial Intelligence, Machine Learning etc.))
- By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,))
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Internet of Things (IoT) Market
- South America Internet of Things (IoT) Market Size & Forecast, 2016-2027
- Middle East & Africa Internet of Things (IoT) Market Overview
- Middle East & Africa Internet of Things (IoT) Market Size & Forecast, 2016-2027
- By Value (USD Million)
- Middle East & Africa Internet of Things (IoT) Market Share & Forecast, 2016-2027
- By Component (Software Solutions, Services, and Platform)
- By Platform (Device Management, Application Management, Network Management, and Cloud Platform))
- By Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others)
- By Technology (Digital Twin, 5G, Virtual & Augmented Reality, Blockchain, and Others (Artificial Intelligence, Machine Learning etc.))
- By End-User Industry (Building and Automation, Manufacturing, Smart City, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others(Smart Agriculture, Smart Mobility and Transportation, etc.,))
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Internet of Things (IoT) Market
- Middle East & Africa Internet of Things (IoT) Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Intel Corporation
- SAP SE
- Cisco Systems, Inc.
- Microsoft Corporation
- Oracle Corporation
- International Business Machine
- PTC Inc.
- Google Inc.
- Hewlett-Packard Enterprise
- Amazon Web Services Inc.
- Bosch Software Innovation GmbH
- Qualcomm
- Huawei Technologies
- Alcatel Lucent
- Gemalto NV
- General Electric
- Other Prominent Players
Frequently Asked Questions (FAQ):
There is a need to connect various devices from different manufacturers, functions, interfaces, and protocols. Enterprise systems then analyze the data obtained from these smart sensors for business intelligence. The results are finally shown on dashboards in webpages and mobile applications. Also, the IoT market is spanning in new directions; this shows various potential solutions reached by IT companies. Manufacturers of supporting devices for IoT also determine the market demands.
The estimated IoT market size was USD 262.22 billion in 2020 and is projected to reach USD 1,485.2 billion by 2027, exhibiting a CAGR of 24.2% during the forecast period.
North America is one of the most significant contributors in the IoT space attributed to the factor that it is technologically developed. Canada and the United States are the major countries in the IoT market of this region. These countries have established economies, which empower them to invest in R&D activities strongly.
IoT’s growth is due to the increased rate of cloud adoption, cost-effective business operations, and highly skilled workforce. Also, Rising Demand for Smart Sensors in Healthcare Sector Propels Growth in the market.
The future of IoT has countless potential. The industrial internet will be advanced through increased network swiftness, integrated artificial intelligence (AI), and the capacity to install, automate, arrange and secure diverse use cases at hyper-scale.
