Global IoT Market Report and Forecast 2024-2032

Global IoT Market Outlook

The global IoT market size attained a value of about USD 2.18 trillion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15.9% to reach nearly USD 8.20 trillion by 2032.

IoT or the Internet of Things technology is the extension of internet connectivity to physical objects for everyday use. It is software that will enable one to connect and deliver data across different devices via wireless network technologies like Wi-Fi and Bluetooth.

The fundamental components of IoT are the devices and sensors that collect data. These can be anything from temperature sensors in a thermostat to accelerometers in a smartwatch. These devices need to be connected to the internet to transmit data. This can be achieved through various means like Wi-Fi, Bluetooth, cellular networks, and other wireless communication technologies.

Once the data is collected, it needs to be processed. This can happen either on the device itself or in the cloud. Data processing involves analysing the data and making decisions based on it. The processed data is then made useful to the end-user through an interface. This could be an app notification, a web dashboard, or even an automated action like adjusting the temperature.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends of the Market

Rise in future-friendly smart cities to accelerate the market growth of IoT

The ability of IoT devices to communicate with each other independently without human intervention is anticipated to supplement a number of healthcare, transportation, manufacturing, and construction projects in the coming years, which is projected to support the IoT market growth. The market is further expected to be driven by benefits like flexibility and compliance of IoT. The adoption of cloud data management in large-scale IoT applications is projected to be a significant growth driver for IoT as it diminishes the need for extensive and organised hardware and constructed management networks.

The possibility of a smart future can be attributed to the growing adoption of IoT technology integrated with artificial intelligence. Rapid urbanisation and growing government investments in digital ecosystems are facilitating the growth of smart cities worldwide, which is further expected to catalyse the IoT market demand. IoT technology provides the ability to remotely monitor air and water quality, manage and control devices, and construct actionable ideas relating to real-time data, thereby improving infrastructure, public services, and utilities. Residents will be able to engage with smart city innovations through smartphones and artificial intelligent devices connected to homes and cars with the help of IoT technology.

Further, in the wake of environmental, social, and economic stability, the IoT technology in smart cities is projected to reduce traffic congestion, improve air quality, and manage trash disposal. Thus, as a future-ready technology, IoT is attracting investments from various sectors, thereby bolstering market growth.

Adoption of IoT in retail management to spur market growth

The retail sector undergoing rapid advancements across the globe is one of the crucial IoT market trends. IoT technology is increasingly being employed in retail management to provide enhanced customer experience, boost sales, and manage retail stores,. With the help of IoT, retailers are able to provide improved communication between customers and brands, based on personalised preferences, and help the buyer find the products they are looking for, thereby improving sales and customer satisfaction. This is further propelling the adoption of the technology, which, in turn, is boosting the IoT sector's growth.

The market has been witnessing further growth amidst the COVID-19 pandemic as retailers were able to manage in-store wait time and avoid overcrowding, thus, reducing the risk of infection with the help of IoT. The demand for online methods of shopping has surged during the pandemic, leading to a further inclusion of IoT in managing orders and deliveries, which has catalysed the market growth. Retailers are making use of IoT to clear customer expectations and provide real-time delivery status, hence, building strong customer relations, and augmenting the market growth.

The increased implementation of Internet of Things technology in-store management is anticipated to augment the IoT market share in the coming years. IoT allows store operators to manage inventory management. Smart shelves can monitor inventory and notify the manager when a certain product is low in stock or near its expiration date. As a result of the efficiency of real-time inventory updates, brands are now increasingly investing in IoT technology, which is projected to propel market growth in the coming years. The rising demand for systems to avoid oversupply or shortage of goods and minimise the risk of theft and fraud is anticipated to provide further impetus for market expansion.

Further, the rising demand for cost reduction and eliminating human error in retail processes to increase productivity is projected to propel the adoption of IoT, further driving the growth of the Internet of Things market in the coming years.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

IoT Market Segmentation

On the basis of component, the market is segmented into

• Devices

• Connectivity

• IT Services

• Platforms

Based on application, the market is categorised into

• Consumer Electronics

• Retail

• Manufacturing

• Healthcare

• Transportation

• Others

The usage of IoT technology in consumer electronics sector is significantly higher compared to the other sectors, due to the growth of smart home solutions, in which various devices and appliances are connected to the internet and can be controlled remotely or automated.

The EMR report looks into the regional markets of IoT like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.

IoT Market Analysis

The Internet of Things (IoT) market has been growing rapidly worldwide, with billions of devices already connected and more being added every year. Factors driving this growth include advancements in wireless networking technologies, the decrease in the cost of IoT sensors, and the increasing adoption of cloud platforms.

IoT devices are designed to connect to the internet or other communication networks, allowing them to send and receive data. This connectivity enables remote monitoring, control, and automation of various processes. IoT is expected to continue growing and evolving, with advancements in edge computing, 5G connectivity, artificial intelligence (AI), and machine learning playing significant roles.

Global IoT Market Share by Region

North America holds a sizeable share, driven by the advanced technology infrastructure

North America, particularly the United States, is a leading region in IoT adoption, driven by advanced technologies, high investment in research and development, and a strong presence of leading IoT companies. The market is expanding in areas like smart homes, healthcare, and industrial automation.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

IoT in healthcare has seen significant growth in the region, especially accelerated by the COVID-19 pandemic. Wearables, remote monitoring devices, and telemedicine solutions are becoming increasingly popular.

Europe to witness further growth, aided by favourable government initiatives

Europe's IoT market is growing with a focus on smart city initiatives, energy management, and industrial automation. The European Union's regulations and policies, such as GDPR, also impact how IoT solutions are developed and implemented, emphasising data security and privacy.

Key Players in the Global IoT Market

The report presents a detailed analysis of the following key players in the global IoT market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

• Accenture

• Amazon Web Services, Inc

• Cisco Systems, Inc

• Huawei Technologies Co., Ltd

• Alphabet Inc

• IBM Corporation

• Hewlett Packard Enterprise Development LP

• Others

The comprehensive report looks at the micro and macro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report

Our Top Selling Reports

HVAC Market

Toys Market

Lime Market

Urea Market

Bus Market

Tuna Market

Construction Market

Helium Market

Asphalt Market

Footwear Market

IoT Market Report Snapshots

IoT Market Size

IoT Market Analysis

IoT Companies

IoT Market Regional Analysis