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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global IoT Market Size
The global IoT market 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.
IoT Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 2.18 trillion.
The market is projected to grow at a CAGR of 15.9% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 8.20 trillion by 2032.
The major market drivers include technological innovations and the growing adoption of cloud data management.
The growing applications of IoT in retail management and the rising demand for cost reduction and eliminating human error in retail processes are the key trends guiding the market growth.
The major regional markets for IoT are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
Devices, connectivity, IT services, and platforms are the major components of IoT in the market.
The significant application segments of IoT are consumer electronics, retail, manufacturing, healthcare, and transportation, among others.
The major players in the market are Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM corporation, and Hewlett Packard Enterprise Development LP, among others.
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