Market Overview
The Global internet of things (IoT) market is estimated to reach USD 741.35 Billion by 2030, registering a CAGR of 25.7% during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the Internet of things (IoT) market to offer a better glimpse of the market in the next few years.
The Internet of things (IoT) refers to a system of interrelated, internet-connected objects that can collect and transfer data over a wireless network without human intervention. IoT device deployments provide the data and insights necessary to streamline workflows, visualize usage patterns, automate processes, meet compliance requirements, and compete more effectively in a changing business environment.
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Competitive Analysis
The key players of the Internet of things (IoT) market include Amazon Web Services (US), AT T Inc. (US), Cisco System Inc. (US), Google Inc. (US), Oracle Corporation (US), Dell Inc. (US), Microsoft Corporation (US), Hitachi Data Systems (U.S.), Huawei Technologies Co. Ltd. (China), International Business Machines Corporation (IBM) (US), Netobjex Inc. (US), Arctouch (US).
Segmental Analysis
By Component Outlook
Hardware
- Network Devices
- Sensor
- Others
- Camera
Software
- Network Management
- Remote Monitoring
- Data Management
- Security Solution
- Others
Services
- Managed Services
- Professional Services
By Organization Size
- SMEs
- Large Enterprises
By End Use Insights
Industry
- Manufacturing
- Logistics
- Automotive
- Healthcare
- Retail
- IT Telecom
- Others
Consumer
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Regional Analysis
Globally, the Internet of things (IoT) market has been categorized into five different regions—North America, Europe, Asia-Pacific, Middle East Africa, and South America. North America was leading the Internet of things (IoT) market in 2020. Asia-Pacific is expected to be the fastest-growing market from 2021 to 2027. On the other hand, Europe is expected to be at the second spot in the Internet of things (IoT) market in terms of market share during the assessment period. The Asia-Pacific segment accounted for the largest market share of 37.2% in 2020, with a market value of USD 106.1 million; it is expected to register the highest CAGR of 17.4% during the forecast period. The Europe segment was the second-largest market in 2020, valued at USD 91.3 million; it is projected to exhibit a CAGR of 14.2%. North America is the second-largest market and is expected to witness significant growth for the Internet of things (IoT) market as the demand for agile, scalable, and cost-effective computing is high in the region. The US is the dominating country for the Internet of things (IoT) market in this region. The US is a developed country in terms of economy and high demand for various industries such as IT telecommunication, retail, and healthcare. The region constitutes countries such as the US, Canada, and Mexico. The US has a higher concentration of companies than Canada and Mexico, due to which the cloud platform adoption is higher.
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