Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 373.38 Billion | USD 1855.51 Billion | 19.5% | 2023 |
According to a report from Zion Market Research, the global Internet of Things (IoT) Market was valued at USD 373.38 Billion in 2023 and is projected to hit USD 1855.51 Billion by 2032, with a compound annual growth rate (CAGR) of 19.5% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Internet of Things (IoT) Market industry over the next decade.
The concept of connecting various categories of devices through the Internet or interrelated devices connected through the Internet is considered as the Internet of Things (IoT).
The Internet of Things (IoT) Market is witnessing significant demand in numerous industry verticals, attributed to the technological revolution worldwide. Numerous industry verticals such as automotive, healthcare, and BFSI are introducing advanced computing applications on a daily basis to meet up changing industry needs.
The Internet of Things (IoT) along with big data and cloud computing is creating benefiting market opportunities in corresponding industry verticals. Furthermore, the enhancement of wireless networking technologies and the rise in the adoption rate of cloud platforms is acting as an add-on to the market growth.
However, significantly increasing data breach cases and rising privacy concern is hindering overall market demand to some extent. Moreover, increasing IoT penetration rate in small to medium-sized enterprises is anticipated to result in lucrative market opportunities during the forecast time frame.
The global Internet of Things (IoT) Market is segmented on the basis of type, platform, application area, end-use industry, and region. The type segment of the market is majorly classified into hardware, software, and services. Based on the platform, the market is categorized into application management, network management, and others.
Application area segments of the market include smart manufacturing, smart energy, and utilities, building and home automation, smart retail, connected logistics, and smart mobility and transportation. With respect to the application area, the smart manufacturing segment is projected to account for a significant market share during the forecast time frame. In order to enhance business process efficiency, manufacturing companies are focusing on the integration of the latest technologies.
This in return is driving market demand for IoT-enabled devices in manufacturing industries. Internet of Things (IoT) is diversely used in many end-use industries such as IT & telecom, retail, BFSI, healthcare, government, transportation, manufacturing, and others.
Based on geography, the Internet of Things (IoT) market is prominently segregated into five regions including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Among other regions, the Internet of Things (IoT) is forecasted to witness prominent market demand in North America. The United States held a prominent market share in the region, attributed to the significant presence of leading IoT market players such as Affectiva, Kairos, Cogito, Lexalytics, Microsoft, and Google among others.
Report Attributes | Report Details |
---|---|
Report Name | Internet of Things (IoT) Market |
Market Size in 2023 | USD 373.38 Billion |
Market Forecast in 2032 | USD 1855.51 Billion |
Growth Rate | CAGR of 19.5% |
Number of Pages | 172 |
Key Companies Covered | Hewlett Packard Enterprise, Intel Corporation, Hitachi, Ltd, Amazon Web Services, Inc., Fujitsu Ltd., Cisco Systems, Inc., Huawei Technologies Co., Ltd, Micro Soft Corporation, Beyond Verbal, Affectiva, Noldus Information Technology, Lexalytics, Adoreboard, Cogito, Siemens AG, iMotions, NVISO, Gorilla Technology, Sensum, Oracle Corporation, AT&T, Inc., Bosch Software Innovations GmbH, Kairos, Sentiance, IBM, Google, Inc., and Tobii among others |
Segments Covered | By Type, By Platform, By Application, By End-User and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
As the Internet of Things (IoT) market is currently evolving worldwide, prominent market players are intensely engaged in market-relevant business activities.
Some of the globally leading IoT market participants included in the report are
Global Internet of Things (IoT) Market: Platform Segment Analysis
Global Internet of Things (IoT) Market: Component Segment Analysis
Global Internet of Things (IoT) Market: Application Area Segment Analysis
Global Internet of Things (IoT) Market: End-Use Industry Segment Analysis
FrequentlyAsked Questions
The Internet of Things (IoT) is a network of devices and objects that can communicate, collect, and exchange data without human intervention. These items, from appliances and vehicles to industrial machines, have sensors, software, and connectivity to collect and share data. Data-driven IoT technology improves efficiency, convenience, and decision-making in smart homes, healthcare, agriculture, transportation, and manufacturing.
This in return is driving market demand for IoT-enabled devices in manufacturing industries. Internet of Things (IoT) is diversely used in many end-use industries such as IT & telecom, retail, BFSI, healthcare, government, transportation, manufacturing, and others.
The Global Internet Of Things (IoT) Market Size Was Worth USD 373.38 Billion in 2023 and projected to USD 1855.51 Billion by 2032, with a CAGR of around 19.5% between 2024-2032.
The Internet of things (IoT) is forecasted to witness prominent market demand in North America.
Some of the globally leading IoT market participants included in the report are Hewlett Packard Enterprise, Intel Corporation, Hitachi, Ltd, Amazon Web Services, Inc., Fujitsu Ltd., Cisco Systems, Inc., Huawei Technologies Co., Ltd, Micro Soft Corporation, Beyond Verbal, Affectiva, Noldus Information Technology, Lexalytics, Adoreboard, Cogito, Siemens AG, iMotions, NVISO, Gorilla Technology, Sensum, Oracle Corporation, AT&T, Inc., Bosch Software Innovations GmbH, Kairos, Sentiance, IBM, Google, Inc., and Tobii among others.
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