According to a research report "IoT Market Size by Offering (Platforms, Services), Focus Area (Smart Manufacturing, Smart Transportation/Mobility, Smart Healthcare, Smart Retail, Smart Cities, Smart building, Smart Energy Utilities), Application - Global Forecast to 2029" published by MarketsandMarkets, the IoT market is expected to reach USD 153.2 billion by 2029 from USD 64.8 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period.
The increasing adoption of technology is improving various sectors through up-to-date information and useful perspectives from IoT. The integration of cloud computing with IoT improves vast amounts of data analysis. Consequently; companies get aided not only in achieving operational efficiency but also in cost reduction, product/service innovation as well as providing ongoing growth together with investments in the IoT industry at large. This market can be subdivided into segments based on some factors such as offering, application, and focus area. The offering encompasses platforms and services, whereas application ranges from asset management to supply chain management, business process optimization, workforce management, and emergency incident management among others. Under the focus area segment, there are aspects like smart manufacturing/smart transportation/mobility; smart healthcare/smart retail/smart cities/smart buildings/smart energy utilities/smart agriculture etc. Through these various segments, one can gain insight into the changing IoT landscape and its possible implications for businesses in general.
IoT Market Dynamics:
Drivers:
- Prevalence of condition monitoring sensors
- Merging of 5G technology with industrial edge computing
- Safety and risk reduction
Restraints:
- Security concerns regarding vulnerability to cyberattacks
- Privacy concerns
- Lack of standardized technological communication protocols and interoperability
- Challenges regarding regulatory compliances
Opportunities:
- Improved efficiency
- Enhanced decision-making
- Growing demand for new business models and revenue streams
List of Key Companies in IoT Market:
- AWS (US)
- Microsoft (US)
- Oracle (US)
- Cisco Systems Inc. (US)
- SAP (Germany)
- Avnet Inc. (US)
- IBM (US)
- Google (US)
- PTC (US)
- Software AG (Germany)
- Hitachi Ltd. (Japan)
Based on offering, platform segment to hold the largest market size during the forecast period.
The most prominent market share in IoT among IoT platforms is expected, because they centralize the oversight and integration of various IoT devices and applications. Deploying, monitoring, and managing connected devices will be easier through these platforms resulting to increased effectiveness for large-scale projects. These tools are essential for handling and examining the large quantities of data produced by IoT devices, providing advanced data management and analytics features that allow for immediate insights and decisions based on data. Furthermore, IoT platforms offer the ability to scale to support the increasing amount of devices and users, along with the flexibility to incorporate emerging technologies. The main concerns about data safety and compliance with standards are resolved by security schemes based on identification, secret codes, and attack-finding methods. Their support for diverse usages in sectors such as smart cities, health care, and industrial automation is of importance thus making them strong players in the Internet Of Things (IoT).
Based on the application, emergency incident management is expected to hold a higher growth rate during the forecast period.
The IoT market is under increased growth in terms of emergency and incident management is quite high. Emergency situations need immediate response and coordination that require immediate monitoring needs offered through interconnected devices. Integrating IoT with AI and machine learning improves predictive analytics and decision-making, leading to improvised readiness and response. Enhanced awareness of the situation is accomplished using IoT devices like surveillance cameras and environmental sensors, offering detailed information for making well-informed decisions. The rising popularity of smart cities that use IoTs to improve city infrastructure has led to an increase in demand for advanced emergency response systems. Furthermore, organizations are being pushed towards implementing IoT solutions as there are increasing regulations on safety and emergency preparedness. The cost effectiveness and resource efficiency brought about by IoT technologies also contribute to their increasing prevalence. With investments made for IoT application in emergencies from both public and private departments alike reveal the great possibility of growth in this sector since there’s a need for data-oriented methods for managing incidents efficiently.
Asia Pacific is expected to hold a higher growth rate during the forecast period.
The IoT market in the Asia-Pacific region is set to witness an increased growth rate in the upcoming forecast period because of a combination of factors. The fast growth of cities and the construction of infrastructure in nations such as China and India are leading to increased interest in smart city technologies and modern infrastructure. In addition, a rising population in this area is increasing the need for consumer electronics and associated devices. The role of governments in this regard is evident through China’s “Made in China 2025” program as well as India’s “Digital India” initiative meant to fast-track Internet of Things (IoT) digital transformation. In addition, innovations in IoT come from technological advancements and focus on research and development within the Asia-Pacific region. This results in the implementation of IoT in industries such as manufacturing to enhance automation processes thus leading to further market growth. Investing more into startup firms dealing with IoT coupled with improved 4G/5G network coverage enhances opportunity within the industry. These factors contribute collectively to building a strong basis for the fast expansion of the IoT industry across Asia-Pacific countries.
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