The Internet of Things (IoT) market is forecasted to grow at a high rate owing to the rise in adoption of connected devices and technology proliferation
The Global Internet of Things (IoT) Market was valued at USD 205.2 Bn in 2020 is expected to reach USD 828.2 Bn by 2027, with a growing CAGR of 22.1% during the forecast period.
Internet of Things technology connects and operates numerous smart devices, facilitating data sharing. Several smart devices, such as wearables, sensors, and smartphones, are utilized to collect the necessary data from the devices and improve the customer experience. The IoT market is anticipated to witness significant growth in the forecast period owing to the rising need for data analytics and integration of analytics.
Internet of Things (IoT) analytics enables organizations to leverage the large volumes of data generated by IoT devices using analytics stacks. Insights produced by IoT streams can assist organizations to enhance multiple aspects of their operations. For instance, in August 2021, Maruti Suzuki, an automobile manufacturer based in India, announced an investment in digital technology with a strategic collaboration with the startup ecosystem to find solutions using data analytics, IoT, ML, and AI in various aspects of their supply chain.
Moreover, as the number of connected devices grows, new businesses with progressive artificial intelligence (AI) algorithm expertise develop state-of-the-art solutions that can potentially solve technology-related problems. This is expected to create new opportunities for the global Internet of Things (IoT) market. IIoT distribution is generally gaining attention in application areas such as remote services, asset management, operational intelligence, remote monitoring, and predictive maintenance.
Global Internet of Things (IoT) Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the North American region is accounted to hold the largest market share in the year 2020. The dominance is majorly attributed to the well-established technological infrastructure present in the region. Among North America, the U.S. and Canada are significantly contributing to the Internet of Things (IoT) market. For instance, the KORE, a major player in the Internet of Things (IoT) solutions announced its business expansion into the U.S. with the partnership agreement with Everynet BV, a Europe-based network operator for national LoRaWAN networks. The partnership is expected to increase the application of the Internet of things (IoT) in the US. According to Transforma insights, the US region is expected to possess around 358 million massive IoT devices.
The Global Internet of Things (IoT) Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the market are: