Internet of Things (IoT) Market Growing Rapidly Due to Rise in Adoption of Connected Devices and Technology

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)

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

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:

• Global Internet of Things (IoT) Market by Service Outlook (Revenue, USD Million, 2021-2027)
  • Managed Service
  • Professional Service
• Global Internet of Things (IoT) Market by Software Solution Outlook (Revenue, USD Million, 2021-2027)
  • Security Solution
  • Network Bandwidth Management
  • Real-time Streaming Analytics
  • Data Management
  • Remote Monitoring
• Global Internet of Things (IoT) Market by Platform Outlook (Revenue, USD Million, 2021-2027)
  • Cloud Platform
  • Device Management
  • Network Management
  • Application Management
• Global Internet of Things (IoT) Market by Application Outlook (Revenue, USD Million, 2021-2027)
  • Banking and Financial Services
  • Building and Automation
  • Connected Healthcare
  • Smart Energy and Utilities
  • Smart Retail
  • Smart Manufacturing
  • Connected Logistics
  • Others (Media and Entertainment)

Key Findings:

• Based on the services, the professional service segment held the largest market share in 2020
• Based on software solution, the security solution accounted for the largest market share in 2020
• Based on platform, the device management segment is anticipated to hold the fastest growing market size in the forecast period
• Building and automation segment, based on applications is accounted to hold the largest market share
• Based on regions, the North America region is anticipated to hold the largest market share in the year 2027 in the Internet of Things (IoT) market analysis

Company Profiles and Competitive Intelligence

The key players operating in the market are:

1. International Business Machine (IBM) Corporation
2. Microsoft Corporation
3. Google, Inc.
4. Intel Corporation
5. Huawei Technologies Co. Ltd
6. Cisco Systems, Inc.
7. Rockwell Automation, Inc.
8. PTC Inc.
9. SAP SE
10. Intel Corporation
11. Oracle Corporation
12. Amazon Web Services Inc.
13. Siemens AG
14. Hewlett-Packard Enterprise
15. Bosch Software Innovation GmbH 
16. Affectiva
17. Beyond Verbal
18. iMotions
19. Kairos
20. Noldus Information Technology
21. Cogito
22. Tobii
23. Sentiance
24. NVISO
25. Lexalytics
26. Sensum
27. Gorilla Technology
28. Adoreboard
29. ABB
30. General Electric Company (GE)

Recent News:

• In September 2020, Intel Corporation, in the Intel Industrial Summit 2020, announced a launch of The 11th Gen Intel Core processors, Intel Atom x6000E series, and Intel Pentium and Celeron N and J series, a new enhanced IoT, security, artificial intelligence, functional safety, and real-time capabilities to its users.
• In February 2018, Google, Inc. announced the acquisition of Xively, an Internet of Things (IoT) platform from LogMeIn, a Boston-based software company involved in providing cloud-based remote work tools, software as services, and IT management. The acquisition was aimed at rendering Google Cloud as a well-established IoT platform.