The Global Internet of Things (IoT) Market was valued USD 205.2 Bn in 2020 and is expected to reach USD 828.2 Bn by 2027, with a growing CAGR of 22.1% during the forecast period.
The Global Internet of Things (IoT) Market Definition:
The Internet of Things (IoT) refers to the combination of the physical devices embedded with sensors, cameras, scanners, softwares, and other technologies with the internet. The IoT helps in the exchange of information and data from one device to the other with support of the internet. Various technological developments are going on in an IoT market, such that of real-time analytics, commodity sensors, machine learning, artificial intelligence, and much more.
The Global Internet of Things (IoT) Market Snapshot:
The Global Internet of Things (IoT) Market Dynamics:
The global Internet of Things (IoT) market is propelling at a significant rate owing to smart factory automation. New technological strategies for production, development, and management of the end-to-end logistics chain, in industry 4.0 and IoT are commonly known as smart factory automation. Extensive shifts in manufacturing processes owing to industry 4.0 and acceptance of IoT demand is observed in the Internet of Things (IoT) market. Companies are adopting innovative techniques to improve production with the help of technologies that in turn complement and expand human labor with robotics and eliminate industrial accidents caused by a process failure. For instance, in February 2021, Siemens, Germany-based automation company, IBM, an America-based computer hardware company along with Red Hat Software, Inc., collaborated to launch a hybrid cloud initiative to increase the real-time value of industrial IoT data.
Moreover, the Internet of Things (IoT) can potentially benefit organizations with decreased operating expenses, increase in output, and assured safety for their workforce. Companies across the globe are investing extensively towards the security of their IoT data. For instance, in January 2020, in Spain, Cisco Cyber Vision, a security professional company, announced a launch of an IoT security architecture that is aimed to provide enhanced visibility across both IT and IoT environments and protects processes.
The Global Internet of Things (IoT) Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the Internet of Things (IoT) market are:
The unique insight provided by this report also includes the following:
Based on software solutions, the security solutions segment held the largest market share in the global Internet of Things (IoT) market for the year 2020
The security solution segment dominated the IoT market with largest market shares in the software solution sector. The growth is majorly attributed to the need for solution on security concerns in IoT owing to increase in security breaches of data in varied industries. End-to-end security of IoT is important for both network connections and devices. However, Cyber-attacks have increased through varied ways such as malware software, phishing email schemes, cryptojacking, ransomwares, and much more.
According to PurpleSec, cyber security services based in Washington DC, the cybercrime rate in the year 2021 has increased by 600% owing to covid-19 pandemic. For instance, in August 2021, data breach at New York University specifically in the Research Foundation for the State University of New York (SUNY), affected over 47,000 citizens exposing personal information over the network to an unauthorized access. Such attack incidents creates a massive loss of critical data which leads to device and network manipulation, data falsification, and identity thefts.
Security solutions based on IoT benefits the organizations with information security and governance during the attack. Companies such as Cisco Systems, Symantec, DNP, and Gemalto N.V. are providing IoT security solutions to overcome such cyber-attacks. For instance, in February 2020, Jitsuin Inc., a company providing of integrated risk management for enterprise and industrial IoT, launched an IoT security and assurance platform for organisations, businesses, and industrial clients for Azure IoT Central and Microsoft Azure IoT Hub.
Based on the applications, the smart retail segment accounted for a largest market share in the overall Internet of Things (IoT) market size owing to rapid increase in e-commerce industry, followed by the building and automation
Based on applications, the smart retail segment is accounted to witness significant growth owing to the expansion of the e-commerce sector across the globe. According to Statista, it is expected to have more than 75 billion Internet of Things (IoT) connected devices in use by the end of 2025. Those devices will be implemented in varied industries including in the retail sector. The market players in this industry are not only employing IoT solutions to enhance their operational efficiency but also to improve customer experience.
The covid-19 outbreak has forced the retail industry to opt for e-commerce while brick and mortar system was preferred by a maximum of customers owing to better customer experience. For instance, the IBM consumer study 2020 found that at least one of the five customers prefers to buy commodities in-store more often. Thus, in these situations, the customer in-store experiences are intensified utilizing the Internet of Things (IoT) solutions.
Based on regions, the market for Internet of Things (IoT) in North America accounted for the largest share in 2020 owing to increased digitalization in various industries, followed by Asia Pacific and Europe
Geographically, the North American region is accounted to dominate the internet of things (IoT) market for the year 2020. The dominance is majorly attributed to the rapid digitalization in several industries in the region. Governments in the region are taking initiatives to support advancements in technological infrastructure. For instance, in the year 2016, the US Senate passed the “Developing Innovation and Growing the Internet of Things (DIGIT) Act.” The act suggested the private sector organizations identify the rules and regulations for the adoption and development of IoT in varied sectors. Owing to this act, several industries players in the region actively adopted the technological advances in their organizations, such as the US education industry actively incorporated IoT solutions for effective time management and safety concerns for their students and staff.
The report also provides an in-depth analysis of Internet of Things (IoT) market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the Internet of Things (IoT) Market Analysis
The impact of COVID-19 has greatly affected the Internet of Things (IoT) market. The covid-19 outbreak has significantly increased the workload on the healthcare industry. To overcome the pandemic situation, the healthcare industry needs to analyze the large amount of data generated in this period. The vendors in the market are observed to extensively collaborate with numerous organizations to provide emerging technology-enabled solutions to the healthcare industry players. For instance, in January 2020, the Shanghai Public Health Clinical Center (SPHCC) has reduced the risk of caregivers being exposed to the virus by monitoring COVID 19 patients using a continuous thermometer from a California-based connected health startup VivaLNK.
The report also provides an in-depth analysis of key trends in the Internet of Things (IoT) market
|1||The trend of utilizing smart devices such as smartphones, wearables, and sensors has increased which in turn is driving the market for internet of things (IoT) market||Positive|
|2||The increasing collaboration of healthcare facilities with internet of things during the outbreak of covid-19 to overcome the situation effectively is propelling the global Internet of Things (IoT) market growth||Positive|
|3||The emergence of data analytics is witnessed with the development of wireless network technologies is expected to boost the market growth for Internet of Things||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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