Global Internet Of Things (IoT) Market by Service (Managed Service, Professional Service); by Software Solution (Security Solution, Network Bandwidth Management, Real-time Streaming Analytics, Data Management, Remote Monitoring); by Platform (Cloud Platform, Device Management, Network Management, Application Management); by Application (Banking and Financial Services, Building and Automation, Connected Healthcare, Smart Energy and Utilities, Smart Retail, Smart Manufacturing, Connected Logistics, Others); and by Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2021 to 2027

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:

Internet of Things (IoT) Market

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:

  • By Service
    • Managed Service
    • Professional Service
  • By Software Solution
    • Security Solution
    • Network Bandwidth Management
    • Real-time Streaming Analytics
    • Data Management
    • Remote Monitoring
  • By Platform
    • Cloud Platform
    • Device Management
    • Network Management
    • Application Management
  • By Application
    • Banking and Financial Services
    • Building and Automation
    • Connected Healthcare
    • Smart Energy and Utilities
    • Smart Retail
    • Smart Manufacturing
    • Connected Logistics
    • Others (Media and Entertainment)
  • By Region
    • Asia Pacific
    • North America
    • Latin America
    • Europe
    • Middle East & Africa

Company Profiles and Competitive Intelligence

The key players operating in the Internet of Things (IoT) 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)

The unique insight provided by this report also includes the following:

  1. In-Depth Value Chain Analysis
  2. Sector Snapshot
  3. Opportunity Mapping
  4. Key Players Positioning Matrix
  5. Strategies Adopted-Benchmarking Heat Map
  6. Market Trends
  7. Regulatory Scenario
  8. Covid-19 Impact Analysis
  9. Product Comparison
  10. Pre & Post COVID 19 Impact on Internet of Things (Iot) Market
  11. Competitive Landscape

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


  • Rise in adoption of connected devices and technological proliferation
  • Technological advancements and growth in data analytics
  • Rapid development of wireless networking technologies


  • Concerns regarding data security and privacy
  • Lack of common standards and interoperability


  • Shared security models
  • Lack of common standards and interoperability
  • Demand for IoT amongst small and medium-sized organizations

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


Sr. No. Trends Impact
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

  1. In June 2020, Microsoft Corporation announced its successful acquisition over CyberX, Inc. a Israeli based startup and IoT solution provider company, for USD 180 million. The acquisition is expected to benefit Microsoft with convenient integration of technology into Microsoft’s business related industrial cyber security in order to eliminate cyber risk on IoT technologies applied in manufacturing field.
  2. In June 2018, International Business Machine (IBM) Corporation announced its successful acquisition over Oniqua Holdings Pty Ltd., an Australia based company, which is involved into computer systems design and related services industry. This acquisition expands IBM's asset optimization practice, allowing clients to reduce and optimize their Maintenance Repair and Operations (MRO) inventory and take precautions to avoid unplanned downtime as they can predict when they may damage critical parts or equipment.

Frequently Asked Questions (FAQs)

The global Internet of Things (IoT) market was valued at USD 205.2 Bn in 2020 and is anticipated to reach USD 828.2 Bn by 2027.

The Internet of Things (IoT) market is estimated to grow at a compound annual growth rate (CAGR) of 22.1% during forecast period.

In the base year 2020, North America accounted the largest market share in the Internet Of Things (IoT) market analysis

A few key players include, but not limited to: IBM sCorporation, Microsoft Corporation, Google, Inc., Intel Corporation, Huawei Technologies Co. Ltd, Cisco Systems, Inc., Rockwell Automation, Inc., PTC Inc., SAP SE, Intel Corporation, Oracle Corporation, Amazon Web Services Inc., Siemens AG, Hewlett-Packard Enterprise, and Bosch Software Innovation GmbH.

Yes, the report contains detailed COVID-19 analysis for Internet of Things (IoT) market.

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  1. Introduction
    1. Product outline
    2. Internet of Things (IoT) market definition
    3. Different types of Internet of Things (IoT)  
    4. Analysis of Internet of Things (IoT)  ecosystem
    5. Supply chain analysis
    6. Covid -19 impact
    7. Market dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology overview
    9. Patent analysis
  2. Technology and Regulatory Landscape for Internet of Things (IoT)    
    1. Regulations and standards
  3. Internet of Things (IoT)  Market Pricing Analysis
    1. Prices of Internet of Things (IoT)    
  4. Internet of Things (IoT)  Market  by Service
    1. Professional Service
    2. Managed Service
  5. Internet of Things (IoT)  Market by Software Solution
    1. Real-time Streaming Analytics
    2. Security Solution
    3. Data Management
    4. Remote Monitoring
    5. Network Bandwidth Management
  6. Internet of Things (IoT)  Market  by Platform
    1. Device Management
    2. Application Management
    3. Network Management
    4. Cloud Platform
  7. Internet of Things (IoT)  Market by Application
    1. Building and Automation
    2. Smart Energy and Utilities
    3. Smart Manufacturing
    4. Connected Logistics
    5. Smart Retail
    6. Connected Healthcare
    7. Banking and Financial Services
    8. Others (Media and Entertainment)
  8. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  9. Key Strategic Insights
    1. New applications
    2. Emerging technologies
    3. Opportunity mapping
    4. Critical success factors
    5. Environmental impact and sustainability issues
    6. Consumer preferences
  10. Key Market Trends / Recent Developments
  11. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  12. Key Global Players
    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

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