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Internet of Things Market Report Scope and Overview
The SNS Insider report indicates that the Internet of Things Market Size was valued at USD 595.74 Billion in 2023, and is expected to reach USD 3373.1 Billion by 2031 and grow at a CAGR of 24.2% over the forecast period 2024-2031.
This exponential growth in the Internet of Things Market is driven by a confluence of factors. The pervasiveness of internet connectivity and connected devices empowers organizations to gather real-time data on consumer behavior, enabling them to conduct real-time marketing analysis, optimize decision-making through sensor-driven, and implement instant control measures in complex autonomous systems. IoT acts as a bridge connecting businesses and governments to a universe of smart prospects – smart cities, transportation networks, and utilities – providing real-time location-based data. Additionally, high-speed network connectivity has unlocked a treasure trove of opportunities within the energy, healthcare, transportation, and utility sectors, facilitating improved monitoring and efficient management of their infrastructure.
The healthcare sector is at the forefront of IoT adoption, implementing it in areas like remote consultations and patient monitoring, virtual health portals, and electronic health records. The energy sector leverages IoT-based solutions for predictive maintenance, efficient asset performance management, security measures, mobile workforce management, field surveillance, and more. In transportation, IoT plays a crucial role in congestion control, safety maintenance, city traffic monitoring, and crime reduction.
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Major Key Players Studied in this Report are:
- Amazon Web Services
- Bosch Software Innovation Gmbh
- Cisco Systems
- Hewlett Packard Enterprise
- International Business Machine Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Others
Impact of Global Turmoil
The ongoing Russia-Ukraine war has cast a shadow on the global economy, with potential ramifications for the Internet of Things Market. Supply chain disruptions and fluctuations in raw material prices might hinder the production of essential IoT components. Additionally, businesses might be more cautious with investments in new technologies due to economic uncertainty. However, the conflict could also lead to an increased focus on automation and remote monitoring solutions, potentially bolstering the demand for certain IoT applications in critical sectors like defense and logistics.
Market Segmentation and Sub-Segmentation Included Are:
By Component type:
- Solution
- Services
By Deployment:
- On-premise
- Cloud
By Organization size:
- Large enterprises
- SMEs
By Platform:
- Device Management
- Application Management
- Network Management
By Technology:
- Radio frequency Identification
- Pressure Sensors
- Network Communications
- Data Processing
- Near-field Communication
By Industry vertical:
- Retail, E-commerce, & Consumer Electronics
- Energy & Utility
- Healthcare
- Transportation & Logistics
- IT & Telecom
- Manufacturing
- Others
Economic Slowdown
A potential economic slowdown could pose a challenge to the Internet of Things Market growth trajectory. Reduced consumer spending could dampen demand for consumer-oriented IoT devices. However, the long-term potential of IoT remains robust. Businesses seeking to optimize operational efficiency and reduce costs during an economic downturn may find IoT solutions particularly attractive. Additionally, government investments in infrastructure projects that leverage IoT technology could mitigate the slowdown’s impact.
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Key Regional Developments: North America Leads, Asia Pacific Emerges
North America dominated the global market in 2023 with a share of 32.81%. This dominance can be attributed to significant growth in the healthcare, industrial, and automotive sectors, driven by a sizeable customer base adopting cloud-based platform. Additionally, the burgeoning adoption of 5G technology is a key driver of the region’s market progress.
Europe is expected to challenge North America’s dominance in the coming years. The healthcare sector in Europe is poised to hold a significant market share, with the industry becoming progressively integrated with big data solutions. The synergy between connected devices and big data analytics is anticipated to gain significant traction within the European market. Asia Pacific, on the other hand, is expected to exhibit the highest CAGR during the forecast period. This growth can be ascribed to the rising number of smart city initiatives, such as China’s Intelligent Disease Prediction Project and New Zealand’s Smart Wellington project, coupled with the region’s increasing cloud spending.
Recent Developments
In November 2023: AWS and Siemens joined forces to streamline the process of connecting physical devices to the cloud. This expanded collaboration allows AWS’s IoT SiteWise Edge software to be directly installed from Siemens’ Industrial Edge Marketplace.
In June 2023: Rockwell Automation and PTC solidified their partnership to bolster sales of PTC’s ThingWorx IoT software and augmented reality (AR) solutions. This agreement enables Rockwell Automation to continue reselling PTC’s ThingWorx software, encompassing the Digital Performance Management (DPM) manufacturing solution, to new and existing customers across process and discrete manufacturing sectors.
In March 2023: Siemens introduced Connect Box, a smart IoT solution designed for managing small buildings. Through a cloud-driven interface, the Connect Box empowers users to centralize and simplify critical daily building management tasks, eliminating the need for additional software.
Key Takeaways
- Explore the factors fueling the market’s growth, such as the increasing adoption of connected devices, advancements in supporting technologies, and rising demand across various industries.
- Unearth the potential roadblocks posed by factors like global conflicts and economic slowdowns, alongside the promising opportunities presented by advancements in AI, ML, and 5G.
- Leverage the report’s findings to make informed decisions regarding investments, product development, and market expansion strategies.
The future of the Internet of Things Market is brimming with possibilities. Advancements in artificial intelligence (AI) and machine learning (ML) are expected to further propel IoT growth. Integration of these technologies will enable connected devices to gather and analyze data more effectively, leading to enhanced automation, predictive maintenance capabilities, and real-time optimization. Additionally, the rollout of 5G technology will provide the necessary bandwidth and infrastructure to support the ever-growing number of connected devices.
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Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Internet of Things Market Segmentation, by Component
- Solutions
- Services
- Internet of Things Market Segmentation, by deployment mode
- On-premise
- Cloud
- Internet of Things Market Segmentation, By Organization Size
- Large enterprises
- SMEs
- Internet of Things Market Segmentation, By Platform
- Device Management
- Application Management
- Network Management
- Internet of Things Market Segmentation, By Technology
- Radiofrequency Identification
- Pressure Sensors
- Network Communications
- Data Processing
- Near-field Communications
- Internet of Things Market Segmentation, By Industry Vertical
- Retail
- E-commerce & Consumer Electronics
- Energy & Utility
- Healthcare
- Transportation & Logistics
- IT & Telecom
- Manufacturing, and Others
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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