Internet Of Things Market, By Component, (IoT Platform, IoT Data Transport, IoT Security, IoT Analytics, IoT Sensor), By Application, (Smart Grid, M2M Communication, Home and Building Automation, Wearable Computing Devices, V2V Communication, Others), By Industry, (Manufacturing, Healthcare, Energy & Utilities, Retail, Transportation & Logistics, Government, Others), By Region – Global Analysis Forecast Till 2030

The Global Internet Of Things Market size was valued at $ 755.12 billion in 2020 and is projected to reach $ 4,442.12 billion by 2030, growing at a CAGR of 20.12% from 2021 to 2030.

The Internet of things is a global infrastructure of the information society that enables advanced services by connecting things to each other based on interoperable information and communication technology. Based on the prescribed protocol, the information sensing equipment can connect with the Internet to exchange information to achieve smart recognition, positioning, tracking, monitoring, and management.

 Increased demand for IoT security, low operating costs, and growing use of IoT technology in the healthcare sector are driving the need for Internet of Things (IoT) solutions. However, the limited number of IoT experts and uncertain regulatory and compliance environment hamper the market growth. Additionally, the growing adoption of blockchain-based IoT solutions for smart contracts and edge computing creates opportunities for IoT vendors.

The Internet of Things (IoT) has revolutionized the way we interact with technology and devices. With the increasing adoption of IoT devices, ensuring robust IoT security has become a critical concern. The convergence of the internet and the vast network of IoT devices has given rise to the Internet of Things (IoT) technology, enabling seamless connectivity and communication between various devices. The network infrastructure supporting IoT plays a vital role in facilitating the exchange of information and data among interconnected devices. Furthermore, Industrial IoT (IIoT) has paved the way for significant advancements in sectors such as manufacturing, transportation, and energy, bringing automation and efficiency to industrial processes. In this interconnected era, the possibilities offered by the Internet of Things (IoT) continue to expand, presenting both opportunities and challenges for individuals and industries alike.

Market Dynamics:

Drivers:

Due to the increase in the size of the Internet of Things (IoT) market worldwide and the advancement of Internet speed, technologies such as IoT have developed rapidly. Due to the improvement in speed, which is the basic criterion of the Internet of Things, it is being used in many engineering applications and problem-solving without human intervention. IoT is used and automated in engineering applications and daily activities of modern life. It saves a lot of time in the process and is accurate, making it a convenient option. Simple daily tasks such as home lighting automation can be automated and controlled through the Internet of Things (IoT) market, but because IoT devices are controlled through a network and are a combination of various technologies such as communication, they are vulnerable to security attacks. technology, information technology, electronic sensor, and actuator technology.

Therefore, all types of security attacks are possible, and even home appliances that depend on the Internet of Things (IoT) market can be controlled, making IoT security necessary. One of the major solutions to the IoT security problem is blockchain technology. Blockchain tracks sensor data and prevents replication with other malicious data. So instead of going through a third party to establish trust, sensors can exchange data via the blockchain. Therefore, increasing demand for IoT security is expected to drive the growth of the global Internet Of Things Market analysis over the forecast period.

Restraints:

While the adoption of IoT technologies is accelerating across a range of industries, one of the main reasons for the slow adoption rate is the lack of a skilled workforce and limited Internet of Things (IoT) market knowledge. IoT is rather new in the industrial world. Therefore, the number of experts skilled in both technologies is minimal due to the complexity of the technologies. Both technologies are complicated to understand as IoT implies the alignment of various sensors and synchronization of all entities involved in the system. Therefore, the number of IoT professionals simultaneously proficient in both technologies is limited, limiting the growth of the global Internet Of Things Market growth over the forecast period.

Key players:

• IBM Corporation

• Microsoft Corporation

• AT&T, Inc.

• Apple, Inc.

• Google

• General Electric

• Samsung Electronics Co. Ltd.

• Comcast Corporation

• Intel Corporation

• Cisco Systems, Inc.

• Oracle Corporation

• Hewlett Packard Enterprise

• Fujitsu Limited

• Qualcomm Technologies, Inc.

• Honeywell International, Inc.

• Accenture PLC

• ARM Limited

• Amazon Web Services, Inc.

• SAP SE

• Zebra Technologies

• Texas Instruments, Inc.

Market Segmentation:

Internet Of Things Market, By Component

• IoT Platform

• IoT Data Transport

• IoT Security

• IoT Analytics

• IoT Sensor

Internet Of Things Market, By Application

• Smart Grid

• M2M Communication

• Home and Building Automation

• Wearable Computing Devices

• V2V Communication

• Others

Internet Of Things Market, By Industry

• Manufacturing

• Healthcare

• Energy & Utilities

• Retail

• Transportation & Logistics

• Government

• Others

Internet Of Things Market, By Region

• North America

• Latin America

• Europe

• Asia-Pacific

• Middle East & Africa (MEA)

Regional Analysis:

North America dominated the industrial IoT market in 2021. The US dominated the industrial IoT market in North America. This may be due to increased IoT spending in several regional countries. For example, the US spent about $421 billion on IoT in 2021. Additionally, the early adoption of IoT across industrial sectors in several regional countries is expected to underpin market growth during the forecast period. Additionally, the presence of several established market players in the region further supports sectoral growth. Moreover, an increasing number of new emerging players providing industrial IoT solutions will create lucrative opportunities for internet of things market growth in the coming years. For example, as of 2021, approximately 98 companies are providing industrial IoT solutions in Canada.

On the other hand, APAC is expected to develop at the fastest rate during the forecast period. Countries in the Asia Pacific region, particularly China, have emerged as global manufacturing hubs. Similarly, India has great opportunities for the manufacturing sector in terms of land, labor, and machinery availability with low costs to build manufacturing facilities. As a result, various companies are entering the region. Additionally, governments of several countries in the region, particularly China and India, are providing incentives and tax breaks to various companies expanding in the region, creating opportunities for Internet Of Things Market growth in the coming years.

In the European Internet of Things market, solutions are fueling the market growth. The UK, Germany, and the Netherlands are leading the adoption of the Internet of Things in Europe. But Eastern and Northern European countries are thoroughly successful. The household, financial sector, health, and manufacturing sectors are embracing the adoption of the Internet of Things while boosting growth in the retail and agriculture sectors. Over the forecast period, IoT spending in Europe will reach $ XX billion in 2021. It is also projected to achieve double-digit growth by 2030.

Scope of the Report:

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