Internet of Things Market by Component (Hardware, Services, Software), Organization Type (Large Scale Business, Small & Medium Businesses), End-user - Global Forecast 2024-2030

Internet of Things Market by Component (Hardware, Services, Software), Organization Type (Large Scale Business, Small & Medium Businesses), End-user - Global Forecast 2024-2030

The Internet of Things Market size was estimated at USD 454.37 billion in 2023 and expected to reach USD 534.57 billion in 2024, at a CAGR 18.55% to reach USD 1,495.82 billion by 2030.

The Internet of Things (IoT) market encompasses the development and application of interconnected devices and systems that communicate and exchange data with one another via the Internet. This technology spans many applications, including smart homes, wearable technology, smart cities, industrial automation, healthcare monitoring, and agricultural technology. IoT devices can range from simple sensors and actuators to complex computers and smart appliances designed to improve efficiency, automation, and decision-making processes across various sectors. Rapid developments in wireless networking technologies and data analytics have propelled the IoT market growth. Significant investments in smart city projects and infrastructure modernization by governments worldwide have further driven demand for IoT solutions. However, the proliferation of connected devices has raised significant security concerns, with increasing risks of data breaches and cyber-attacks. In addition, more standardization across platforms and devices hinders needed to ensure seamless communication and integration. Moreover, the enhancement of security features in IoT devices and networks is helping to address privacy concerns. At the same time, rising exploration of new applications in fields such as telemedicine, smart education, and beyond are creating new opportunities for market expansion in upcoming years.
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Regional Insights

In the Americas, particularly in North America, IoT adoption is significantly advanced thanks to robust infrastructure and high technology adoption rates. The U.S. has witnessed development significant market growth and widespread IoT applications in sectors such as healthcare, automotive, and smart homes. IoT technologies are revolutionizing healthcare with remote monitoring devices, improving patient outcomes. The automotive industry is witnessing a surge in connected cars, enhancing the driving experience through improved navigation, maintenance, and entertainment systems. Furthermore, smart homes with IoT devices are becoming more common, offering homeowners convenience, security, and energy efficiency. The EMEA region presents a diverse IoT landscape due to varying degrees of technological adoption and regulatory environments across Europe, the Middle East, and Africa. Europe with key initiatives aimed at enhancing IoT adoption among member states. IoT applications are widespread in manufacturing, smart cities, and energy sectors, driven by the region's focus on innovation and sustainability. The Middle East, particularly the Gulf countries, is rapidly adopting IoT, focusing on smart city projects that promise to transform urban living. Africa, while still in the early stages of IoT adoption, shows potential for growth, especially in agriculture and healthcare sectors, to address challenges such as food security and access to medical services. In Asia-Pacific region countries such as China, Japan, and South Korea are leading in IoT adoption, driven by government initiatives and investments in technology. China, in particular, is a significant adoption of IoT, with extensive applications in manufacturing, smart cities, and agriculture, supported by strong governmental support for IoT development. Japan excels in consumer electronics and automotive IoT applications, enhancing life quality through technology. Meanwhile, countries, including India and Southeast Asia, are witnessing growing IoT adoption, with significant potential for development in agriculture, healthcare, and urban infrastructure.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Internet of Things Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Significant government investments in smart city projects and infrastructure
Increasing awareness and demand for smart home products and wearable devices
Integration of IoT with data analytics and artificial intelligence

Market Restraints

Lack of standardization across platforms and devices

Market Opportunities

Ongoing development of energy-efficient IoT solutions to promote sustainability
Exploration of applications in smart agriculture technologies

Market Challenges

Security and privacy concerns regarding IoT

Market Segmentation Analysis

Component: Emerging developments in IoT software platforms to collect, analyze, and present vast amounts of data
End-user: Increasing demand for IoT in automotive and IT & telecommunications sector

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Internet of Things Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Internet of Things Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Quectel and The Things Industries Collaboration Elevates IoT Connectivity and Security

Quectel, a provider of IoT solutions, has announced a partnership with The Things Industries, a company in LoRaWAN IoT technology. This collaboration brings forth the Quectel KG200Z LoRaWAN module, which is now certified with Works with The Things Stack and Secured by The Things Stack, ensuring a high level of connectivity and security for users. Powered by the STM32WL chipset from STMicroelectronics, the KG200Z module is designed for long-range, low-power applications and features advanced AES hardware encryption for superior security.

BlackBerry Amplifies Global IoT Reach with New Center of Excellence in Hyderabad

BlackBerry, a Canadian software company, has significantly expanded its IoT (Internet of Things) division by inaugurating an Engineering and Innovation Center of Excellence (CoE) in Hyderabad, India. Spanning 2,787 square meters, this state-of-the-art facility initially accommodates 60 specialists, aiming to double this number within a year, aiming for a robust team of 180–200 tech professionals.

Vodafone and Microsoft Form a Strategic Alliance for IoT and Cloud Services

In a landmark 10-year partnership, Vodafone and Microsoft are joining forces to enhance Vodafone's IoT capabilities and transform digital platforms for businesses, public entities, and consumers in Europe and Africa. Focused on augmenting Vodafone's already significant IoT connectivity, the collaboration aims to establish a standalone IoT business by April 2024, with Microsoft infusing direct investment. This venture is expected to expand the IoT ecosystem, introducing advanced applications and connected devices across various sectors, including healthcare, manufacturing, and smart cities.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Internet of Things Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Internet of Things Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Aeris Communications, Inc., Arm Ltd., BlackBerry Limited, Cisco Systems, Inc., Cognizant Technology Solutions Corporation, Dell Technologies Inc., Digi International Inc., General Electric Company, Google LLC, Honeywell International Inc., HQSoftware, Huawei Technologies Co. Ltd, Indium Software Inc., Intellias Ltd., International Business Machines Corporation, iTechArt Group, Inc., Microsoft Corporation, Nokia Corporation, Oxagile, PTC Inc., Quectel, Renesas Electronics Corporation, Samsara Inc., SAP SE, Telit IoT Platforms, LLC, Texas Instruments Inc., Vodafone PLC, and Wiliot Ltd..

Market Segmentation & Coverage

This research report categorizes the Internet of Things Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Actuators
Microcontrollers
Sensors
Services
Managed Services
Professional Services
Software
Application Management
Data Management
Device Management
Network Management
Smart Surveillance
Organization Type
Large Scale Business
Small & Medium Businesses
End-user
Automotive
BFSI
Connected Logistics
Government
Healthcare
IT & Telecommunications
Manufacturing
Retail & Consumer Goods
Transportation
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year