Internet of Things (IoT) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Internet of Things Market
The Internet of Things market size was valued at USD 595.73 billion in 2023, and the market is now projected to grow from USD 714.48 billion in 2024 to USD 4,062.34 billion by 2032, exhibiting a CAGR of 24.3% during the forecast period of 2024-2032.
The COVID-19 pandemic created significant opportunities on the Internet of Things market growth as curbing coronavirus outbreak was prioritized. The IoT market set out a critical freedom to upgrade the personal satisfaction, with the likelihood of affecting society, transcendently during Coronavirus' new ordinary. The pandemic urged undertakings and legislatures to reexamine their business activities and goals. Also, these changes ended up being a driving variable for development and innovation.
The Internet of Things market share globally has been contributed due to the shrewd city projects. With rising populace and urbanization, a few nations internationally are presenting shrewd city projects and carrying out savvy city answers for achieve assets. Associated gadgets, like sensors, brilliant meters, and shrewd lights, assist with propelling the capabilities and capability of set-up and related administrations.
Furthermore, there’s been a notable trend of blockchain advances. Internet connected gadgets gather a tremendous measure of data and information for handling. Notwithstanding, the web of things standard security access builds various protection and security intricacies. The blockchain-based design furnishes connected gadgets with insignificant and decentralized security arrangements.
Comprehensive Internet of Things Market
The Internet of Things innovation works as a worldwide framework for the data society, engaging modernized administrations to interface and convey things in light of winning and developing correspondence systems. Likewise, it conveys interoperable information and the capacity to impart independently without human intercession.
North America ruled the worldwide market with a portion of 32.81% in 2023. The district has seen vital development in the medical services, modern, and auto areas inferable from a developing client base for cloud-based stages. Additionally, the rising reception of 5G innovation contributes significantly to the area's market progress. Also, cloud stages are encountering broad reception in the locale because of the development of IoT-empowered gadgets, rising Research and development interests in trend setting innovation, and the noticeable quality of key market players, for example, Amazon Web Administrations (AWS), Google, Cisco, Microsoft, and IBM.
The top players in the market play a crucial role in the Internet of Things market assuring industrial prospectus growth and setting market standards. These players include, Amazon Web Services, Inc. (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), PTC Inc. (U.S.) and GE (U.S.) these market players provide a level-playing competitive landscape.
In November 2023, AWS and Siemens extended their collusion to easily interface actual gadgets with the cloud more. With the lengthy joint effort, AWS's IoT SiteWise Edge programming can be introduced straightforwardly from Siemens' Modern Edge Commercial center.
Segmentation Table
Internet of Things Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 24.3% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Type, End-User, and Region
By Type Platform
Device Management
Cloud Platform
Network Management
Solution & Services
Real-Time Streaming Analytics
Security
Data Management
Remote Monitoring
Network Band Management
Solution
Services
By End-User
Banking, Financial Services and Insurance (BFSI)
Retail
Government
Healthcare
Manufacturing
Agriculture
Sustainable Energy
Transportation
IT & Telecom
Others
By Region North America (By Type, End-User, and Country)
- U.S. (By Type and End-User)
- Canada (By Type and End-User)
Europe (By Type, End-User, and Country/Sub-region)
- U.K. (By Type and End-User)
- Germany (By Type and End-User)
- France (By Type and End-User)
- Italy (By Type and End-User)
- Spain (By Type and End-User)
- Rest of Europe (By Type and End-User)
Asia Pacific (By Type, End-User, and Country/Sub-region)
- China (By Type and End-User)
- Japan (By Type and End-User)
- India (By Type and End-User)
- Australia (By Type and End-User)
- Rest of Asia Pacific (By Type and End-User)
Latin America (By Type, End-User, and Country/Sub-region)
- Brazil (By Type and End-User)
- Mexico (By Type and End-User)
- Rest of Latin America (By Type and End-User)
Middle East & Africa (By Type, End-User, and Country/ Sub-region)
- GCC (By Type and End-User)
- South Africa (By Type and End-User)
- Rest of Middle East & Africa (By Type and End-User)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Internet of Things Key Players Market Share/Ranking, 2023
- 5. Global Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Component (USD)
- 5.2.1. Platform
- 5.2.1.1. Device Management
- 5.2.1.2. Cloud Platform
- 5.2.1.3. Network Management
- 5.2.2. Solution & Services
- 5.2.2.1. Solution
- 5.2.2.1.1. Real-Time Streaming Analytics
- 5.2.2.1.2. Security
- 5.2.2.1.3. Data Management
- 5.2.2.1.4. Remote Monitoring
- 5.2.2.1.5. Network Band Management
- 5.2.2.2. Services
- 5.3. By End Use Industry (USD)
- 5.3.1. Banking, Financial Services and Insurance (BFSI)
- 5.3.2. Retail
- 5.3.3. Government
- 5.3.4. Healthcare
- 5.3.5. Manufacturing
- 5.3.6. Agriculture
- 5.3.7. Sustainable Energy
- 5.3.8. Transportation
- 5.3.9. IT & Telecom
- 5.3.10. Others
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Middle East & Africa
- 5.4.5. South America
- 6. North America Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Component (USD)
- 6.2.1. Platform
- 6.2.1.1. Device Management
- 6.2.1.2. Cloud Platform
- 6.2.1.3. Network Management
- 6.2.2. Solution & Services
- 6.2.2.1. Solution
- 6.2.2.1.1. Real-Time Streaming Analytics
- 6.2.2.1.2. Security
- 6.2.2.1.3. Data Management
- 6.2.2.1.4. Remote Monitoring
- 6.2.2.1.5. Network Band Management
- 6.2.2.2. Services
- 6.3. By End Use Industry (USD)
- 6.3.1. Banking, Financial Services and Insurance (BFSI)
- 6.3.2. Retail
- 6.3.3. Government
- 6.3.4. Healthcare
- 6.3.5. Manufacturing
- 6.3.6. Agriculture
- 6.3.7. Sustainable Energy
- 6.3.8. Transportation
- 6.3.9. IT & Telecom
- 6.3.10. Others
- 6.4. By Country (USD)
- 6.4.1. United States
- 6.4.1.1. By End Use Industry
- 6.4.2. Canada
- 6.4.2.1. By End Use Industry
- 6.4.3. Mexico
- 6.4.3.1. By End Use Industry
- 7. Europe Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Component (USD)
- 7.2.1. Platform
- 7.2.1.1. Device Management
- 7.2.1.2. Cloud Platform
- 7.2.1.3. Network Management
- 7.2.2. Solution & Services
- 7.2.2.1. Solution
- 7.2.2.1.1. Real-Time Streaming Analytics
- 7.2.2.1.2. Security
- 7.2.2.1.3. Data Management
- 7.2.2.1.4. Remote Monitoring
- 7.2.2.1.5. Network Band Management
- 7.2.2.2. Services
- 7.3. By End Use Industry (USD)
- 7.3.1. Banking, Financial Services and Insurance (BFSI)
- 7.3.2. Retail
- 7.3.3. Government
- 7.3.4. Healthcare
- 7.3.5. Manufacturing
- 7.3.6. Agriculture
- 7.3.7. Sustainable Energy
- 7.3.8. Transportation
- 7.3.9. IT & Telecom
- 7.3.10. Others
- 7.4. By Country (USD)
- 7.4.1. United Kingdom
- 7.4.1.1. By End Use Industry
- 7.4.2. Germany
- 7.4.2.1. By End Use Industry
- 7.4.3. France
- 7.4.3.1. By End Use Industry
- 7.4.4. Italy
- 7.4.4.1. By End Use Industry
- 7.4.5. Spain
- 7.4.5.1. By End Use Industry
- 7.4.6. Russia
- 7.4.6.1. By End Use Industry
- 7.4.7. Benelux
- 7.4.7.1. By End Use Industry
- 7.4.8. Nordics
- 7.4.8.1. By End Use Industry
- 7.4.9. Rest of Europe
- 8. Asia Pacific Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Component (USD)
- 8.2.1. Platform
- 8.2.1.1. Device Management
- 8.2.1.2. Cloud Platform
- 8.2.1.3. Network Management
- 8.2.2. Solution & Services
- 8.2.2.1. Solution
- 8.2.2.1.1. Real-Time Streaming Analytics
- 8.2.2.1.2. Security
- 8.2.2.1.3. Data Management
- 8.2.2.1.4. Remote Monitoring
- 8.2.2.1.5. Network Band Management
- 8.2.2.2. Services
- 8.3. By End Use Industry (USD)
- 8.3.1. Banking, Financial Services and Insurance (BFSI)
- 8.3.2. Retail
- 8.3.3. Government
- 8.3.4. Healthcare
- 8.3.5. Manufacturing
- 8.3.6. Agriculture
- 8.3.7. Sustainable Energy
- 8.3.8. Transportation
- 8.3.9. IT & Telecom
- 8.3.10. Others
- 8.4. By Country (USD)
- 8.4.1. China
- 8.4.1.1. By End Use Industry
- 8.4.2. India
- 8.4.2.1. By End Use Industry
- 8.4.3. Japan
- 8.4.3.1. By End Use Industry
- 8.4.4. South Korea
- 8.4.4.1. By End Use Industry
- 8.4.5. ASEAN
- 8.4.5.1. By End Use Industry
- 8.4.6. Oceania
- 8.4.6.1. By End Use Industry
- 8.4.7. Rest of Asia Pacific
- 9. Middle East & Africa Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Component (USD)
- 9.2.1. Platform
- 9.2.1.1. Device Management
- 9.2.1.2. Cloud Platform
- 9.2.1.3. Network Management
- 9.2.2. Solution & Services
- 9.2.2.1. Solution
- 9.2.2.1.1. Real-Time Streaming Analytics
- 9.2.2.1.2. Security
- 9.2.2.1.3. Data Management
- 9.2.2.1.4. Remote Monitoring
- 9.2.2.1.5. Network Band Management
- 9.2.2.2. Services
- 9.3. By End Use Industry (USD)
- 9.3.1. Banking, Financial Services and Insurance (BFSI)
- 9.3.2. Retail
- 9.3.3. Government
- 9.3.4. Healthcare
- 9.3.5. Manufacturing
- 9.3.6. Agriculture
- 9.3.7. Sustainable Energy
- 9.3.8. Transportation
- 9.3.9. IT & Telecom
- 9.3.10. Others
- 9.4. By Country (USD)
- 9.4.1. Turkey
- 9.4.1.1. By End Use Industry
- 9.4.2. Israel
- 9.4.2.1. By End Use Industry
- 9.4.3. GCC
- 9.4.3.1. By End Use Industry
- 9.4.4. North Africa
- 9.4.4.1. By End Use Industry
- 9.4.5. South Africa
- 9.4.5.1. By End Use Industry
- 9.4.6. Rest of MEA
- 10. South America Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Component (USD)
- 10.2.1. Platform
- 10.2.1.1. Device Management
- 10.2.1.2. Cloud Platform
- 10.2.1.3. Network Management
- 10.2.2. Solution & Services
- 10.2.2.1. Solution
- 10.2.2.1.1. Real-Time Streaming Analytics
- 10.2.2.1.2. Security
- 10.2.2.1.3. Data Management
- 10.2.2.1.4. Remote Monitoring
- 10.2.2.1.5. Network Band Management
- 10.2.2.2. Services
- 10.3. By End Use Industry (USD)
- 10.3.1. Banking, Financial Services and Insurance (BFSI)
- 10.3.2. Retail
- 10.3.3. Government
- 10.3.4. Healthcare
- 10.3.5. Manufacturing
- 10.3.6. Agriculture
- 10.3.7. Sustainable Energy
- 10.3.8. Transportation
- 10.3.9. IT & Telecom
- 10.3.10. Others
- 10.4. By Country (USD)
- 10.4.1. Brazil
- 10.4.1.1. By End Use Industry
- 10.4.2. Argentina
- 10.4.2.1. By End Use Industry
- 10.4.3. Rest of South America
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Amazon Web Services, Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Intel Corporation
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Microsoft Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. PTC Inc.
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. GE
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Cisco Systems, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. IBM Corporation
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Oracle Corporation
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. SAP SE
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Siemens AG
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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