Predictions and Growth Opportunities for the Global Internet of Things (IoT) Market, 2022–2023
The COVID-19 pandemic significantly impacted enterprises’ IoT strategies. As digital transformation came to the forefront, priorities and demand for IoT solutions accelerated. To measure the impact, Frost & Sullivan updated its IoT market forecast for 2022 to 2023 based on conversations with market participants and results of end-user surveys from late 2021.
The total IoT market in 2021—comprising professional and managed services, hardware, platforms and software, and connectivity services—accounted for $190.26 billion in revenue. In 2021, revenue growth rates indicated a market recovery compared to 2020, when the pandemic hit harder, canceling or postponing several large IoT projects. Although the rising demand for hardware, platforms, and software for IoT solutions push the market forward, revenue growth rates are forecast to slow down in 2023 (20%) compared to the previous year (28%).
In this study, Frost & Sullivan provides a revenue forecast of the IoT market with a base year (2021) and a forecast period (2022 to 2023). The technological segmentation of the IoT market considers IoT components: professional and managed services, hardware, platforms and software, and connectivity services. The study also covers a revenue forecast by region: Asia-Pacific (APAC); Europe, the Middle East, and Africa (EMEA); North America (NA); and Latin America (LA). Lastly, the market forecast comprises an IoT connectivity segmentation by technology [machine-to-machine (M2M) (2G, 3G, 4G, and 5G), cellular LPWAN (NB-IoT and LTE-M), and LPWAN (unlicensed)].
We offer stakeholders vital insights on IoT growth opportunities, including multi-access edge computing (MEC), blockchain, cybersecurity, and ambient intelligence (Aml).
- Strategic Imperatives
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8™
- The Impact of the Top Three Strategic Imperatives on the IoT Market
- Growth Opportunities Fuel the Growth Pipeline Engine™
- Growth Environment
- Summary
- Research Objectives and Methodology
- End-user Perspectives for IoT (2021–2023)
- Companies in Various Stages of IoT Adoption by 2021
- C-level Executives—Vital Decision Makers Procuring IoT Software and Services
- Security and Process Automation—Main Applications Related to IoT Projects
- Operations and Production—The Most-used IoT Business Processes
- Automation, Improved Customer Services, and Optimized Operations—Top Benefits of IoT
- Security—The Main Challenge for IoT initiatives
- Companies to Use Cellular Networks for IoT Solutions
- Companies to Require Network Availability for IoT Projects
- Most Businesses to Manage IoT Devices and Connectivity on a Platform
- On-Premises Data Center to Provide Primary Infrastructure for the IoT
- AI/ML—Part of Most IoT Solutions
- Hardware Dominating Expense Among IoT Components
- Market Forecasts—Global IoT Market
- Scope of Analysis
- Key Growth Metrics
- Growth Drivers
- Growth Restraints
- Revenue Forecast
- Table IoT Market: Revenue Forecast, Global, 2021–2023
- Revenue Forecast by Region
- Long-range Connections Forecast by Technology
- Table IoT Market: Cumulative Long-range IoT Devices Forecast by Technology, Global, 2021–2023
- Revenue and Connections—Forecast Analysis
- Growth Opportunity Universe
- Growth Opportunity 1: 5G and MEC Support Connected/Autonomous Vehicles for More Efficient and Safer Transportation
- Growth Opportunity 2: A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Collaborate
- Growth Opportunity 3: Cybersecurity and Cyber Compliance for Blockchain-based Cryptocurrency Fraud Prevention
- Growth Opportunity 4: AmI Combines with LPWAN for Smart Home Applications
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook