IoT Market with COVID-19 analysis by Component (Hardware, Software Solutions and Services), Organization Size, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2026

IoT Market with COVID-19 analysis by Component (Hardware, Software Solutions and Services), Organization Size, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2026

The global IoT market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026. The major factors fueling the IoT market include Access to low-cost, low-power sensor technology, Availability of high-speed connectivity and Increase in cloud adoption.

Services to grow at a higher CAGR during the forecast period

IoT is transforming and redefining virtually all markets and industries in fundamental ways. The rising internet penetration throughout the world, increased demand across industrial and commercial applications, and technological developments are some of the key growth drivers of the IoT market. Today, each company is focusing on integrating new IoT services and solutions into their contemporary infrastructure, due to which, companies are required to be acquainted with comprehensive, detailed insights about the IoT services. Moreover, organizations should be aware of all the benefits provided to their employees and customers by the services. There are various channels through which organizations can gain this knowledge. Based on service, the IoT market has been segmented into professional services and managed services. The professional services segment includes deployment and integration services, consulting services, and support and maintenance services.

In organization size segment, Large enterprises to have a higher market share during the forecast period

Large enterprises are the early adopters of advanced technologies, as they have a more budget and established IT infrastructure. Organizations are adopting IoT for greater visibility and control over operational processes. This service can help them identify new revenue opportunities by collecting customer data and business insights. Large organizations are expected to continue adopting IoT to enhance the remote monitoring of their businesses with process improvements across regions and comply with various standards and regulations.

In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the global IoT marketplace.
By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
By Designation: C-level Executives – 50%, Managers – 20%, and Others – 30%
By Region: North America – 45%, Europe – 15%, APAC – 30%, Latin America – 5%, and MEA – 5%

Major vendors offering IoT market across the globe are Siemens (US), Microsoft (US), AWS (US), Oracle(US), Cisco (US), Qualcomm(US), SAP(Germany), IBM (US), Google(US), Intel(US), Hitachi(Japan), GE Digital(US), PTC(US), ARM(UK), Software AG (Germany), Partical(US), HQSoaftware (Estonia), Telit (UK), Clearblade (US), Ayla netwaorks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Litmus Automation (US), Confidex (Finland).

The study includes an in-depth competitive analysis of the key players in the IoT market, with their company profiles, recent developments, and key market strategies.

Research coverage

The market study covers the IoT market size across segments. It aims at estimating the market size and growth potential of this market across different segments: by component, by organization size, by Focus area and by region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.