The Internet Of Things Market size is estimated at USD 1.17 trillion in 2024, and is expected to reach USD 2.37 trillion by 2029, growing at a CAGR of 15.12% during the forecast period (2024-2029).
During the COVID-19 pandemic, the vendors in the market are collaborating with several organizations to offer emerging technology-enabled solutions to healthcare organizations to help them overcome the crisis effectively. For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) used the California-based connected health startup VivaLNK's continuous temperature measuring device to monitor COVID-19 patients, reducing the risks of caregivers being exposed to the virus.
The Internet of Things (IoT) market is highly competitive owing to many large and small players operating in the domestic and international markets. Due to the high presence of technology, the market seems to be fragmented. Product innovation and mergers and acquisitions are two important methods the leading market participants use. Oracle Corporation, Cisco Systems Inc., Google Inc., IBM Corporation, and Microsoft Corporation are a few of the market's main participants.
In April 2023, Qualcomm introduced cutting-edge IoT solutions to enable new industrial applications and help scale the IoT ecosystem. The latest IoT solutions deliver superior performance, advanced connectivity, and next-gen processing for a wide range of IoT use cases for smart buildings, enterprises, retail, and industrial automation.
In November 2022, Texas Instruments (TI) introduced new Matter-enabled software development kits for Wi-Fi and Thread SimpleLink wireless microcontrollers (MCUs) that will streamline the adoption of the Matter protocol in the Internet of Things (IoT) applications. The software builds on TI's close involvement with the Connectivity Standards Alliance and innovation in the 2.4-GHz connectivity space, where engineers can use the new software and wireless MCUs to create ultra-low-power and secure, battery-powered smart home and industrial automation IoT applications that seamlessly connect with devices across proprietary ecosystems.
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