WESTFORD, Mass. , April 25,
2024 /PRNewswire/ -- SkyQuest projects that the
Internet of Things (IoT) Market will attain a value of
USD 1572.37 billion by 2031, with a
CAGR of 19.4% over the forecast period (2024-2031). Internet of
Things (IoT) refers to the network of connected devices over the
internet that are embedded with sensors and software. Growing
adoption of automation around the world and advancements in
connected device technologies are forecasted to be key factors
driving the Internet of Things (IoT) market growth in the
future.
Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on "Internet of Things (IoT)
Market"
- Pages - 197
- Tables - 69
- Figures – 75
Internet of Things (IoT) Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 380.6
billion
|
Estimated Value by
2031
|
$1572.37
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.4%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component Type,
Application, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and the Rest of the world
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rising demand for
connected healthcare and growing use of industrial automation
solutions
|
Key Market
Drivers
|
Advancements in
connectivity and connected device technologies
|
Hardware is Estimated to Dominate the Global Market Share
Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly
vital to the proper functioning of any kind of Internet of Things
(IoT) device. Growing adoption of IoT devices in different industry
verticals for various applications is promoting market growth via
this segment. The development of new hardware solutions also helps
this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to
Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and
sustainability has resulted in the growing adoption of smart
agriculture and precision agriculture practices. IoT devices play a
crucial role in monitoring and controlling different elements of a
smart agriculture setup that is mostly automated using different
smart devices thereby contributing to the IoT market growth as
well.
Growing Adoption of 5G Technology Allowing North America to
Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based
platforms are key factors allowing North
America to lead the demand for Internet of Things (IoT)
around the world. Surging investments in the research and
development of advanced technologies and the presence of key tech
giants such as Amazon, Google, IBM, and Microsoft also helps the
dominance of this region. Canada
and the United States remain the
most lucrative markets for Internet of Things (IoT) companies in
North America through 2031.
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Internet of Things (IoT) Market Insights:
Drivers
- Advancements in connectivity and connected device
technologies.
- Growing demand for Industrial IoT (IIoT) solutions.
- Increasing number of smart cities and development of smart
infrastructure.
Restraints
- Lack of standardization of IoT devices and technologies.
- Privacy and data security issues.
- Interoperability challenges and complex integration
scenarios.
Prominent Players in Internet of Things (IoT) Market
- Microsoft
- Cisco Systems
- Intel
- Siemens (Germany)
- AWS (US)
- Oracle (US)
- Qualcomm (UK)
- SAP (Germany)
- IBM (US)
- Google (US)
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market
Report
- What are the top drivers for Internet of Things (IoT) market
going forward?
- Who are the leading Internet of Things (IoT) market
players?
- Where will demand for Internet of Things (IoT) be high?
- Which component accounts for a dominant revenue share of the
global Internet of Things (IoT) market?
This report provides the following insights:
- Analysis of key drivers (advancements in connectivity and
connected device technologies, growing demand for industrial IoT
(IIoT), development of smart infrastructure for smart cities,
growing use of smart devices ), restraints (lack of
standardization, complexities in integration, concerns regarding
security and privacy of data), and opportunities (rising popularity
of connected healthcare, increasing adoption of Industry 4.0,
rising use of industrial automation), influencing the growth of
Internet of Things (IoT) market.
- Market Penetration: All-inclusive analysis of product portfolio
of different market players and status of new product
launches.
- Product Development/Innovation: Elaborate assessment of R&D
activities, new product development, and upcoming trends of the
Internet of Things (IoT) market.
- Market Development: Detailed analysis of potential regions
where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product
launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies,
revenue analysis, and product innovation by new and established
market players.
Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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