CHICAGO, May 3, 2024
/PRNewswire/ -- The IoT technology market is projected to
grow from USD 945.6 billion in 2024
to USD 1,377.8 billion by 2029,
registering a CAGR of 7.8% during the forecast period according to
a new report by MarketsandMarkets™. The market growth is
attributed to increased potential for the incorporation of IoT in
electric and hybrid vehicles and accelerated IoT adoption in the
healthcare sector. Furthermore, the government incentives and aids
for development of IoT technologies and rise in the
development of smart cities are expected to create lucrative
opportunities for the market.
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Browse in-depth TOC on "IoT Technology
Market"
110 – Tables
80 – Figures
250 – Pages
IoT Technology Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 945.6 billion
|
Estimated Value by
2029
|
$ 1,377.8 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.8%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Node Component,
Software Solution, Platform, Service, End-use Application,
Geography
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
High power consumption
by wireless sensor terminals/connected devices
|
Key Market
Opportunities
|
Increased potential for
the incorporation of IoT in electric and hybrid vehicles
|
Key Market
Drivers
|
Emergence of 5G
communications technology
|
The network management IoT technology platform segment
is expected to account for the largest share of the IoT technology
market in 2024.
The network management segment is a significant market for IoT
technology. A network management platform is a common platform to
manage the entire network of an organization. The platform ensures
that users are able to receive IT services from anywhere and at any
time. By using the platform, a network administrator can easily
detect any failure in the network and resolve issues in real time
or inform support personnel. A network management platform also
assists in analyzing the amount of data that is being transferred
over a network and automatically routes them to avoid congestion
that can result in a crash of the network. For critical application
areas, such as mobility and transport, logistics, energy, and
manufacturing, seamless and faster data transfer is required. This
requires the appropriate configuration of network devices, which is
possible only through a high level of visibility provided by a
network management platform.
The industrial segment is expected to have highest CAGR in
the forecast period.
The industrial segment is projected to record the highest CAGR
during the forecast period. Healthcare, automotive &
transportation, building automation, manufacturing, retail, BFSI,
oil & gas, agriculture, and aerospace & military are among
the industrial end-use applications. The building automation market
has developed as a result of the demand for more energy-efficient
solutions, more security, more venture capital funding, and ongoing
efforts to improve lifestyle. After beginning with wired
technology, building automation has transitioned into the era of
wireless technologies like Bluetooth and ZigBee Wi-Fi.
Additionally, more stringent regulations and growing awareness of
energy saving and building regulations, the development of many
smart grid technologies, and the accessibility of several open
protocols are propelling the market for building automation.
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The Asia Pacific market is
expected to witness the highest CAGR in the IoT technology market
during the forecast period.
Asia Pacific is projected to
record the highest CAGR during the forecast period. The main
countries in Asia Pacific
contributing to the growth of the loT technology industry are
China, India, South
Korea, and Japan. Some of
the major factors supporting the expansion of the lot technology
market in Asia Pacific are the
expanding consumer base, rising disposable income, increasing
internet penetration in both business and residential areas, and
improving IT infrastructure. Furthermore, the market for IoT
technology for commercial applications in countries like
China, South Korea, and Japan is growing primarily due to the trend of
industrial automation and the use of cloud-based services.
Furthermore, China's involvement
in the adoption and development of lot is vital for the expansion
of these businesses because it is the key hub for semiconductor
production and manufacturing. China is a manufacturing hub and is the
leading producer of manufactured goods such as textiles, electronic
equipment, and agricultural products. In the production process,
IoT is used to monitor the machinery, employees, and environmental
conditions. The data can be further used to analyze, control, and
prevent risks and avoid economic losses. End-to-end automation is a
new concept gaining momentum in the current technology market in
China.
Key players
Key players in the IoT technology companies include Intel
Corporation (US), Qualcomm (US), Texas Instruments Incorporated
(US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US),
IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and
Amazon Web Services (US), and among others.
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