Internet Of Things Market - Forecast (2024 - 2030)
Internet Of Things Market Overview
The global Internet of Things Market size is forecast to reach US$280 billion by 2027, growing at a CAGR of 15% from 2022 to 2027. The Internet of Things (IoT) consists of web-enabled smart devices that use embedded systems, such as processors, wireless sensor network and hardware devices, to collect, send and act on data they acquire from their environments.?These technologies use Internet protocol, Bluetooth, Wi-Fi and other networks for communication. A growing portion of IoT devices are created for consumer use, including connected vehicles,?home automation,?wearable technology, connected health, and appliances with remote monitoring capabilities. Factors such as growing demand of automation and remote controlling, rise in big data for data management, increasing research in cloud computing platform,?artificial intelligence and machine learning and growing government projects for smart cities and 5G technologies are fueling the market growth. However, challenges in technical integration and lack of connectivity in developing countries restrain the growth of Internet of things market. In 2020, according to Gartner report, after the Covid19 outbreak, 47% of organizations are making plans for new investments in the Internet of Things (IoT) and 35% of organizations have already reduced their investments.?
Report Coverage
The report: “Internet Of Things Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Internet Of Things industry.
By Component: Hardware, Software (Integration software, End point detection and response software, Predictive analytics software, Others), Services( Consulting service, Support and maintenance, Deployment and integration, Managed service, Professional service) By Organization Size: Large Enterprises, Small and Medium Enterprises By Deployment Mode: On-premise, Cloud based By Platform: Network Management, Application Management, Device Management By Application: Automated systems, Data Processing & Management, Security Solution , Remote Monitoring System, Real-Time Streaming, Others By Network: Short range wireless (Bluetooth mesh networking, Light-Fidelity (Li-Fi), Near-field communication (NFC), Wi-Fi, ZigBee, Z-Wave ), Mid range wireless (LTE-Advanced, 5G ), Long range wireless (Low-power wide-area networking (LPWAN), Very small aperture terminal (VSAT) ),Wired (Ethernet, Power-line communication (PLC) By End user: Manufacturing and Industrial machinery, Power and energy, Automotive, Oil, gas & chemical, Healthcare and Pharmaceuticals, Infrastructure, Agriculture & Life sciences, Transportation & Logistics, Military & Defense, Retail & E-commerce, IT and Telecom, Others By Geography: North America (U.S, Canada, Mexico), Europe(U.K, Germany, France, Italy, Spain, Others), APAC (China, Japan, South Korea, India, Australia, Others), South America (Brazil, Argentina, Others), RoW (Middle East, Africa)
Key Takeaways
Internet Of Things Market Segment Analysis- By Component
The Internet Of Things market by offering has been segmented into hardware, software (Integration software, End point detection and response software, Predictive analytics software, others) and services (Consulting service, Support and maintenance, Deployment and integration, Managed service, Professional service). The software segment held the largest share of 40%, in 2021. This is owing to rise in artificial intelligence and machine learning based software solutions, increasing cloud deployment integrated with software and growing need of data management with visibility and control. IoT software is used for data collection and communication on a connected device, so it can provide real-time data that computers and applications can transform and present as information. There are various software integrations available and expanding to adapt with new upcoming technologies. In May 2022, Visionstate has developed their WANDA? family of IoT software products which are used in hospitals,?seniors/aged care?centers, airports, shopping centers and other public facilities across and beyond North America. The products include wandaNEXT? and wandaMOBILE?. Thus, growing innovative software solutions integrated with various hardware technologies is fueling?the growth of internet of things market.
Internet Of Things Market Segment Analysis- By Application
The Internet Of Things market by application has been segmented into automated systems, data processing & management, security solution , remote monitoring system, real-time streaming, others. The security solutions segment held the largest share of 25%, in 2021. This is due to growing thefts and crimes, rising awareness about security solutions among public and governments and development of Internet of things based cameras and sensors. Internet of things based security systems provide real time monitoring, gives rapid alerts and alarms and response trigger to emergency situations. Hence, this technology is used in surveillance and security. The IoT based security systems are widely used in residential buildings, commercial buildings, banks, museums, hospitals, warehouses and many others places with valuables. In May 2022, NetFoundry and LiveView Technologies (LVT) announced the world's first video surveillance platform with embedded zero trust networking. LVT's mobile camera units can be deployed anywhere with?NetFoundry's Zero Trust Edge and IoT Platform. The NetFoundry integration addresses a potential vulnerability by closing all inbound firewall ports for both edge cameras or IoT sensors and cloud assets. Hence, all resources are now inaccessible from the network, massively reducing the risk from malicious attacks. Thus, growing demand of advanced security systems is assisting the growth of Internet of things market
Internet Of Things Market?Segment Analysis- By Geography
The Internet of Things market by geography is segmented into North America, Europe, Asia-Pacific (APAC), South America, and the rest of the world (RoW). North America held the largest Internet Of Things market share with 35%of total market size. This is owing to the faster rise in demand of smart devices, growing research in artificial intelligence and machine learning based IoT solutions, rise in Industrial Internet of things (IIoT) in manufacturing and rise in government projects for smart cities and infrastructure. There is also increasing developments in the application of Internet of Things (IoT) in agriculture, healthcare and retail sectors in the countries of North America, leading to market growth. In 2019, according to the United States Department of Agriculture (USDA), guidance systems (e.g. GPS) connected with the help of internet of things (IoT) technology had the highest rate of adoption across the agriculture industry, and were used between 45% and 65% or more of planted crop acres. Thus, such rapid adoption of internet of things across various industry verticals is boosting the Internet of things market in North America
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Internet Of Things Market?Drivers
The rise in applications of Internet of things solutions in agriculture is driving the internet of things market growth
Internet of Things (IoT) based devices enables the user to automate the process and analyze the data collected on real-time basis. In agriculture, IoT?allows devices across a farm to measure all kinds of data remotely and provide this information to the farmer in real time. IoT devices can gather information like soil moisture, chemical application, dam levels and livestock health as well as monitor fences vehicles and weather. As a result, farming and agricultural reaps benefits and automation reduces the labor efforts. There is also growing research in smart agriculture vehicles, drones, autonomous robots and actuators and connected agriculture spaces such as smart greenhouses or hydroponics. This market includes agricultural management platforms, supply chain & inventory management solutions, GPS services and field mapping services. In 2022, a vertical farming company named ‘Farm66’, with the help of modern technologies, such as Internet of Things sensors, LED lights and robots successfully implements agriculture and growth of the plants with significant output . Thus, growing applications in agricultural applications acts as driver to boost Internet of things market
The increasing number of smart city and infrastructure projects by governments is propelling the growth of internet of things market
Governments across the world have initiated smart city and infrastructure projects based on Internet of Things technologies. Smart cities employ a range of software, user interfaces, communication networks, and the Internet of Things (IoT). Amongst these, IoT is the most important since it is a network of linked gadgets that interact and share data. Vehicles, smart household appliances, and on-street sensors are all examples of IoT. The Indian Government started laying the groundwork for its vision, in 2015 with an?Internet of Things Policy Framework?to create an IoT industry worth $15 Billion. Its approach to building smart cities combined government projects and Private-Public-Partnerships (PPP).?Singapore unveiled plans for a new eco-smart metropolis that would be vehicle-free by 2021. The 5G networking and?data infrastructure, big data implementations, and machine learning will be an accelerator for Internet of Things. According to Frost& Sullivan report, Smart cities sector is expected to create business opportunities that may have US$2 trillion market value by 2025. In July 2021, Mishima City signed an agreement with Oracle Japan for various smart city initiatives. These initiatives are expected to benefit local businesses and citizens by solving various key social issues using digital technology.?Thus, growing smart city and infrastructure projects is helping the internet of things market growth.
Internet of Things Market Challenges
Challenges in technical integration and lack of network connectivity in developing nations are hindering the internet of things growth
Internet of Things has vast applications which are integrated with technologies such as artificial intelligence and machine learning. However, installation and setup with integration is a challenge for IoT devices to mix match and configure themselves automatically to provide different services at different situation. Various developing countries suffer from the unavailability of basic technologies, such as telecom and networking infrastructure, and are not able to rapidly implement smart projects due to various factors, such as low investments and technological advances. 5G technology is still evolving in the countries and the research is ongoing in countries. Even developed countries, such as those of Europe and North America, face difficulties replacing their legacy infrastructures with new and smart ones. In 2021, in a survey of 193 telecommunications stakeholders fielded by Jabil and SIS International Research about the challenges and opportunities associated with 5G deployment, only 14% of respondents said they believe 5G usage is already mainstream. Nearly two-thirds, 64%, believe it will take another one to three years, while 19% believe it will be three to five years before 5G is widely adopted. Hence, the lack of 5G connectivity for efficient functioning of IoT based systems hinders the internet of things market growth.
Internet Of Things Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Internet Of Things industry. The Internet Of Things top 10 companies include:
Recent Developments: