IoT Technology Market Report : Size & Share, Top Companies 2024 - 2029

IoT Technology Market Overview :

The IoT technology market size 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.

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.

IoT Technology Market Share and Key Players:

Leading players in the IoT technology market command significant market shares, leveraging their technological expertise and comprehensive product portfolios. Companies such as Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Amazon Web Services (AWS), and Google LLC are prominent players in the industry, offering a wide range of IoT platforms, solutions, and services.

• IoT Platforms: Cisco's IoT platform, IBM Watson IoT, Microsoft Azure IoT, AWS IoT Core, and Google Cloud IoT are among the leading platforms in the market, providing robust infrastructure and tools for developing, deploying, and managing IoT applications.
• IoT Solutions: These companies offer a diverse range of IoT solutions tailored to specific industries and use cases, including asset tracking, predictive maintenance, remote monitoring, smart grid management, and connected healthcare.

Key Trends Driving Market Growth: IoT Technology Industry

1. Edge Computing: The proliferation of edge computing technology is reshaping the IoT landscape, enabling real-time data processing and analysis at the network edge. Edge computing reduces latency, enhances data privacy and security, and improves overall system performance, driving the adoption of IoT solutions in critical applications.
2. AI and Machine Learning: Integration of artificial intelligence (AI) and machine learning (ML) algorithms into IoT systems enhances predictive analytics, anomaly detection, and decision-making capabilities. AI-driven IoT applications optimize resource utilization, automate processes, and enable proactive maintenance, driving market growth and expanding deployment across industries.
3. 5G Connectivity: The rollout of 5G networks is poised to accelerate the adoption of IoT solutions, enabling high-speed, low-latency communication and connectivity for a vast number of devices. 5G connectivity unlocks new possibilities for IoT applications such as autonomous vehicles, smart cities, industrial automation, and immersive experiences, driving market expansion and innovation.

Top IoT Technology Companies List :

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)

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Intel is one of the leading players engaged in designing and manufacturing advanced integrated digital technology platforms. Besides hardware, the company develops and sells software and offers services, primarily pertaining to security and technology integration.

The company has a widespread presence in ~63 countries and consumers in ~120 countries. Intel offers a range of solutions for various end-user industries. The company provides IoT products and solutions through NEX and Mobileye segment. The company designs and manufactures advanced integrated digital technology platforms. It also develops and sells software and services primarily focused on security and technology integration. The security products include data protection and encryption, database security, endpoint protection, network security, security management, server security, security information and event management (SIEM), and web security.

The US state of California is home to Qualcomm Technologies, Inc., a company that was established in 1985. In Delaware, Delaware, the corporation was reincorporated in 1991. It is a major participant in the worldwide semiconductor market and is in charge of creating and promoting services and goods for wireless telecommunication.

Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI) are the company's three reportable business segments. The company mainly uses its QCT semiconductor and QTL licensing businesses to conduct business. In order to be used in mobile devices, wireless networks, broadband gateway equipment, consumer electronics devices, other IoT devices, and automotive systems for telematics and infotainment, QCT develops and sells integrated circuits and system software based on 3G/4G/5G and other technologies. The QSI reportable segment makes strategic investments. The company has non-reportable segments, which include Qualcomm Government Technologies or QGOV, cloud AI inference processing initiative, and other technology and service initiatives. The company provides IoT solutions and services for customers from industrial and commercial, smart cities, smart homes, audio, and connected healthcare fields.

STMicroelectronics N.V. or STMicroelectronics is engaged in the design, development, manufacture, and marketing of various semiconductor integrated circuits and discrete devices.

The company delivers its products primarily to areas such as automotive systems, industrial systems, and consumer connected devices. The company operates through its 4 major product segments—Automotive and Discrete Group (ADG), Analog, MEMS and Sensors Group (AMS), Microcontrollers and Digital ICs Group (MDG), and Others.

The Automotive and Discrete Group (ADG) deals in dedicated automotive ICs, and discrete and power transistor products. The Analog, MEMS and Sensors Group (AMS) offers analog, smart power, MEMS sensors and actuators, low power RF, and optical sensing solutions. The Microcontrollers and Digital ICs Group (MDG) deals in memories (RF and EEPROM), microcontrollers (general purpose and secure), and RF communications. The company caters to the IoT technology market by providing microcontrollers and microprocessors, wireless connectivity solutions, MEMS and sensors, automotive MCUs, secure MCUs, etc. for a variety of applications.