PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273616
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273616
Internet of Things Market Forecasts to 2028 - Global Analysis By Organisation Size, Component, Focus Area, Application and Geography
According to Stratistics MRC, the Global Internet of Things (IoT) Market is accounted for $356 billion in 2022 and is expected to reach $996 billion by 2028 growing at a CAGR of 18.7% during the forecast period. IoT, or the Internet of Things, refers to the overall network of interconnected devices as well as the technology that enables communication between them as well as with the cloud. IoT enables businesses and governments to access location-based data in real-time and links them to all smart potentials, including smart cities, smart transportation, and smart utilities.
According to Zebra's Manufacturing Vision Study, smart asset tracking solutions based on IoT and RFID are expected to overtake traditional, spreadsheet-based methods by 2022. A study by the Industrial IoT (IIoT) company, Microsoft Corporation, found that 85% of companies have at least one IIoT use case project. This number may increase, as 94% of respondents claimed that they would implement IIoT strategies in 2021.
Market Dynamics:
Driver:
Increase in connected devices
Organisations have a tonne of options thanks to internet connection and linked devices to collect pertinent data on customer behaviour in retail stores for real-time marketing research, sensor-driven decision analytics, including instant control reaction in sophisticated autonomous systems. Additionally, the availability of high-speed network access has made it possible for different industries, including those in the energy, healthcare, transportation, and other utility sectors, to monitor and manage the infrastructure more effectively. IoT in the transportation industry aids in crime reduction, city traffic surveillance, safety maintenance, and congestion control. In order to enable widespread public mobile IoT, 4G networks have been converted to NB-IoT networks. In smart city initiatives like smart parking, environmental monitoring, smart energy, and smart infrastructure, they are frequently employed.
Restraint:
Lack of knowledge among the people about IoT and smart cities
IoT projects benefit businesses and government infrastructure efforts in all areas, including transportation, construction, utilities, and citizen services. These smart solutions can provide them more control and oversight over the services and equipment they use. In order to fully utilise the advantages of IoT, industries must direct their resources. It has been noted that just a tiny portion of the workforce in various businesses is aware of how IoT works and its advantages. One major obstacle impeding the growth of a smart ecosystem is the general lack of knowledge among the populace. Additionally, inhabitants in many locations lack knowledge of smart city initiatives, which weakens government motivation to deploy smart city solutions.
Opportunity:
Access to low-cost, low-power sensor technology
The most crucial IoT device components are sensors. They aid in gathering data regarding a physical occurrence or condition. The environment around them, including direction, motion, light, sound, humidity, and temperature, as well as biometrics like blood pressure and heart rate, may all be measured by sensors. The IoT will become more practicable across industrial verticals and for a variety of application areas thanks to these sensors. Additionally, it is anticipated that ongoing sensor technology innovation will increase the possibilities of the IoT. IoT technology was first only partially adopted by companies due to the comparatively expensive cost of the sensors used in IoT devices. IoT adoption rates inside organisations have, however, increased significantly as a result of the quick decline in price of these sensors. Over the past ten years, there has been a dramatic decline in the price of several low-frequency passive RFID tags and sensors. The widely used and inexpensive sensors and devices are more unlikely to be considered technical advances as the IoT industry grows.
Threat:
Lack of advancements in communication technology & poor operational efficiency in developing economies
IoT's successful operation is mostly due to technological developments and operational effectiveness. Many nations struggle with the lack of essential technologies, including telecom and networking infrastructure, and are unable to quickly execute smart projects because of a variety of problems, including a limited budget and a low literacy rate. Many nations have yet to fully develop or even adopt 4G technologies, while others have finished their 5G technology testing. The early budgetary restraint plays a significant part in slowing the growth of the Internet of Things market in such nations, even if the governments and businesses there are aware of the benefits of IoT technology and the enormous return on investment from the market. Even wealthy nations like those in Europe and North America struggle to replace their outdated infrastructures with modern ones.
COVID-19 Impact:
The future of new sales is uncertain in the short term as long as lockdowns keep occurring at at random, which will prevent consumers from driving their cars. Sales will drop dramatically as a result of the lack of semiconductors that has already forced many production halts for major producers. The need for private transportation does, however, continue to grow despite the restricted cash supply, which has significantly increased the number of transactions made of previously-possessed goods. This will help counterbalance some of the reduced sales that were witnessed. Companies have the chance to focus on improving the connectivity between their varied services and products at all points in the automotive supply chain. In addition, automotive original equipment manufacturers (OEMs) are prioritising connected vehicle programmes when allocating their research and development budgets.
The solutions & services segment is expected to be the largest during the forecast period
The solutions & services segment is estimated to have a lucrative growth. The integration of IoT solutions with developing technologies enables infrastructure for a safer, more equal society, lowers crime rates, and also provides environments with cutting-edge technology. The statistical and reporting solution is widely used by the populace since it gives businesses access to all types of data and allows them to manage the power of geographical dimensions. Additionally, a number of solutions support IoT technology processing so that applications may combine streaming data and quickly produce extracted data from different sources in real-time. The market's service suppliers offer a range of services, including managed services and professional services. These services make it possible for organisations to create, implement, and maintain their present operations in a seamless and efficient manner. In the market for smart cities, managed services also include end-to-end services connected to IoT.
The consumer electronics segment is expected to have the highest CAGR during the forecast period
The consumer electronics segment is anticipated to witness the fastest CAGR growth during the forecast period. The main characteristics that are anticipated to boost the market for the internet of things (IoT) are the rapid adoption of internet-connected appliances including washing machines, microwaves, televisions, and other devices, as well as the simplicity of running appliances through remote operation capabilities.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to presence of major consumer electronics manufacturers in the Asia-Pacific area, which will soon result in the introduction of cutting-edge and reasonably priced consumer electronics. The adoption of internet of things (IoT) is anticipated to increase as a result of factors including government attempts to do so and positive GDP development in emerging countries.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. IoT technologies are being used more often in the US to support smart industrial and smart city initiatives as well as government infrastructure. Additionally, the demand for wearable technology is growing, and businesses including manufacturing, transportation, and the BFSI are putting more emphasis on the Industrial Internet of Things (IIoT). Thus, among the key drivers propelling the IoT market in the nation are increased internet penetration and expanding usage of advanced network technologies and Smartphones.
Key players in the market
Some of the key players profiled in the Internet of Things (IoT) Market include: Amazon.com Inc., Google Inc., Cisco Systems Inc., Hewlett Packard Enterprise Development LP, SAS Institute Inc., SAP SE, Intel, Oracle Corporation, IBM, Accenture PLC, Qualcomm Technologies, Inc. and Alcatel-Lucent.
Key Developments:
In May 2020, Intel introduced its 10th Generation core processors to offer a solid foundation for IOT platforms.
Organisation Sizes Covered:
- SMEs
- Large Enterprises
Components Covered:
- Actuators
- IT Services
- Sensors
- Platforms
- Connectivity Devices
- Devices
- Solutions & Services
- Software
- Other Components
Focus Area Covered:
- Smart Agriculture
- Connected Healthcare
- Smart Transportation/ Mobility
- Smart Retail
- Smart Buildings
- Smart Energy Utilities
- Smart Manufacturing
- Other Focus Areas
Applications Covered:
- Retail
- Consumer Electronics
- Corporate
- Healthcare
- Manufacturing
- Transportation
- Sustainable Energy
- IT & Telecom
- Banking, Financial Services and Insurance (BFSI)
- Government
- Energy and Utilities
- Residential
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Internet of Things (IoT) Market, By Organisation Size
- 5.1 Introduction
- 5.2 SMEs
- 5.3 Large Enterprises
6 Global Internet of Things (IoT) Market, By Component
- 6.1 Introduction
- 6.2 Actuators
- 6.3 IT Services
- 6.4 Sensors
- 6.5 Platforms
- 6.5.1 Network Management
- 6.5.2 Cloud Management
- 6.5.3 Device Managment
- 6.6 Connectivity Devices
- 6.7 Devices
- 6.7.1 Wearable Devices
- 6.7.2 Electronic Devices
- 6.7.3 Routers
- 6.8 Solutions & Services
- 6.8.1 Services
- 6.8.1.1 Managed Services
- 6.8.1.2 Professional Services
- 6.8.1.2.1 Support & Maintenance
- 6.8.1.2.2 Consulting
- 6.8.1.2.3 Implementation
- 6.8.2 Solution
- 6.8.2.1 Remote Monitoring
- 6.8.2.2 Network Band Mnagement
- 6.8.2.3 Security
- 6.8.2.4 Real- Time Streaming Analytics
- 6.8.2.5 Data Management
- 6.8.1 Services
- 6.9 Software
- 6.9.1 Application Management
- 6.9.2 Smart Surveillance
- 6.9.3 Data Management
- 6.10 Other Components
7 Global Internet of Things (IoT) Market, By Focus Area
- 7.1 Introduction
- 7.2 Smart Agriculture
- 7.2.1 Weather Monitoring
- 7.2.2 Fleet & Crop Monitoring
- 7.3 Connected Healthcare
- 7.3.1 Telemedicine
- 7.3.2 Imaging & Diagnostics
- 7.3.3 Clinical Operations Mangement
- 7.4 Smart Transportation/ Mobility
- 7.4.1 Ticketing & Toll Collection
- 7.4.2 Traffic Management
- 7.4.3 Fleet Management
- 7.4.4 Cargo Management
- 7.5 Smart Retail
- 7.5.1 Smart Payment & Customer Experience
- 7.5.2 Geomarketing & Advertising
- 7.6 Smart Buildings
- 7.6.1 Automation & Control
- 7.6.2 Identity & Access Management
- 7.6.3 Smart Water Management
- 7.7 Smart Energy Utilities
- 7.7.1 Energy Transmission
- 7.7.2 Energy Efficient
- 7.7.3 Energy Consumption
- 7.8 Smart Manufacturing
- 7.8.1 Workforce Management
- 7.8.2 Asset Tracking & Remote Management
- 7.8.3 Production Optimization
- 7.9 Other Focus Areas
- 7.9.1 Connected Banks
- 7.9.2 Smart Education
8 Global Internet of Things (IoT) Market, By Application
- 8.1 Introduction
- 8.2 Retail
- 8.3 Consumer Electronics
- 8.4 Corporate
- 8.5 Healthcare
- 8.6 Manufacturing
- 8.7 Transportation
- 8.8 Sustainable Energy
- 8.9 IT & Telecom
- 8.10 Banking, Financial Services and Insurance (BFSI)
- 8.11 Government
- 8.12 Energy and Utilities
- 8.13 Residential
- 8.14 Other Applications
9 Global Internet of Things (IoT) Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Amazon.com Inc.
- 11.2 Google Inc.
- 11.3 Cisco Systems Inc.
- 11.4 Hewlett Packard Enterprise Development LP
- 11.5 SAS Institute Inc.
- 11.6 SAP SE
- 11.7 Intel
- 11.8 Oracle Corporation
- 11.9 IBM
- 11.10 Accenture PLC
- 11.11 Qualcomm Technologies, Inc.
- 11.12 Alcatel-Lucent
List of Tables
- Table 1 Global Internet of Things (IoT) Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Internet of Things (IoT) Market Outlook, By Organisation Size (2020-2028) ($MN)
- Table 3 Global Internet of Things (IoT) Market Outlook, By SMEs (2020-2028) ($MN)
- Table 4 Global Internet of Things (IoT) Market Outlook, By Large Enterprises (2020-2028) ($MN)
- Table 5 Global Internet of Things (IoT) Market Outlook, By Component (2020-2028) ($MN)
- Table 6 Global Internet of Things (IoT) Market Outlook, By Actuators (2020-2028) ($MN)
- Table 7 Global Internet of Things (IoT) Market Outlook, By IT Services (2020-2028) ($MN)
- Table 8 Global Internet of Things (IoT) Market Outlook, By Sensors (2020-2028) ($MN)
- Table 9 Global Internet of Things (IoT) Market Outlook, By Platforms (2020-2028) ($MN)
- Table 10 Global Internet of Things (IoT) Market Outlook, By Network Management (2020-2028) ($MN)
- Table 11 Global Internet of Things (IoT) Market Outlook, By Cloud Management (2020-2028) ($MN)
- Table 12 Global Internet of Things (IoT) Market Outlook, By Device Managment (2020-2028) ($MN)
- Table 13 Global Internet of Things (IoT) Market Outlook, By Connectivity Devices (2020-2028) ($MN)
- Table 14 Global Internet of Things (IoT) Market Outlook, By Devices (2020-2028) ($MN)
- Table 15 Global Internet of Things (IoT) Market Outlook, By Wearable Devices (2020-2028) ($MN)
- Table 16 Global Internet of Things (IoT) Market Outlook, By Electronic Devices (2020-2028) ($MN)
- Table 17 Global Internet of Things (IoT) Market Outlook, By Routers (2020-2028) ($MN)
- Table 18 Global Internet of Things (IoT) Market Outlook, By Solutions & Services (2020-2028) ($MN)
- Table 19 Global Internet of Things (IoT) Market Outlook, By Services (2020-2028) ($MN)
- Table 20 Global Internet of Things (IoT) Market Outlook, By Managed Services (2020-2028) ($MN)
- Table 21 Global Internet of Things (IoT) Market Outlook, By Professional Services (2020-2028) ($MN)
- Table 22 Global Internet of Things (IoT) Market Outlook, By Support & Maintenance (2020-2028) ($MN)
- Table 23 Global Internet of Things (IoT) Market Outlook, By Consulting (2020-2028) ($MN)
- Table 24 Global Internet of Things (IoT) Market Outlook, By Implementation (2020-2028) ($MN)
- Table 25 Global Internet of Things (IoT) Market Outlook, By Solution (2020-2028) ($MN)
- Table 26 Global Internet of Things (IoT) Market Outlook, By Remote Monitoring (2020-2028) ($MN)
- Table 27 Global Internet of Things (IoT) Market Outlook, By Network Band Mnagement (2020-2028) ($MN)
- Table 28 Global Internet of Things (IoT) Market Outlook, By Security (2020-2028) ($MN)
- Table 29 Global Internet of Things (IoT) Market Outlook, By Real- Time Streaming Analytics (2020-2028) ($MN)
- Table 30 Global Internet of Things (IoT) Market Outlook, By Data Management (2020-2028) ($MN)
- Table 31 Global Internet of Things (IoT) Market Outlook, By Software (2020-2028) ($MN)
- Table 32 Global Internet of Things (IoT) Market Outlook, By Application Management (2020-2028) ($MN)
- Table 33 Global Internet of Things (IoT) Market Outlook, By Smart Surveillance (2020-2028) ($MN)
- Table 34 Global Internet of Things (IoT) Market Outlook, By Data Management (2020-2028) ($MN)
- Table 35 Global Internet of Things (IoT) Market Outlook, By Other Components (2020-2028) ($MN)
- Table 36 Global Internet of Things (IoT) Market Outlook, By Focus Area (2020-2028) ($MN)
- Table 37 Global Internet of Things (IoT) Market Outlook, By Smart Agriculture (2020-2028) ($MN)
- Table 38 Global Internet of Things (IoT) Market Outlook, By Weather Monitoring (2020-2028) ($MN)
- Table 39 Global Internet of Things (IoT) Market Outlook, By Fleet & Crop Monitoring (2020-2028) ($MN)
- Table 40 Global Internet of Things (IoT) Market Outlook, By Connected Healthcare (2020-2028) ($MN)
- Table 41 Global Internet of Things (IoT) Market Outlook, By Telemedicine (2020-2028) ($MN)
- Table 42 Global Internet of Things (IoT) Market Outlook, By Imaging & Diagnostics (2020-2028) ($MN)
- Table 43 Global Internet of Things (IoT) Market Outlook, By Clinical Operations Mangement (2020-2028) ($MN)
- Table 44 Global Internet of Things (IoT) Market Outlook, By Smart Transportation/ Mobility (2020-2028) ($MN)
- Table 45 Global Internet of Things (IoT) Market Outlook, By Ticketing & Toll Collection (2020-2028) ($MN)
- Table 46 Global Internet of Things (IoT) Market Outlook, By Traffic Management (2020-2028) ($MN)
- Table 47 Global Internet of Things (IoT) Market Outlook, By Fleet Management (2020-2028) ($MN)
- Table 48 Global Internet of Things (IoT) Market Outlook, By Cargo Management (2020-2028) ($MN)
- Table 49 Global Internet of Things (IoT) Market Outlook, By Smart Retail (2020-2028) ($MN)
- Table 50 Global Internet of Things (IoT) Market Outlook, By Smart Payment & Customer Experience (2020-2028) ($MN)
- Table 51 Global Internet of Things (IoT) Market Outlook, By Geomarketing & Advertising (2020-2028) ($MN)
- Table 52 Global Internet of Things (IoT) Market Outlook, By Smart Buildings (2020-2028) ($MN)
- Table 53 Global Internet of Things (IoT) Market Outlook, By Automation & Control (2020-2028) ($MN)
- Table 54 Global Internet of Things (IoT) Market Outlook, By Identity & Access Management (2020-2028) ($MN)
- Table 55 Global Internet of Things (IoT) Market Outlook, By Smart Water Management (2020-2028) ($MN)
- Table 56 Global Internet of Things (IoT) Market Outlook, By Smart Energy Utilities (2020-2028) ($MN)
- Table 57 Global Internet of Things (IoT) Market Outlook, By Energy Transmission (2020-2028) ($MN)
- Table 58 Global Internet of Things (IoT) Market Outlook, By Energy Efficient (2020-2028) ($MN)
- Table 59 Global Internet of Things (IoT) Market Outlook, By Energy Consumption (2020-2028) ($MN)
- Table 60 Global Internet of Things (IoT) Market Outlook, By Smart Manufacturing (2020-2028) ($MN)
- Table 61 Global Internet of Things (IoT) Market Outlook, By Workforce Management (2020-2028) ($MN)
- Table 62 Global Internet of Things (IoT) Market Outlook, By Asset Tracking & Remote Management (2020-2028) ($MN)
- Table 63 Global Internet of Things (IoT) Market Outlook, By Production Optimization (2020-2028) ($MN)
- Table 64 Global Internet of Things (IoT) Market Outlook, By Other Focus Areas (2020-2028) ($MN)
- Table 65 Global Internet of Things (IoT) Market Outlook, By Connected Banks (2020-2028) ($MN)
- Table 66 Global Internet of Things (IoT) Market Outlook, By Smart Education (2020-2028) ($MN)
- Table 67 Global Internet of Things (IoT) Market Outlook, By Application (2020-2028) ($MN)
- Table 68 Global Internet of Things (IoT) Market Outlook, By Retail (2020-2028) ($MN)
- Table 69 Global Internet of Things (IoT) Market Outlook, By Consumer Electronics (2020-2028) ($MN)
- Table 70 Global Internet of Things (IoT) Market Outlook, By Corporate (2020-2028) ($MN)
- Table 71 Global Internet of Things (IoT) Market Outlook, By Healthcare (2020-2028) ($MN)
- Table 72 Global Internet of Things (IoT) Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 73 Global Internet of Things (IoT) Market Outlook, By Transportation (2020-2028) ($MN)
- Table 74 Global Internet of Things (IoT) Market Outlook, By Sustainable Energy (2020-2028) ($MN)
- Table 75 Global Internet of Things (IoT) Market Outlook, By IT & Telecom (2020-2028) ($MN)
- Table 76 Global Internet of Things (IoT) Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2020-2028) ($MN)
- Table 77 Global Internet of Things (IoT) Market Outlook, By Government (2020-2028) ($MN)
- Table 78 Global Internet of Things (IoT) Market Outlook, By Energy and Utilities (2020-2028) ($MN)
- Table 79 Global Internet of Things (IoT) Market Outlook, By Residential (2020-2028) ($MN)
- Table 80 Global Internet of Things (IoT) Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
