PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273616
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1273616
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.
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.
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.
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.
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.
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 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 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.
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.
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.
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.
In May 2020, Intel introduced its 10th Generation core processors to offer a solid foundation for IOT platforms.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.