Internet Of Things (IoT) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Platform (Application Management, Device Management and Network Management), By Service (Managed Services and Professional Services), By Software Solution (Security, Data Management, Real-Time Streaming, Analytics, Remote Monitoring and Network Bandwidth Management), By End User (Connected Logistics, Building and Home Automation, Smart Manufacturing, Smart Mobility and Transportation, Smart Energy and Utilities, Smart Retail and Others) and Region Forecast 2020-2031

Internet of Things (IoT) Market Size was valued at US$ 611.00 billion in 2023 and is expected to reach US$ 3,967.99 billion by 2030 poised to grow at a CAGR of 30.6% from 2024 to 2030. Factors that are propelling the market are rising demand for the internet of Things across various end-user sectors, the emergence of wireless networking technologies, and the rise in cloud platform adoption. However, an increasing number of data security & privacy concerns and interoperability issues, and a lack of common standards are hampering the market growth. An increasing use of cloud computing networks in a variety of platforms is majorly driving the global Internet of Things market.

Moreover, with the rising use of smartphone devices, the market is expected to grow with leaps and bounds in the near future. Many players are expected to bring new technologies to the table, which could certainly propel the market extensively. Moreover, the emergence of advanced data processing and analytics coupled with a reduction in the cost of connected devices is further expected to induce an extensive acceleration in the global Internet of things market growth. In addition, in today's world internet service is required in almost every sector. Such a high dependency on the internet too is majorly proving to be beneficial to the global internet of things market splendid growth. The global Internet of Things (IoT) Market is surging owing to frequent acquisitions and launchings by the market players.

Key Developments

For Instance, in 2019, IBM Corporation announced a collaboration with Sund & Bælt, which owns and operates some of the largest infrastructures in the world, to assist in IBM's development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways.