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Internet Of Things Market: By Platform, By Service, By Software Solution, By End User and Geography
Internet Of Things Market: By Platform, By Service, By Software Solution, By End User and Geography
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. This report studies the global Internet of Things market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the global Internet of Things market report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition.
Moreover, PBI analyzed the global Internet of Things market to better equip clients with possible investment opportunities across the regions (regional Investment hot spots) and market unmet needs (Product opportunities). 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.
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.
Study Period
2024-2030Base Year
2023CAGR
23.6%Largest Market
APACFastest Growing Market
Europe
Rising concerns data security and privacy of information to protect it against stealing and leaking is majorly restricting growth of the global Internet of Things market. IoT is considered a worldwide network of individually connected devices which communicate with each other, passing data across the internet. This data is collected about individual users and in some cases may contain very personal and private information about the user. Because this data can also be used for malicious purposes it presents security and privacy issues with Internet of Things (IoT) devices. In addition, the IoT devices and their networks are increasingly becoming a prime target for cybercriminals which has resulted in the breach of data security and privacy.
Asia Pacific accounted for larger revenue share in global internet of things market with considerable CAGR. This region is one of the key markets for internet of things. The growth of this region is due to growing investments by the market players in IoT technology, rising demand for IoT devices from various sectors such as smart manufacturing, smart energy & utilities and building, and home automation in emerging countries such as India and China.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 611.00 billion |
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Market Size in 2030 |
US$ 3,967.99 billion |
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Market CAGR |
23.6% |
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By Platform |
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By Service |
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By Software Solution |
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By End User |
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Internet of things market size was valued at US$ 611.00 billion in 2023 and is expected to reach US$3,967.99 billion by 2030 growing at a CAGR of 30.6%.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The key players of the market are Microsoft Corporation, Oracle Corporation, International Business Machine (IBM) Corporation, Intel Corporation, SAP SE, Cisco Systems, Inc., PTC Inc., Google Inc., Hewlett Packard Enterprise, Amazon Web Services, Inc.
Table of Content
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.