Internet of Things (IoT) Market Share, Growth, Scope, Emerging Trends, Business Challenges

The increasing demand of digital transformation and growing adoption of cloud-based deployment models and low operating costs is expected to drive the growth of the Global Internet of Things (IoT) Market in the forecast period of 2024-2028.

According to TechSci Research report, Internet of Things (IoT) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Internet of Things market is anticipated to register a robust growth during the forecast period, 2024-2028. The Global Internet of Things Market is rising owing to the increasing demand for digital transformation in industries, rising penetration of internet and growing mobile devices adoption. Moreover, the growing popularity of smart city technologies has encouraged stakeholders to increase their penetration into undeveloped regions. The demand for smart houses and buildings will further increase the popularity of smart meters, smart lighting, and sensors. It is important to note that Industry 4.0 has generated a wave of innovation in both developed and developing countries. Digital industrial platforms require emerging technologies like IoT that play a crucial role in making digital transformation solutions highly useful and user friendly. Meaningful customer experience, more business efficiency, reduced operational costs, improved employee productivity, scope for innovation is some of the benefits of IoT enabling enterprise digital transformation solution. The extensive use of IoT solutions in various sectors including private organizations, government, retail, healthcare, BFSI, and others are anticipated to act as a catalyst in the growth of the Global Internet of Things Market.

Moreover, adopting the most recent technological developments like IIoT, AI, ML, and 5G technologies to an industrial setting to enhance business operations is the main goal of digital industrial platforms. Any industrial firm embarking on the digital transformation must possess knowledge and proficiency in disciplines including communication protocols, data storage, data processing, data analytics, and application programming to name a few. The demand from industries for the adoption of IIoT platforms from an end-user side and better technology advances from a supplier side, both of which are driving market growth, is being met by a modern, digital-native technical workforce that is more skilled in these fields.

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The Internet of Things Market is segmented into platform, component, application, and region. By platform, it is categorized into network management, application management and device management. The component market is bifurcated into hardware, software, and services. In terms of hardware, the market is further segmented into gateways and devices, whereas in terms of software, the market is segmented into real time streaming analytics, security, data management, remote monitoring, and network bandwidth management while for services the market is segmented into professional services & managed services. The application segment is further divided into consumer electronics, smart mobility & transportation, building & home automation, connected logistics, smart retail, and others.

By platform type the network management platform holds the largest share in the market due to growing demand for remote monitoring systems and internet-enabled devices in the business. The network management solutions are device independence and offer a simple method to integrate hardware models and data structures from different vendors into the workflow.  Additionally, users must maintain firmware and software upgrades, monitor device health, protect access to these devices, and resolve problems remotely. These advantages are leading to growth in the network management segment.

Based on component area, software segments holds the largest share in the market. Software components enable business applications that enhance operational efficiencies, develop new revenue generating opportunities and help enrich customer experience. Software solutions offer a wide range of connecting IoT devices technologies that assist businesses meet their objectives and maintain a crucial competitive advantage. Moreover, software solutions offer excellent visibility and control over assets from a remote location, thus allowing for flexibility in decentralized locations.

Based on application, consumer electronics hold the largest share in the market as cloud computing expansion and Industrial Internet of things adoption will further automate the machinery as each device is connected to sensors that gather the necessary data. For instance, home appliances being powered by IoT may be helpful in lowering human efforts. The sensing, actuation, preventive maintenance, product malfunction prediction capability and enriching customer experience are enabling businesses to adopt IoT in consumer electronic devices. Furthermore, the increasing use of smartphones & tablets control IoT devices and advancement in IoT security drive the consumer electronics application segment. Thus, enabling the demand for internet of things in the market.

Key market players in the global internet of things (IoT) market:

  • International Business Machines Corporation
  • Cisco Systems, Inc.
  • Microsoft Corporation
  • Amazon Web Services
  • Intel Corporation
  • Huawei Technologies Co. Ltd.
  • SAP SE
  • Alphabet Inc.
  • Oracle Corporation
  • Hewlett Packard Enterprise Development LP.

Recent Development:

  • On Sep 27, 2022: Amazon Web Services, Inc. announced the general availability of AWS IoT FleetWise. The services help automotive companies efficiently collect, transform and transfer vehicle data to the cloud in real time using the services intelligent data-collection capabilities enabling improved vehicle quality and autonomy.
  • On Feb 27, 2022: Cisco System Inc, had made an announcement to advance its internet of things (IoT) portfolio to help its service provider customers a more straightforward method to manage LPWAN/4G/5G IoT connection for new and emerging use cases. The company aims to reduce complexity in the customer's deployments, leverage existing integrations and improve cost efficiency.

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“North America holds the largest market share for Internet of Things in 2022. As early adopters of cutting-edge technologies in a variety of industries, including manufacturing, healthcare, and smart cities. North American businesses are eager to integrate IoT technology into their processes as the region's early adoption of emerging technologies like AI, big data, cloud computing, mobility, and IIoT. Additionally, it is anticipated that the market for asset-centric applications would rise as smart, secure, and connected technologies are increasingly being adopted throughout the region. High-speed networks, consumer preference towards smart devices, and the use of digitization in smart cities are anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Internet of Things (IoT) Market Segmented By Platform (Network Management, Application Management and Device Management), By Component (Hardware (Device & Gateways), Software (Real Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Network Bandwidth Management) and Services (Professional Services & Managed Services)), By Application (Consumer Electronics, Smart Mobility & Transportation, Building & Home Automation, Connected Logistics, Smart Retail, and Others) By Region, Competition” has evaluated the future growth potential of Internet of Things market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Internet of Things (IoT) market.

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