Internet of Things (IoT) market

Global IoT Market Size (2021 – 2026)

The global Internet of Things (IoT) market size was at $ 330.6 billion in 2020 and is expected to reach $ 875.0 billion by 2025, at a compound annual growth rate (CAGR) of 26.9% during the prediction period.

The IoT is a network of objects connected to the Internet that collect and exchange data using built-in sensors. The IoT has combined hardware and software with the Internet to create a more technical environment.

The Internet of Things are smart, networked devices with electronic software sensors and network connectivity that can allow these objects to exchange information. The IoT allows the entity to be controlled only through the permanent network infrastructure. It creates opportunities for deeper direct integration of the physical world into IT structures, resulting in better productivity, better accuracy and cash support, as well as less human involvement. The Internet of Things is opening up to expressive production, as consumers, industries and governments recognize the benefit of connecting inert devices to the Internet. The Internet of Things was the world's largest market in 2019, which is expected to record whopping growth in the market for computers, smartphones, connected cars, and portable devices.

Internet of Things technology allows multiple smart devices to be connected to facilitate operation and data exchange between them. There are various smart devices, such as sensors, smartphones and wearable devices, which collect the necessary data from the devices used to improve the customer experience. The growing need for data analytics and analytics integration is expected to drive the usage of Internet of Things during the forecast period.

Recent Developments:

• March 2020: Microsoft and Cisco Systems announced a partnership to enable seamless orchestration of data from Cisco IoT Edge to Azure IoT Cloud. One of the outcomes of this collaboration would be to provide customers with a pre-integrated Edge-to-Cloud IoT application solution.
• January 2020 - Cisco introduced an IoT security architecture that provides improved visibility into IT and IOT environments and protects processes. New Cisco solutions enable data collection and extraction from the IoT edge so businesses can increase efficiency to make better business decisions and accelerate digitization projects.
• April 2019: IBM Corporation announced a collaboration with Sund & Bælt, which owns and operates some of the world's largest infrastructures, to help IBM develop an AI-based IoT solution designed to extend the life of useful life of old bridges and tunnels, roads and railways.

Impact of Covid-19 on IoT Market:

Due to the recent Covid-19 outbreak, IoT investments and deployments are slowing dramatically. However, due to major disruptions in global healthcare and supply chains, governments, hospitals, insurers and logistics service providers must respond quickly for a more connected world that could help cope better with the current crisis and mitigate future ones.

However, providers are seizing the opportunity of the Covid-19 pandemic situation by offering emerging technological solutions to healthcare establishments. For example, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) used the continuous temperature measurement device from California-based connected health start-up VivaLNK to monitor COVID-19 patients, reducing the risk of COVID-19 exposure of caregivers to the virus.

Market growth and trends:

The retail segment will experience strong growth in IoT market in future

• IoT technology has enabled retailers around the world to connect with both businesses and individuals. This enables retailers to gain insight into product performance and find new ways to interact with new and existing customers.
• IoT is also expected to make a big transformation in several areas, such as re-delivery. Major electronics manufacturers such as Samsung and LG are introducing devices, like a connected refrigerator, that can automatically reorder milk, cheese, or any other low-level product.

Market Drivers and Restraints:

Significant advancements in telecommunications and the increasing penetration of Internet and broadband services have further fueled the growth of the Internet of Things (IoT) industry. Also, the use of e-commerce platforms is increasing rapidly due to the ease of purchase and the growing penetration of smartphones in the market, which is likely to drive the market. The growing need for data analytics and analytics integration is expected to drive Internet of Things market during the forecast period.

The absence of unanimously accepted operating standards and the presence of multiple strategic alliances in the industry should affect the growth of the industry.

GLOBAL IOT MARKET REPORT COVERAGE:

Global IoT Market Segmentation:

The global IoT market has been segmented on the basis of software, hardware, services, organization size, end-user, and region.

Global IoT Market By Software:

On the basis of software, the IoT market is segmented into data management, remote monitoring, network management, security solutions.

Global IoT Market By Hardware:

The IoT market on the basis of hardware is bifurcated into sensors and cameras.

Global IoT Market By Service:

IoT market on the basis of the service is divided as management services and professional services.

Global IoT Market By Organization Size:

Based on the type of organization, the IoT Market is separate in small and medium-sized companies, and large companies.

Global IoT Market By End User:

On the basis of end-user, the IoT Market comprises IT and telecommunications industry, Retail, Healthcare, Manufacturing, Automotive, Connected Logistics and others.

Regional Analysis:

On the basis of geography, the global IoT market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

The North American market is expected to capture the majority of the global IoT market. Since most of the key companies are concentrated in North America and the benefits of using the Internet of Things, technological developments and early acceptance of IoT are well known in this region. The global Internet of Things market is expected to increase in the coming years, countries in the APAC region have also embraced the Internet of Things and also predicted that it will become the fastest growing market. The APAC region is poised to develop the first line of Internet of Things with a lot of government benefits driving demand, the number of objects connected to IoT is expected to increase in the coming years in the region. Europe also has a good market share due to its high responsiveness to the Internet of Things. Those responsible for these two regions act on the privacy and security of data in the IoT scenario.

Key market players:

The main players in the global IoT market are Accenture PLC, Alcatel-Lucent, Amazon.com Inc., Atmel Corporation, Cisco Systems Inc., Google Inc., Hewlett-Packard, Huawei Technologies, IBM and Oracle.