The IoT market is estimated at USD 64.8 billion in 2024 to USD 153.2 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 18.8%. IoT enhances operational effectiveness through the delivery of instant data and automated processes. They also improve decision-making by using predictive analytics and monitoring. Moreover, IoT helps cut costs by enhancing resource utilization and decreasing manual involvement.
The financial benefits of IoT asset management, including lower preservation prices and longer asset lifestyles, result in large cost savings and a worthwhile go back on investment (ROI). Furthermore, IoT asset control structures frequently combine with different technology which include AI and records analytics, increasing their features with predictive maintenance and superior analytics. Regulatory compliance and contingency control necessities additionally serve as an increasing name, as IoT answers help hold compliance and higher manipulate hazard Furthermore, business enterprise-aligned offerings consisting of the upward push of manufacturing, logistics and healthcare assets -underlines the growing significance of IoT inside the enterprise.
Furthermore, intelligent buildings provide enhanced management features through live monitoring and automation, resulting in increased operational efficiency and decreased maintenance expenses. The increased emphasis on health and safety, continues to drive expansion as IoT solutions enhance air quality and control occupancy. The development of sensors, data analytics, and cloud computing have made these solutions easily accessible and cost-effective, with government subsidies and regulations encouraging the use of energy-efficient technologies Urbanization and infrastructure development of growth require intelligent solutions to manage complex construction systems.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the IoT market.
By application, the asset management is expected to have the largest market size during the forecast period.
Asset management is projected to dominate the IoT sector in market size throughout the forecast period due to various important factors. Companies are increasingly looking to increase efficiency and reduce costs, and are experiencing a need for IoT solutions that continuously monitor and track assets. These solutions provide improved visibility and status of popular assets, enabling companies to maximize asset utilization, reduce downtime and avoid losses.The financial benefits of IoT asset management, including lower preservation prices and longer asset lifestyles, result in large cost savings and a worthwhile go back on investment (ROI). Furthermore, IoT asset control structures frequently combine with different technology which include AI and records analytics, increasing their features with predictive maintenance and superior analytics. Regulatory compliance and contingency control necessities additionally serve as an increasing name, as IoT answers help hold compliance and higher manipulate hazard Furthermore, business enterprise-aligned offerings consisting of the upward push of manufacturing, logistics and healthcare assets -underlines the growing significance of IoT inside the enterprise.
By focus area, the smart building is expected to hold a higher growth rate during the forecast period.
The IoT marketplace is predicted to look to expand boom inside the clever constructing zone because of diverse factors. The developing attention to strength and reducing charges allows the usage of IoT generation to decorate lights, HVAC structures, and other building operations, resulting in decreased operational costs and adherence to strength prison recommendations.Furthermore, intelligent buildings provide enhanced management features through live monitoring and automation, resulting in increased operational efficiency and decreased maintenance expenses. The increased emphasis on health and safety, continues to drive expansion as IoT solutions enhance air quality and control occupancy. The development of sensors, data analytics, and cloud computing have made these solutions easily accessible and cost-effective, with government subsidies and regulations encouraging the use of energy-efficient technologies Urbanization and infrastructure development of growth require intelligent solutions to manage complex construction systems.
By offering, Platform is estimated to have the largest market share during the forecast period.
The platform segment is expected to hold the largest market share in the IoT market due to its key role in managing and connecting IoT devices and applications during the forecast period. Using them to aggregate data from a variety of sources and use analytics to provide useful insights is essential to meet the growing demand for data-driven decision-making Platforms also empower scalable and flexible, enabling companies to add new tools and technologies to adapt to changing needs. Their integrated security features and compliance strategies address important data security and compliance concerns. In addition, platforms also provide support for applications in different fields, such as smart cities, industrial automation, and often incorporate new technologies such as AI and machine learning to provide more advanced features The development of complex networks consisting of device manufacturers, software makers and service providers Strengthens the value they offer, reinforcing their position as a leading force in the IoT industry.In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the IoT market.
- By Company Type: Tier 1 - 62%, Tier 2 - 23%, and Tier 3 - 15%
- By Designation: C-level - 38%, D-level - 30%, and Others - 22%
- By Region: North America - 40%, Europe - 15%, Asia Pacific - 35%, and Rest of the World - 10%.
Research Coverage
The market study covers IoT market size across different segments. It aims at estimating the market size and the growth potential across various segments, including Offering (platforms and services), Application (asset management, supply chain management, business process optimization,workforce management, emergency & incident management, and other applications), Focus area (smart manufacturing, smart transportation/mobility, smart healthcare, smart retail, smart cities, smart building, smart energy & utilities, smart agriculture, and other focus areas), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the global IoT market’s revenue numbers and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:
- Analysis of key drivers (condition monitoring predictive performance, 5G & edge computing, safety & risk reduction), restraints (security concerns, privacy concerns, implementation problems, technological fragmentation), opportunities (improved efficiency, enhanced decision making, new business models and revenue streams), and challenges (security, data management, interoperability, regular compliance) influencing the growth of the IoT market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IoT market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the IoT market across various regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading companies including AWS (US), Microsoft (US), Oracle (US), Cisco Systems Inc. (US), SAP (Germany), Avnet Inc. (US), IBM (US), Google (US), PTC (US), Software AG (Germany), Hitachi Ltd. (Japan), Telit Cinterion (UK), STC (Saudi Arabia), Alibaba Cloud (China), Braincube (France), Datadog (US), Bosch (Germany), Particle Industries Inc. (US), HQSoftware (Harju), Clearblade (US), Ayla Networks Inc. (US), Losant IoT (US), IoT Factory (Belgium), Oxagile (US), Portainer.IO (New Zealand), Emnify (Germany), Sumatosoft (US).
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview and Industry Trends
6 IoT Market, by Offering
7 IoT Market, by Application
8 IoT Market, by Focus Area
9 IoT Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent/Related Markets
13 Appendix
List of Tables
List of Figures
Companies Mentioned
- Amazon Web Services, Inc.
- Microsoft
- Oracle
- Cisco Systems, Inc.
- Ptc
- Sap
- Avnet, Inc.
- Ibm
- Software AG
- Hitachi, Ltd.
- Telit Cinterion
- Stc
- Alibaba Cloud
- Braincube
- Datadog
- Bosch Global Software Technologies GmbH
- Particle Industries, Inc.
- Hqsoftware
- Clearblade
- Ayla Networks, Inc.
- Losant Iot
- IoT Factory
- Oxagile
- Portainer.Io
- Emnify
- Sumatosoft
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 271 |
| Published | August 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 64.8 Billion |
| Forecasted Market Value ( USD | $ 153.2 Billion |
| Compound Annual Growth Rate | 18.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 27 |
