IoT (Internet of Things) Market on the Rise: Forecasting a $ 4,421.62 Billion Industry by 2030

IoT (Internet of Things) Market on the Rise: Forecasting a $ 4,421.62 Billion Industry by 2030
IoT (Internet of Things) Market on the Rise: Forecasting a $ 4,421.62 Billion Industry by 2030

The Internet of Things (IoT) market has been experiencing significant growth in recent years, and several trends and factors are driving this growth.

PORTLAND, PORTLAND, OR, UNITED STATES, October 13, 2023 / According to a recent report published by Allied Market Research, The global IoT market size was valued at $740.47 billion in 2020, and is projected to reach $4,421.62 billion by 2030, growing at a CAGR of 19.67% from 2021 to 2030.

Advancements in industrial-grade digital technology, an increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward the growth of the global IoT market. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming the primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations.

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Covid-19 Scenario:

• There has been a rapid surge in the demand for cloud-based IoT solutions to support businesses as they adopted a remote working culture during the pandemic. These solutions played a crucial role in keeping the business operations under control and running.

• The IoT technology played a major role in maintaining excellent connectivity between different devices. Various IoT solutions such as digital data exchange, remote access, real-time data analytics, and real-time work floor control were implemented.

IoT market trends in Asia-Pacific is expected to exhibit highest growth during the forecast period, owing to strong economic growth along with the ongoing development in IoT and real-time data analysis, which drives organizations to invest heavily in IoT market to sustain growth and improve productivity. In addition, factors such as major shift toward digital transformation, cloud deployment & technological advancement among small & medium businesses, and continuously ongoing modernization in work force management strategy in emerging economies notably contribute toward the market growth. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.

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On the basis of components, the solution segment dominated the overall IoT industry in 2020, and is expected to continue this IoT market trend during the forecast period. This is attributed to increase in adoption of IoT solution among business to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these solutions save both time as well as money, leverage existing data investments, and improve image analysis capabilities, with just a single solution. Which provides lucrative opportunities for market growth. However, the service segment is expected to witness highest IoT market growth, as service segment of IoT industry ensures effective coordination between software provider companies and users of IoT solution by providing services such as implementation, training, consulting services, and managed services.

Based on industry vertical, the manufacturing segment contributed to the highest market share in 2020, holding more than one-fourth of the global IoT market, and is projected to maintain its leadership status during the forecast period. This is attributed to rapid technological advancements in their infrastructure and cutting-edge technologies such as IoT, artificial intelligence, and 5G technologies. However, the healthcare segment is expected to manifest the fastest CAGR of 26.2% from 2021 to 2030, owing to enhanced security, cost benefits, and improved bandwidth along with the major shift toward digitalization and rapid data analytics.

Depending on deployment mode, the on-premise segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. Cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for IoT software in small and medium-scale organizations.

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Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global IoT industry, and is expected to maintain its dominance by 2030. This is attributed to implementation of emerging digital technologies such as artificial intelligence, big data analytics, and industrial automation for a customer-centric approach and a greater market share. However, Asia-Pacific is estimated to witness the fastest CAGR of 23.1% during the forecast period, owing to numerous economic and process benefits such as real-time data analytics, network management, and industrial automation of IoT along with the rise in demand for smartphones and internet access.

This report gives an in-depth profile of some key market players in the IoT industry are Intel Corporation, Sap Se, Cisco Systems Inc, Microsoft Corporation, Oracle Corporation, IBM Corporation, Google LLC, Hewlett-Packard Enterprise, Amazon Web Services Inc., and Bosch Software Innovation GmbH. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

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