Global IoT Connectivity Market to Grow at a CAGR of 20.2% During 2024-2032, Driven by the Growing Adoption of IoT Connectivity in Various End Use Sectors

The advent of the digital revolution is significantly transforming the manner in which businesses operate. IoT connectivity is a key factor in driving automation and improved efficiency across various sectors. The connection of IoT devices to sensors helps in collecting real-time data. As a result, it allows industries to easily identify patterns, detect faults, optimise operations, and provide better maintenance strategies.

The automotive sector is significantly incorporating IoT technologies and is transforming transportation by developing smart vehicles that communicate with each other, infrastructure, and pedestrians. The adoption of connectivity is further leading to the development of advanced features such as real-time diagnostics, predictive maintenance, and driver assistance systems.

Growing investments in the manufacturing of chipsets are also expected to support the growth of the market in the forecast period. In addition, increasing partnerships between leading companies to develop innovative IoT solutions are likely to propel the market expansion in the coming years.

In December 2023, Elevat IoT announced a partnership with Microsoft Corporation (NASDAQ: MSFT) to enhance the development of IoT (Internet of Things) solutions in the heavy-duty mobile equipment sector. Elevat will incorporate its Elevat Machine Connect, an IoT platform that monitors machine health, with Microsoft Azure Edge, a software that allows cloud computing to happen at the corner of a network.

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Market Analysis by Component, Organisation, Application, and Region:

• The market, on the basis of component, can be divided into platform and services.

• Based on organisation, the market can be divided into large enterprises and small and medium-sized enterprises.

• The various applications of IoT connectivity include smart retail, smart manufacturing, connected health, building and home automation, smart transportation, and smart grid and utilities, among others.

• The major regional markets for IoT connectivity include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• IoT connectivity is gaining importance in various end-use industries as it offers improved capacity and network efficiency, allowing businesses to employ and manage connected devices efficiently.

• The rising consumer demand for individualised infotainment, cutting-edge safety features, and seamless connectivity is driving the market growth.

• The expanding Wi-Fi, Bluetooth and cellular IoT technologies are contributing to the growth of the market for IoT connectivity.

• The growing popularity of smart homes for improving security, comfort, convenience, and energy efficiency is contributing to the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global IoT connectivity market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, organisations, applications, and major regions of IoT connectivity.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global IoT connectivity market are Jasper Technologies, Inc., Huawei Technologies Co., Ltd., AT&T Inc., Vodafone Group Plc, Orange S.A, Hologram Inc., Telit, Telefónica, S.A., Telefonaktiebolaget LM Ericsson, Sierra Wireless, Verizon Communications Inc., Particle Industries, Inc., Aeris Communications, Inc., UnaBiz Pte., Ltd, EMnify GmbH, Velos IoT Group, Microsoft Corporation, Tata Communications Limited, Soracom, Inc. and Pelion IOT Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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