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Global IoT Market: By Component: Devices, Connectivity, IT Services, Platforms; By Application: Consumer Electronics, Retail, Manufacturing, Healthcare, Transportation, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments

Global IoT Market Outlook

The global IoT market attained a value of about USD 1.4 trillion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 15.8% to reach nearly USD 3.4 trillion by 2026.

 

Global IoT Market

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Rise in Future Friendly Smart Cities to Accelerate the Market Growth of IoT

The ability of IoT devices to communicate with each other independently without human intervention is anticipated to supplement a number of healthcare, transportation, manufacturing, and construction projects in the coming years, which is projected to support the market growth for IoT. The market for IoT is further expected to be driven by benefits like flexibility and compliance of IoT. The adoption of cloud data management in large-scale IoT applications is projected to be a significant growth driver for IoT as it diminishes the need for extensive and organised hardware and constructed management networks.

The possibility of a smart future can be attributed to the growing adoption of IoT technology integrated with artificial intelligence. Rapid urbanisation and growing government investments in the digital ecosystems are facilitating the growth of smart cities worldwide, which is further expected to catalyse the growth of IoT industry. IoT technology provides the ability to remotely monitor air and water quality, manage and control devices, and to construct actionable ideas relating to real-time data, thereby improving infrastructure, public services, and utilities. Residents will be able to engage with smart city innovations through smartphones and artificial intelligent devices connected to homes and cars with the help of IoT technology. Further, in the wake of environmental, social, and economic stability, the IoT technology in smart cities is projected to reduce traffic congestions, improve air quality, and manage trash disposal. Thus, as a future-ready technology, IoT is attracting investments from various sectors, thereby bolstering the market growth.

 

IoT: Market Segmentation

IoT or the internet of things technology is the extension of internet connectivity to physical objects for everyday use. It is a software that will enable one to connect and deliver data across different devices via wireless network technologies like Wi-Fi and Bluetooth.

 

Global IoT Market by Segment

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On the basis of component, the market is segmented into

  • Devices
  • Connectivity
  • IT Services
  • Platforms

Based on application, the market is categorised into

  • Consumer Electronics
  • Retail
  • Manufacturing
  • Healthcare
  • Transportation
  • Others

The EMR report looks into the regional markets of IoT like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.

 

Global IoT Market by Region

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Adoption of IoT in Retail Management to Spur the Market Growth

The retail sector across the globe is undergoing rapid advancements and is witnessing a growing adoption of IoT. IoT technology is increasingly being employed in retail management to provide enhanced customer experience, boost sales, and manage retail stores, thus, bolstering the market growth of IoT. With the help of IoT, retailers are able to provide improved communication between customers and brands, based on personalised preferences, and helping the buyer find the products they are looking for, thereby improving sales and customer satisfaction. This is further propelling the adoption of the technology, which, in turn, is boosting the IoT industry growth.

The market has been witnessing further growth amidst the COVID-19 pandemic as retailers were able to manage in-store wait time and avoid overcrowding, thus, reducing the risk of infection with the help of IoT. The demand for online methods of shopping has surged during the pandemic, leading to a further inclusion of IoT in managing orders and deliveries, which has catalysed the market growth. Retailers are making use of IoT to clear customer expectations and provide real-time delivery status, hence, building strong customer relations, and augmenting the market growth.

The increased implementation of Internet of Things technology in-store management is anticipated to boost the market growth in the coming years. IoT allows store operators in inventory management. Smart shelves can monitor inventory and notify the manager when a certain product is low in stock or near its expiration date. As a result of the efficiency of real-time inventory updates, brands are now increasingly investing in IoT technology, which is projected to propel the market growth in the coming years. The rising demand for systems to avoid oversupply or shortage of goods and minimise the risk of theft and fraud are anticipated to provide further impetus for the market growth. Further, the rising demand for cost reduction and eliminating human error in retail processes to increase productivity is projected to propel the adoption of IoT, further driving the market growth in the coming years.

 

Key Industry Players in the Global IoT Market

The report presents a detailed analysis of the following key players in the global IoT market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

  • Accenture
  • Amazon Web Services, Inc
  • Cisco Systems, Inc
  • Huawei Technologies Co., Ltd
  • Alphabet Inc
  • IBM Corporation
  • Hewlett Packard Enterprise Development LP
  • Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Application, Region
Breakup by Component  Devices, Connectivity, IT Services, Platforms
Breakup by Application Consumer Electronics, Retail, Manufacturing, Healthcare, Transportation, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM corporation, Hewlett Packard Enterprise Development LP, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global IoT Market Analysis

    8.1    Key Industry Highlights
    8.2    Global IoT Historical Market (2018-2022) 
    8.3    Global IoT Market Forecast (2023-2028)
    8.4    Global IoT Market by Component 
        8.4.1    Devices
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Connectivity
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    IT Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Platforms
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
    8.5    Global IoT Market by Application
        8.5.1    Consumer Electronics 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Retail  
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Manufacturing
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Healthcare 
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
        8.5.5    Transportation
            8.5.5.1    Market Share
            8.5.5.2    Historical Trend (2018-2022)
            8.5.5.3    Forecast Trend (2023-2028)
        8.5.6    Others    
    8.6    Global IoT Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America IoT Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe IoT Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific IoT Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America IoT Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa IoT Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1     Accenture
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Amazon Web Services, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Cisco Systems, Inc.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Huawei Technologies Co., Ltd.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Alphabet Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    IBM Corporation
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Hewlett Packard Enterprise Development LP
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global IoT Market: Key Industry Highlights, 2018 and 2028
2.    Global IoT Historical Market: Breakup by Component (USD Trillion), 2018-2022
3.    Global IoT Market Forecast: Breakup by Component (USD Trillion), 2023-2028
4.    Global IoT Historical Market: Breakup by Application (USD Trillion), 2018-2022
5.    Global IoT Market Forecast: Breakup by Application (USD Trillion), 2023-2028
6.    Global IoT Historical Market: Breakup by Region (USD Trillion), 2018-2022
7.    Global IoT Market Forecast: Breakup by Region (USD Trillion), 2023-2028
8.    North America IoT Historical Market: Breakup by Country (USD Trillion), 2018-2022
9.    North America IoT Market Forecast: Breakup by Country (USD Trillion), 2023-2028
10.    Europe IoT Historical Market: Breakup by Country (USD Trillion), 2018-2022
11.    Europe IoT Market Forecast: Breakup by Country (USD Trillion), 2023-2028
12.    Asia Pacific IoT Historical Market: Breakup by Country (USD Trillion), 2018-2022
13.    Asia Pacific IoT Market Forecast: Breakup by Country (USD Trillion), 2023-2028
14.    Latin America IoT Historical Market: Breakup by Country (USD Trillion), 2018-2022
15.    Latin America IoT Market Forecast: Breakup by Country (USD Trillion), 2023-2028
16.    Middle East and Africa IoT Historical Market: Breakup by Country (USD Trillion), 2018-2022
17.    Middle East and Africa IoT Market Forecast: Breakup by Country (USD Trillion), 2023-2028
18.    Global IoT Market Structure

Key Questions Answered in the Report

The global IoT market attained a value of nearly USD 1.4 trillion in 2020.

The market is projected to grow at a CAGR of 15.8% in the forecast period of 2023-2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 3.4 trillion by 2026.

The IoT industry is being driven by innovations in technology, leading to network agility and integration of artificial intelligence (AI).

The market growth of IoT technology is supplemented by its application in retail management to enhance customer experience and smooth operations.

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

Devices, connectivity, IT services, and platforms are the major components of IoT in the industry.

The significant application segments of IoT are consumer electronics, retail, manufacturing, healthcare, and transportation, among others.

The major players in the industry are Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM corporation, and Hewlett Packard Enterprise Development LP, among others.

Analyst Review

The global IoT market attained a value of about USD 1.4 trillion, driven by the rising development of smart cities. Aided by rapid urbanisation and improved investments, the market is expected to grow at a CAGR of 15.8% in the forecast period of 2023-2028 to reach USD 3.4 trillion by 2026.

EMR’s meticulous research methodology delves deep into the market covering the macro and micro aspects of the industry. On the basis of component, the market is divided into devices, connectivity, IT services, and platforms. Based on application, the market is segmented into consumer electronics, retail, manufacturing, healthcare, and transportation, among others. The major regional markets for IoT are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. They key players in the industry are Accenture, Amazon Web Services Inc, Cisco Systems Inc., Huawei technologies Co., Ltd, Alphabet Inc, IBM corporation, and Hewlett Packard Enterprise Development LP, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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