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Global IoT Market Size, Share, Trends, Analysis, Forecast: By Component: Devices, Connectivity, IT Services, Platforms; By Application: Consumer Electronics, Retail, Manufacturing, Healthcare, Transportation, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global IoT Market Outlook
The global IoT market size attained a value of about USD 2.18 trillion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15.9% to reach nearly USD 8.20 trillion by 2032.
IoT or the Internet of Things technology is the extension of internet connectivity to physical objects for everyday use. It is software that will enable one to connect and deliver data across different devices via wireless network technologies like Wi-Fi and Bluetooth.
The fundamental components of IoT are the devices and sensors that collect data. These can be anything from temperature sensors in a thermostat to accelerometers in a smartwatch. These devices need to be connected to the internet to transmit data. This can be achieved through various means like Wi-Fi, Bluetooth, cellular networks, and other wireless communication technologies.
Once the data is collected, it needs to be processed. This can happen either on the device itself or in the cloud. Data processing involves analysing the data and making decisions based on it. The processed data is then made useful to the end-user through an interface. This could be an app notification, a web dashboard, or even an automated action like adjusting the temperature.
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Key Trends of the Market
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 IoT market growth. The market 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 digital ecosystems are facilitating the growth of smart cities worldwide, which is further expected to catalyse the IoT market demand. IoT technology provides the ability to remotely monitor air and water quality, manage and control devices, and 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 congestion, improve air quality, and manage trash disposal. Thus, as a future-ready technology, IoT is attracting investments from various sectors, thereby bolstering market growth.
Adoption of IoT in retail management to spur market growth
The retail sector undergoing rapid advancements across the globe is one of the crucial IoT market trends. IoT technology is increasingly being employed in retail management to provide enhanced customer experience, boost sales, and manage retail stores,. With the help of IoT, retailers are able to provide improved communication between customers and brands, based on personalised preferences, and help 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 sector's 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 augment the IoT market share in the coming years. IoT allows store operators to manage 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 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 is anticipated to provide further impetus for market expansion.
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 growth of the Internet of Things market in the coming years.
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IoT Market Segmentation
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 usage of IoT technology in consumer electronics sector is significantly higher compared to the other sectors, due to the growth of smart home solutions, in which various devices and appliances are connected to the internet and can be controlled remotely or automated.
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.
IoT Market Analysis
The Internet of Things (IoT) market has been growing rapidly worldwide, with billions of devices already connected and more being added every year. Factors driving this growth include advancements in wireless networking technologies, the decrease in the cost of IoT sensors, and the increasing adoption of cloud platforms.
IoT devices are designed to connect to the internet or other communication networks, allowing them to send and receive data. This connectivity enables remote monitoring, control, and automation of various processes. IoT is expected to continue growing and evolving, with advancements in edge computing, 5G connectivity, artificial intelligence (AI), and machine learning playing significant roles.
Global IoT Market Share by Region
North America holds a sizeable share, driven by the advanced technology infrastructure
North America, particularly the United States, is a leading region in IoT adoption, driven by advanced technologies, high investment in research and development, and a strong presence of leading IoT companies. The market is expanding in areas like smart homes, healthcare, and industrial automation.
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IoT in healthcare has seen significant growth in the region, especially accelerated by the COVID-19 pandemic. Wearables, remote monitoring devices, and telemedicine solutions are becoming increasingly popular.
Europe to witness further growth, aided by favourable government initiatives
Europe's IoT market is growing with a focus on smart city initiatives, energy management, and industrial automation. The European Union's regulations and policies, such as GDPR, also impact how IoT solutions are developed and implemented, emphasising data security and privacy.
Key Players in the Global 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 market. 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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 (2018-2023)
8.3 Global IoT Market Forecast (2024-2032)
8.4 Global IoT Market by Component
8.4.1 Devices
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Connectivity
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 IT Services
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Platforms
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global IoT Market by Application
8.5.1 Consumer Electronics
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Retail
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Manufacturing
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Healthcare
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Transportation
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global IoT Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America IoT Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe IoT Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific IoT Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America IoT Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa IoT Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 2032
2. Global IoT Historical Market: Breakup by Component (USD Trillion), 2018-2023
3. Global IoT Market Forecast: Breakup by Component (USD Trillion), 2024-2032
4. Global IoT Historical Market: Breakup by Application (USD Trillion), 2018-2023
5. Global IoT Market Forecast: Breakup by Application (USD Trillion), 2024-2032
6. Global IoT Historical Market: Breakup by Region (USD Trillion), 2018-2023
7. Global IoT Market Forecast: Breakup by Region (USD Trillion), 2024-2032
8. North America IoT Historical Market: Breakup by Country (USD Trillion), 2018-2023
9. North America IoT Market Forecast: Breakup by Country (USD Trillion), 2024-2032
10. Europe IoT Historical Market: Breakup by Country (USD Trillion), 2018-2023
11. Europe IoT Market Forecast: Breakup by Country (USD Trillion), 2024-2032
12. Asia Pacific IoT Historical Market: Breakup by Country (USD Trillion), 2018-2023
13. Asia Pacific IoT Market Forecast: Breakup by Country (USD Trillion), 2024-2032
14. Latin America IoT Historical Market: Breakup by Country (USD Trillion), 2018-2023
15. Latin America IoT Market Forecast: Breakup by Country (USD Trillion), 2024-2032
16. Middle East and Africa IoT Historical Market: Breakup by Country (USD Trillion), 2018-2023
17. Middle East and Africa IoT Market Forecast: Breakup by Country (USD Trillion), 2024-2032
18. Global IoT Market Structure
Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 2.18 trillion.
The market is projected to grow at a CAGR of 15.9% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 8.20 trillion by 2032.
The major market drivers include technological innovations and the growing adoption of cloud data management.
The growing applications of IoT in retail management and the rising demand for cost reduction and eliminating human error in retail processes are the key trends guiding the market growth.
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 market.
The significant application segments of IoT are consumer electronics, retail, manufacturing, healthcare, and transportation, among others.
The major players in the market 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.
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