The global IoT Market is anticipated to grow at a CAGR of 25.2% during the forecast period (2024-2031). The market is primarily driven by the increasing development of wireless networking technologies, the rise in cloud platform adoption, miniaturization, and the emergence of advanced data analytics. The other major contributors to the market growth are the advancement in data analytics, computing economies, and demand from varied domains including manufacturing, automotive, energy, and others. The market also witnesses opportunities attributed to the increasing demand for connected devices, with increasing projects of smart cities, smart transportation, and smart utilities. Additionally, as IoT offers high-speed connectivity it is driving opportunities across sectors including energy, healthcare, transportation, utility, and others.
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The global IoT market is segmented based on infrastructure (into the platform, mobile networks and access technologies, cloud solutions/storage and processing, analytics, and security), end-user (into BFSI, manufacturing, transportation, retail, healthcare, energy & utilities, government & defense, residential, and others) and geographies (into North America, Europe, Asia Pacific and Rest of World).
Key Highlights
- The IoT BFSI segment is anticipated to grow significantly owing to digital transformation and mobilization. IoT is being used by the sector to reduce security risk and leverage the high amount of generated data.
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- Asia-Pacific is projected to have considerable market growth during the forecast period, attributed to rapid urbanization, increasing smartphone users, increasing crime rates, illegal immigration, and others. The region is also supported by increasing internet penetration, government support, significant private investments, and others.
- The Indian government's 'Make in India' program has established the center of excellence of the technology program for industries and start-ups. Additionally, the government's plan to make 100 smart cities in the country will also expand the market in the region.
- The market is restrained by security and privacy-related concerns. Another significant contributor hindering the market growth is the initial budgetary constraints in the establishment of the IoT infrastructure.
- In October 2021, Vodafone announced a strategic alliance with Deloitte aimed at increasing the span of healthcare across Europe through the Vodafone Centre for Health with Deloitte. Vodafone had already connected more than 20.0 million healthcare devices globally through IoT, AI, 5G, and Edge Computing to the healthcare sector, by then.
The key players in the global IoT market include Amazon Web Services, Cisco Systems Inc., ARM Holding PLC, Honeywell International Inc, Robert Bosch GmbH, Microsoft Corp., Google Inc., and others. The market players are contributing significantly to the industry growth by the adoption of various business strategies. However, the market is challenged by the lack of lack of technological awareness.
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