Friday, May 24, 2024

IoT Technology Market worth $1,377.8 billion by 2029 – Exclusive Report by MarketsandMarkets™

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Browse in-depth TOC on “IoT Technology Market

110 – Tables
80 – Figures
250 – Pages

IoT Technology Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 945.6 billion

Estimated Value by 2029

$ 1,377.8 billion

Growth Rate

Poised to grow at a CAGR of 7.8%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Node Component, Software Solution, Platform, Service, End-use Application, Geography

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

High power consumption by wireless sensor terminals/connected devices

Key Market Opportunities

Increased potential for the incorporation of IoT in electric and hybrid vehicles

Key Market Drivers

Emergence of 5G communications technology

The network management IoT technology platform segment is expected to account for the largest share of the IoT technology market in 2024.

The network management segment is a significant market for IoT technology. A network management platform is a common platform to manage the entire network of an organization. The platform ensures that users are able to receive IT services from anywhere and at any time. By using the platform, a network administrator can easily detect any failure in the network and resolve issues in real time or inform support personnel. A network management platform also assists in analyzing the amount of data that is being transferred over a network and automatically routes them to avoid congestion that can result in a crash of the network. For critical application areas, such as mobility and transport, logistics, energy, and manufacturing, seamless and faster data transfer is required. This requires the appropriate configuration of network devices, which is possible only through a high level of visibility provided by a network management platform.

The industrial segment is expected to have highest CAGR in the forecast period.

The industrial segment is projected to record the highest CAGR during the forecast period. Healthcare, automotive & transportation, building automation, manufacturing, retail, BFSI, oil & gas, agriculture, and aerospace & military are among the industrial end-use applications. The building automation market has developed as a result of the demand for more energy-efficient solutions, more security, more venture capital funding, and ongoing efforts to improve lifestyle. After beginning with wired technology, building automation has transitioned into the era of wireless technologies like Bluetooth and ZigBee Wi-Fi. Additionally, more stringent regulations and growing awareness of energy saving and building regulations, the development of many smart grid technologies, and the accessibility of several open protocols are propelling the market for building automation.

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The Asia Pacific market is expected to witness the highest CAGR in the IoT technology market during the forecast period.

Asia Pacific is projected to record the highest CAGR during the forecast period. The main countries in Asia Pacific contributing to the growth of the loT technology industry are China, India, South Korea, and Japan. Some of the major factors supporting the expansion of the lot technology market in Asia Pacific are the expanding consumer base, rising disposable income, increasing internet penetration in both business and residential areas, and improving IT infrastructure. Furthermore, the market for IoT technology for commercial applications in countries like China, South Korea, and Japan is growing primarily due to the trend of industrial automation and the use of cloud-based services. Furthermore, China’s involvement in the adoption and development of lot is vital for the expansion of these businesses because it is the key hub for semiconductor production and manufacturing. China is a manufacturing hub and is the leading producer of manufactured goods such as textiles, electronic equipment, and agricultural products. In the production process, IoT is used to monitor the machinery, employees, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept gaining momentum in the current technology market in China.

Key players

Key players in the IoT technology companies include Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), and among others. 

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