October 7, 2022

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Internet Of Things Market is Projected To Reach USD 74630 Million By 2028 at a CAGR of 11.6%

BANGALORE, India, July 5, 2022 /PRNewswire/ — Internet Of Things Market is segmented by Type – Perception Technology, Network Technology, Application Technology, by Application – Artificial Intelligence, Connectivity, Networking, Sensing/Sensors, Databases, Others. Global Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the  Software Category.

The global IoT market size is projected to reach USD 74630 million by 2028, from USD 34250 million in 2021, at a CAGR of 11.6% during 2022-2028.

Major Factors Driving The Growth Of The Iot Market are

The IoT market growth is expected to grow due to increasing access to low-cost, low-power sensor technology, availability of high-speed connectivity, the proliferation of cloud-based software, and the use of data processing and analytics. 

The increase in smart city initiatives, the growing number of connected devices, and the emerging 5G network will drive the growth of the market. 

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL IoT MARKET

Organizations around the world are shifting to IoT technology to improve efficiency and serve customers better. A network of sensing units and actuators covered with software and equipment connect the gadgets to collect and store reasonable information. Software programs with machine intelligence capabilities analyze the stored raw data and provide the final information that aids in decision-making. These factors will drive the growth of the IoT market during the forecast period. 

The internet of things market will be impacted positively by the continuous innovations in sensor technology. Computing power has increased manifold in the last few years. This has enabled newer applications for mobile connectivity in augmented and virtual reality. Microprocessor advancements have allowed IoT manufacturers to develop smaller, faster, and cheaper sensors for large-scale monitoring and detection. These high-end IoT sensor chips can detect minute changes and operate robots in warehouse environments. However, the market will be impacted in the short term due to the global chip shortage. 

Millions of sensors collect, store and analyze data to make intelligent decisions. Making use of large computational power on each sensor can be difficult and an expensive process. Cloud integration is helpful as it aggregates data from all sources. The huge influx of information is transferred from the sensors to the cloud for faster processing, comparison, and deriving meaningful insights. The system can be scaled up as per the user’s needs. These things will boost the growth of the IoT market in the coming years.

Connected devices generate massive amounts of data that require tracking in real-time. This brings in the need for advanced data processing and analytics tools such as Big data analytics. The awareness regarding product lifecycle data and real-time information is increasing. The inputs are transmitted across various IoT devices and stored in databases. They enhance the handling and security of the data. Such factors will surge the growth of the IoT market in the upcoming years.

Massive cellular networks like 4G LTE expand the network to hard-to-reach areas. They are easy to deploy, authenticate and support full scalability and capacity upgrades. The cellular infrastructure is being adapted along with 5G rollouts to meet the growing number of connected devices in the IoT ecosystem. This will bolster the demand for the IoT market during the forecast period. 

Covid 19 has hurt the global hardware supply and IoT sensors due to a reduction in the workforce and the shutdown of projects across the world. However, as the world transitioned to work-from-home setups this increased the demand for automation and remote management. The emphasis is more on IoT networks for ensuring operational efficiency and saving up costs due to less manpower. Such rapid changes will fuel the growth prospects of the IoT market in the future.

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IOT MARKET SHARE ANALYSIS

Based on application, the networking segment will grow the highest in the IoT market share due to the prominence of remote monitoring solutions and the need for internet-ready devices in businesses. 

Based on region, North America is expected to dominate in the IoT market share due to the growing adoption of technology, smart city infrastructure, rapid R&D initiatives, and the presence of key players. 

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

  • Deutsche Post DHL Group
  • Drone Delivery Canada
  • Matternet
  • United Parcel
  • PINC Solutions
  • DroneScan
  • Infinium Robotics
  • Skycart
  • Skysense
  • Zipline International
  • Flirtey
  • Flytrex
  • Altitude Angel
  • AirMap
  • Uber

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SIMILAR REPORTS

–  The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

–  The global IoT Platforms Market size is projected to reach USD 17100 million by 2027 from USD 2956.7 million in 2020 at a CAGR of 28.5% during 2021-2027.

–  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

–  The global IoT in Manufacturing market size is projected to reach USD 1148.9 million by 2028, from USD 550.2 million in 2021, at a CAGR of 10.6% during 2022-2028.

–  The global IoT Fleet Management Market size is projected to reach USD 26410 million by 2027, from USD 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.

–   The global Internet of Things in Retail market size is projected to reach USD 40340 million by 2027, from USD 20280 million in 2020, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2021-2027.

–  The global Narrowband IoT (NB-IoT) market size is projected to reach USD 1225.9 million by 2027, from USD 213.1 million in 2020, at a Compound Annual Growth Rate (CAGR) of 27.8% during 2021-2027.

–  IoT Solutions and Services market size (the most likely outcome), the revenue in 2021 is USD 178.3 Billion , and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5%.

–  Global revenue for IoT Medical Devices was valued at USD 16.25 Billion in 2020, and is expected to generate revenue of USD 58.33 Billion by end of 2027, growing at a CAGR of 19.85% between 2021 and 2027.

–  The global IoT Healthcare market size is projected to reach USD 222260 Million by 2028, from USD 53340 Million in 2021, at a CAGR of 22.1% during 2022-2028.

–  The global Agriculture IoT market size is projected to reach USD million by 2028, from USD million in 2021, at a CAGR of % during 2022-2028.

–  In 2020, the global IoT Chip market size was USD 39880 million and it is expected to reach USD 109140 million by the end of 2027, with a CAGR of 15.5% during 2021-2027.

–  The global IoT Sensors market size is estimated to be worth USD 11500 million in 2022 and is forecast to a readjusted size of USD 31060 million by 2028 with a CAGR of 18.0% during the review period.

–  The global Cellular IoT market size is projected to reach USD 2930.1 million by 2027, from USD 1818.2 million in 2020, at a CAGR of 7.0% during 2021-2027.

–  The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

–  The global IIoT Platform market size is projected to reach USD 19780 million by 2028, from USD 3587 million in 2021, at a CAGR of 27.1% during 2022-2028.

–  The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

–   The global Cloud Computing market size is projected to reach USD 611170 million by 2027, from USD 97010 million in 2020, at a CAGR of 29.2% during 2021-2027.

–   The global Edge Computing market size is projected to reach USD 55930 million by 2028, from USD 8237 million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028.

–    The global artificial intelligence market size was valued at USD 65.48 billion in 2020, and is projected to reach USD 1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.

–  The global Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

–  The global healthcare analytics market size was valued at USD 23.51 billion in 2020 and is projected to reach USD 96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

–  The global video analytics market size was valued at USD 4,102.0 million in 2019 and is projected to reach USD 21,778.0 million by 2027, registering a CAGR of 22.7% from 2020 to 2027.

–   The global 5G IoT market size is projected to reach USD 2028.9 million by 2027, from USD 290.8 million in 2020, at a Compound Annual Growth Rate (CAGR) of 31.4% during the forecast period 2021-2027.

–  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

–  The global IoT Managed Services market size is projected to reach USD 138.5 Million by 2026, from USD 68 Million in 2020, at a CAGR of 12.7% during 2021-2026.

–  Global Industrial IoT Wireless Module Market Insights and Forecast to 2028

Global Internet of Things (IoT) Insurance Market Size, Status and Forecast 2021-2027

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