IoT has become a mainstream technology in the IT industry, utilized to connect all the smart objects over an integrated network through internet. This enable end-users to control and monitor connected devices and process in real-time. Broadening application areas of IoT technology especially in healthcare, automotive and transportation sectors boosting the market growth across the globe. Additionally, rising deployment of digital solutions to transform existing business process to connected one demand for IoT hardware, solution and services is projected to increase over the forecast period. In contrast, threats associated with data privacy and security is impeding the uptake of connected devices to certain extent. This, in turn is hampering growth of the Internet of things market.

Report Scope

This report analyzes the global Internet of things market in terms of type, software, service, end-user vertical, and geography. The global internet of things market has been segmented based on type into hardware, software and service. The software segment is further sub-segmented into data management software, security software, analytics software, communication software, and other software. Based on services, the market is bifurcated into consulting, implementation & integration, operation management, repair & maintenance and other services. On the basis of end-user vertical, the global internet of things market is segmented into consumer vertical and B2B vertical. The B2B vertical segment is further sub-segmented into public sector, retail, BFSI, healthcare, manufacturing, energy & utility, IT & telecom, and transportation sectors. The global internet of things market covers major geographies such as North America, Europe, Asia Pacific, and Rest of World. 

1.1 Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Internet of Things Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global Internet of things market.

Target Audience

• Industry Investors
• IoT Solution and Service Providers
• Communication Hardware Providers
• End-users

USP and Key Offerings

The report titled “Global Internet of Things Market- Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global Internet of things market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on type, software, service, end-user vertical, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading Internet of things hardware and service providers, their SCOT (Strength, Challenges, Opportunities, and Threats) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the Internet of things market
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Ecosystem Analysis
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global Internet of things market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above-mentioned factors.

At present, on-premise segment dominates the global Internet of things market, holding over half of the market share. However, by the end of 2029, the cloud-based deployment model segment is projected to emerge as largest sub-segment driven by increasing inclination of enterprises towards cloud computing technology to reduce cost associated with IT infrastructure. This is further encouraging IoT solution providers to introduce industry-specific cloud-based IoT platforms and solutions.

As of 2020, the global Internet of things market was dominated by B2B end-user segment. The B2B end-user segment accounted for over three-fourth of the global Internet of things market revenue in the same year. By B2B, the manufacturing end-user was the largest sub-segment in 2020, constituting more than 1/3rd of the overall B2B segment revenue. Emergence of industrial IoT is transforming the way manufacturers run production processes using various smart factory systems and solutions. The Internet of things market in healthcare sector is projected to expand at the highest CAGR over the forecast period. Growing deployment of clinical trial tracking system, remote patient monitoring system and telemedicine solutions is increasing the uptake of IoT technologies in the sector.

Among services, the implementation and integration was the largest sub-segment, constituting over 40% of the overall market in 2020. Demand for implementation & integration services is rising at a significant rate as end-users verticals are increasingly deploying smart machines, intelligent systems and smart sensors. Additionally, the operation management service sub-segment is anticipated to exhibit fastest growth in terms of revenue over the forecast period. This is growth is mainly driven by growing digitization of business process across large and mid-sized enterprises across major end-user verticals.

As of 2020, security software was the largest sub-segment among all types of software in the global Internet of things market, accounting for 1/3rd of the overall segment revenue. Additionally, the sub-segment is expected to remain dominant over the forecast period. Growing threat of cyber-attacks is encouraging major end-users especially BFSI and telecom sectors to deploy advanced security software. Further, communication software is projected to expand at the highest CAGR from 2021 to 2029 driven by ongoing advancements and innovations in networking technologies and rising adoption of LTE and small cell technology across the globe.

In 2020, North America was the largest regional market with more than 30% market share, followed by Asia Pacific. In North America, U.S. is a major market for IoT hardware, solutions and service provides. Major end-user industries such as manufacturing and public sectors in the country are increasingly investing in IoT technologies and solutions to improve business productivity and citizen services. However, the market in Asia-Pacific is expected to grow at a fastest CAGR owing to introduction favorable government initiative supporting deployment of IoT technologies in manufacturing, energy & utility and public sectors. Additionally, Asia Pacific is projected to surpass North America in terms of revenue by 2029.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Internet of Things market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Internet of Things market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Internet of Things market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Internet of Things market?
• Which is the largest regional market for Internet of Things market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Internet of Things market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Internet of Things market worldwide?