Internet of Things Market Size Expected to Surpass USD 3352.97 Billion, exhibiting a 26.1% CAGR by 2030
According to Fortune Business Insights, the global IoT market size is projected to reach USD 3352.97 billion in 2030, at a CAGR of 26.1% during the forecast period, 2023-2030
Pune, India, April 05, 2023 (GLOBE NEWSWIRE) — The global internet of things market size was valued at USD 544.38 billion in 2022. The market is estimated to expand from USD 662.21 billion in 2023 to USD 3,352.97 billion in 2030, exhibiting a CAGR of 26.1% over the projected period. The expansion is due to the availability of a range of solutions such as integrated solutions, vehicle solutions, deployment services, and others. Fortune Business Insights™ provides this information in its research report, titled “Internet of Things Market Forecast, 2023-2030”.
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Key Industry Development:
June 2022 – Siemens rolled out Siemens Xcelerator for creating value for users in all grids, buildings, and industries. The platform includes a curated platform of IoT-empowered hardware, software, and digital facilities.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 26.1% |
| 2030 Value Projection | USD 3352.97 Billion |
| Base Year | 2022 |
| Internet of Things Market Size in 2022 | USD 544.38 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Component, End-use Industry and Geography |
Key Takeaways:
- Internet of Things Market size in North America was USD 179.71 billion in 2022
- Major driving factors include Surging Demand for Downstream Data Servers
- The Healthcare and Manufacturing segment has the largest share in the global market.
- Siemens Launches New Solutions to Gain Strong Foothold
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Drivers and Restraints:
Market Share to Surge Owing to Increasing Number of Smart City Initiatives
One of the key factors propelling internet of things (IoT) market growth comprise increasing urbanization and population and the adoption of smart city solutions for the management of resources. Furthermore, connected devices help in the improvement of infrastructure efficiency and related services.
Segments:
Platforms Segment to Register Substantial Surge Owing to Increasing Product Demand
Based on component, the market is segmented into solutions & services and platforms. The platform segment is fragmented into cloud platform, network management, and device management. The segment is set to depict an appreciable CAGR owing to growing demand for downstream data servers.
Manufacturing Sector to Lead Driven by Huge Spending on Advanced Technologies
On the basis of end-use, the market is fragmented into BFSI, agriculture, manufacturing, retail, transportation, sustainable energy, IT & telecom, and others. The manufacturing sector is expected to register the highest market share throughout the forecast period. The rise is due to the increase in quality, productivity, and the reduction of downtime.
Based on geography, the market has been studied across North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
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Regional Insights:
North America to Lead Owing to Rising Customer Base for Cloud-based Platforms
North America internet of things (IoT) market share is expected to register substantial expansion over the forecast period. The rise is driven by surging customer base for cloud-based platforms. Additionally, cloud platforms are witnessing considerable adoption in the region driven by rising investments in R&D and the expansion of IoT-enabled devices.
Furthermore, the Europe market is poised to depict an appreciable surge throughout the estimated period. The rise in market share is driven by the provision of a range of insights such as descriptive analytics, diagnostic analytics, prescriptive analytics, and predictive analytics.
Competitive Landscape:
Major Companies Enter Partnership Agreements to Expand Product Reach
Leading companies are centered on the adoption of an array of initiatives for reinforcing their position in the market. These include merger agreements, acquisitions, and the launch of new products. Some of the additional initiatives comprise an increase in research activities and the rollout of new solutions.
List of Key Players Mentioned in the Report:
- Amazon Web Services, Inc. (U.S.)
- Intel Corporation (U.S.)
- Microsoft Corporation (U.S.)
- PTC Inc. (U.S.)
- GE (U.S.)
- Cisco Systems, Inc. (U.S.)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- Siemens AG (Germany)
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Major Table of Contents:
- Global Internet of Things (IoT) Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Platform
- Device Management
- Cloud Platform
- Network Management
- Solution & Services
- Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Network Band Management
- Services
- Solution
- Platform
- By End-use Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Agriculture
- Sustainable Energy
- Transportation
- IT & Telecom
- Others
- By Region (USD)
- North America
- Europe
- Middle East & Africa
- Asia Pacific
- South America
- North America Internet of Things Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Platform
- Device Management
- Cloud Platform
- Network Management
- Solution & Services
- Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Network Band Management
- Services
- Solution
- Platform
- By End-use Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Agriculture
- Sustainable Energy
- Transportation
- IT & Telecom
- Others
- By Country (USD)
- United States
- Canada
- Mexico
TOC Continued…!
FAQs
How big is the internet of things market?
Internet of things market size was USD 544.38 billion in 2022. It is expected to reach USD 3352.97 billion by 2030.
How fast is the internet of things market growing?
The internet of things market will exhibit a CAGR of 26.1% during the forecast period, 2023-2030
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