IoT Technology Market Size, Share, Growth Drivers, Trends, Opportunities From 2024 To 2029
The IoT technology market size is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period. The market growth is attributed to increased potential for the incorporation of IoT in electric and hybrid vehicles and accelerated IoT adoption in the healthcare sector. Furthermore, the government incentives and aids for development of IoT technologies and rise in the development of smart cities are expected to create lucrative opportunities for the market.
Key Components Driving IoT Adoption
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Connectivity Solutions: IoT relies on various communication protocols such as Wi-Fi, Bluetooth, Zigbee, and cellular networks to enable seamless connectivity between devices and systems.
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Edge Computing: Edge computing processes data closer to where it is generated, reducing latency and bandwidth usage, crucial for real-time IoT applications.
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Security Measures: As the number of connected devices grows, ensuring robust cybersecurity measures becomes paramount to protect sensitive data and prevent unauthorized access.
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Market Dynamics and Growth Drivers
The IoT technology market is experiencing rapid growth, driven by several factors:
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Industry 4.0 and Smart Manufacturing: IoT enables predictive maintenance, asset tracking, and supply chain optimization, enhancing operational efficiency and reducing costs in manufacturing.
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Smart Cities and Urban Development: IoT sensors monitor traffic flow, manage energy consumption, and improve public safety, contributing to sustainable urban development.
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Healthcare and Remote Monitoring: IoT devices facilitate remote patient monitoring, personalized healthcare delivery, and efficient hospital operations.
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Consumer Electronics and Smart Homes: IoT-enabled devices offer convenience through home automation, energy management, and enhanced security features.
The network management IoT technology platform segment is expected to account for the largest share of the IoT technology industry 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.
By segment, IoT technology industry for 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.
The Asia Pacific market is expected to witness the highest CAGR in the IoT technology industry 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 industry 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 in the IoT technology industry 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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