IoT Technology Market Size, Share, Trends & Industry Growth Analysis Report 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.
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.
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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.
IoT Technology Industry Regional Analysis
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.
IoT Technology Industry : Key players
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 other.
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