Development of wireless networking technologies, rise in adoption of cloud platform for deployment of IoT, and advent of advanced data analytics and data processing drive the growth of the global IoT market.
Allied Market Research published a report, titled, “IoT Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Size Enterprise), Platform (Device Management, Application Management, and Network Management), Technology (Radiofrequency Identification, Pressure Sensors, Network Communications, Data Processing, And Near-field Communications), Industry Vertical (Retail, E-commerce & Consumer Electronics, Energy & Utility, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global IoT industry generated $740.47 billion in 2020, and is estimated to reach $4,421.62 billion by 2030, witnessing a CAGR of 19.6% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Development of wireless networking technologies, rise in adoption of cloud platform for deployment of IoT, and advent of advanced data analytics and data processing drive the growth of the global IoT market. However, high costs associated with implementation and maintenance of IoT platform and security & privacy concerns restrain the market growth. On the other hand, reduced costs of connected devices and surge in use of IoT among SMEs create new opportunities in the coming years.
Covid-19 Scenario
- There has been a rapid surge in the demand for cloud-based IoT solutions to support the businesses as they adopted remote working culture during the pandemic. These solutions played a crucial role in keeping the business operations under control and running.
- The IoT technology played a major role in maintaining excellent connectivity between different devices. Various IoT solutions such as digital data exchange, remote access, real-time data analytics, and real-time work floor control were implemented.
The solution segment to continue its lead position throughout the forecast period
Based on component, the solution segment accounted for the highest market share in 2020, contributing to around two-thirds of the global IoT market, and is estimated to continue its lead position in terms of revenue throughout the forecast period. This is due to ease in creation of new businesses, surge in business efficiency, and assistance in connecting devices, managing tasks, analyzing opportunities, and securely transferring information to offer safe environment for operations. However, the services segment is expected to witness the highest CAGR of 21.0% from 2021 to 2030, owing to rise in the adoption of IoT services among end users for effective functioning of solutions and platforms throughout the business process and increase in adoption of data analytics software and cloud platforms.
The manufacturing segment to maintain its leadership status during the forecast period
Based on industry vertical, the manufacturing segment contributed to the highest market share in 2020, holding more than one-fourth of the global IoT market, and is projected to maintain its leadership status during the forecast period. This is attributed to rapid technological advancements in their infrastructure and cutting-edge technologies such as IoT, artificial intelligence, and 5G technologies. However, the healthcare segment is expected to manifest the fastest CAGR of 26.2% from 2021 to 2030, owing to enhanced security, cost benefits, and improved bandwidth along with the major shift toward digitalization and rapid data analytics.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global IoT industry, and is expected to maintain its dominance by 2030. This is attributed to implementation of emerging digital technologies such as artificial intelligence, big data analytics, and industrial automation for a customer-centric approach and a greater market share. However, Asia-Pacific is estimated to witness the fastest CAGR of 23.1% during the forecast period, owing to numerous economic and process benefits such as real-time data analytics, network management, and industrial automation of IoT along with rise in demand for smartphones and the internet access.
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Leading Market Players
- Intel Corporation
- SAP SE
- Cisco Systems Inc.
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- Google LLC
- Hewlett-Packard Enterprise
- Amazon Web Services Inc.
- Bosch Software Innovation GmbH
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