Internet of Things Market worth USD 1,174.58 Bn. by 2029 Industry Size, Share, Trends, Opportunities, Growth Analysis, and Forecast to 2029

Internet of Things Market worth USD 1,174.58 Bn. by 2029 Industry Size, Share, Trends, Opportunities, Growth Analysis, and Forecast to 2029
Internet of Things Market
Internet of Things Market was valued at USD 306.2 Billion in 2021, and it is expected to reach USD 1,174.58 Billion by 2029, exhibiting a CAGR of 18.3 % during the forecast period (2022-2029)

Pune, 6, Dec 2022: Maximize Market Research analysed that the Internet Of Things Market reaches USD 1,174.58 billion by 2029, growing at an 18.3 % CAGR. The market is growing thanks to the increase in demand for IoT security.

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Internet of Things Market Scope and Research Methodology

The primary and secondary data sources are extensively used in the research report. Government policy, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges, are all investigated during the research process. All conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated through primary research, and evaluated in order to provide final quantitative and qualitative data.

For top-level markets and sub-segments, the impact of inflation, economic downturns, changes in regulations and policies, and other variables is taken into account. The report also contains in-depth inputs and analysis in addition to this information. Bottom-up approaches were used to calculate the market size and examine global market trends. Data were gathered from a large sample using both primary and secondary research techniques in order to draw accurate conclusions. The main techniques used were surveys, the distribution of questionnaires, and telephone interviews with business owners, marketing specialists, market leaders, and industry experts. To ensure that the conclusions were accurate, secondary data was painstakingly compiled from a carefully chosen set of sources.

In addition to white papers and annual reports, there are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand major corporations’ strengths and weaknesses. As a result, the report delves deeply into the Internet of Things Market.

Internet of Things Market Overview

The Internet of Things (IoT) is a global information society infrastructure that connects objects to enable better services based on existing and emerging interoperable information and communication technologies. It can connect anything to the Internet and transmit data using predefined protocols and information-sensing equipment to achieve smart recognition, location, tracking, monitoring, and administration.

The growing need for Internet of things (IoT) security, low operational costs, and increased use of IoT technologies in the healthcare sector are driving up demand for IoT solutions. However, a lack of IoT professionals, as well as an uncertain legal and regulatory environment, are hampering the market growth. The report also discussed the increasing use of blockchain-based IoT solutions for smart contracts and edge computing, which has created new opportunities for IoT suppliers and end users.

Internet of Things Market Dynamics

Increased global Internet penetration and advancements in Internet speed have hastened the development of technologies such as IoT. It is being used in various technical applications and issue resolution without the participation of people due to the fulfilment of essential IoT criteria, namely, progress in speed. IoT is used to automate technical applications and day-to-day operations in modern life. It saves time and is accurate, making it a useful alternative. Everyday tasks such as automating home lighting can be automated and controlled using IoT, but because IoT devices are controlled via the network, they are vulnerable to security attacks due to their combination of various technologies such as communication technology, information technology, electronic sensors, and actuator technology.

Internet of Things Market Regional Insights

Asia-Pacific accounted for the largest market share of 37.2% in 2021, with a market value of USD 106.1 billion; it is expected to exhibit the highest CAGR of 17.4% during the forecast period. Asia-Pacific is the world’s largest industrial hub, offering enormous opportunities for growth in the Internet of Things (IoT) sector. The region has significant potential for implementing Internet of things (IoT)-based solutions due to advancements in IT infrastructure.

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Internet of Things Market Segmentation

By Component 

  • Services
  • Hardware
  • Software

By End-Use        

  • Industry
  • Consumer

By Organization Size     

  • Large Enterprise
  • SME

Internet of Things Market Key Competitors:

  • Siemens (Germany)
  • Microsoft (US)
  • AWS (US)
  • Oracle (US)
  • Cisco (US)
  • Qualcomm (UK)
  • SAP (Germany)
  • IBM (US)
  • Google (US)
  • Intel (US)
  • Hitachi (Japan)
  • GE Digital (US)
  • PTC (US)
  • ARM (UK)
  • Software AG (Germany)
  • Particle (US)
  • HQ Software (Estonia)
  • Telit (UK)
  • ClearBlade (US)
  • Ayla Networks (US)
  • Hologram (US)
  • Losant (US)
  • Samsara (US)
  • Litmus Automation (US)
  • Confidex (Finland)

Key questions answered in the Internet of Things Market are:

  • What is the Internet of Things (IoT)?
  • How will the Internet of Things Market grow during the forecast period?
  • How does competition in the Internet of Things industry differ between developed and emerging economies?
  • Who are the top 15 market participants in the Internet of Things?
  • Who are the European leaders in the Internet of Things market?
  • Who are the market leaders in the Internet of Things in the United States and Canada?
  • Who are the leaders in the Internet of Things markets in India, China, Japan, and South Korea?
  • What factors are influencing the Internet of Things Market’s growth?
  • Who had the largest market share in the Internet of Things Market?
  • What factors are driving growth in the Asia-Pacific Internet of Things Market?

Key Offerings:

  • Market Drivers, Challenges, Trends, Statistics, Opportunities & Forecast by Revenue | 2022−2029
  • Market Dynamics – Competitive Landscape, Growth Factors, Revenue Analysis to 2029
  • Market Segmentation – A detailed analysis by Component, End-Use, Organization Size, and Region
  • Competitive Landscape – Top Key Players and Other Prominent Vendors

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