The global IoT market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026. . the Internet of Things (IoT) describes the network of physical objects as things that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
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Factors such as access to low-cost, low-power sensor technology, availability of high-speed connectivity, and increase in cloud adoption to boost the growth of Internet of Things market across the globe during the forecast period. Moreover, increase in smart city initiatives worldwide, increase in connected devices to drive the growth of IoT, and emerging 5G technology to help IoT adoption, globally would provide lucrative opportunities for Internet of Things market vendors.
Services to grow at a higher CAGR during the forecast period
Now a days, each company is focusing on integrating new IoT services and solutions into their contemporary infrastructure, due to which, companies are required to be acquainted with comprehensive, detailed insights about the IoT services. Moreover, organizations should be aware of all the benefits provided to their employees and customers by the services. There are various channels through which organizations can gain this knowledge. Based on service, the IoT market has been segmented into professional services and managed services. There is an enormous opportunity for system integrators in the rising IoT ecosystem across industries to deliver value-added services and the partner ecosystem is expected to witness high growth with custom software services and maintenance.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific consists of several emerging and developed economies, such as Australia, India, China, Japan, and Singapore. Some countries are more technologically developed, while some still show reluctance in adopting the latest technologies. The high adoption rate of new technologies has made this region a lucrative market for the IT industry. Due to this reason, the IoT market in the Asia Pacific is expected to grow at the highest rate. In addition, the countries in the region are taking aggressive initiatives to upsurge their IT infrastructures, enabling commercial users to adopt cutting-edge technologies. Some widespread government initiatives in the region aim at improving the efficiency of the services. In recent years, Asia Pacific has successfully facilitated cooperation projects under the low-carbon model town and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among the member economies. However, the lack of knowledge and expertise among end-users and the lack of resources and infrastructures in the developing economies are expected to restrict the growth of the IoT market in Asia Pacific.
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Unique Features in the IoT Market
IoT devices are interconnected, communicating with each other through the internet, enabling seamless data exchange and interoperability across different platforms and devices.
The IoT market is designed to scale massively, supporting the connection of billions of devices across various applications, from consumer electronics to industrial machinery.
IoT systems are capable of collecting, processing, and analyzing data in real-time, enabling timely decision-making and responsiveness in applications such as smart cities, healthcare, and industrial automation.
IoT leverages edge computing to process data closer to where it is generated, reducing latency and bandwidth usage. This is crucial for applications requiring real-time processing, such as autonomous vehicles and smart manufacturing.
IoT spans a wide range of applications, including smart homes, wearables, healthcare, industrial IoT (IIoT), agriculture, transportation, and environmental monitoring, each with unique requirements and benefits.
Major Highlights of the IoT Market
The IoT market is experiencing explosive growth, with the number of connected devices expected to reach tens of billions in the coming years. This growth is driven by advancements in sensor technology, connectivity solutions, and increasing adoption across various industries.
IoT technology is being adopted across a wide range of industries, including healthcare, manufacturing, transportation, agriculture, retail, and smart cities. Each sector is leveraging IoT to enhance efficiency, reduce costs, and create new business opportunities.
IoT growth is supported by advancements in connectivity technologies such as 5G, LPWAN (Low Power Wide Area Network), NB-IoT (Narrowband IoT), and LoRaWAN. These technologies provide the necessary bandwidth, range, and energy efficiency for diverse IoT applications.
IoT systems are increasingly integrating AI and ML to analyze vast amounts of data generated by connected devices. This integration enables predictive maintenance, advanced analytics, automation, and improved decision-making processes.
The consumer IoT market, particularly smart home devices (e.g., smart speakers, thermostats, security systems) and wearable technology (e.g., fitness trackers, smartwatches), is experiencing significant growth. These devices enhance convenience, security, and health monitoring for consumers.
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Top Companies in the IoT Market
Siemens (US), Microsoft (US), AWS (US), Oracle(US), Cisco (US), Qualcomm(US), SAP(Germany), IBM (US), Google(US), Intel(US), Hitachi(Japan), GE Digital(US), PTC(US), ARM(UK), Software AG (Germany), Partical(US), HQSoaftware (Estonia), Telit (UK), Clearblade (US), Ayla netwaorks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Litmus Automation (US), Confidex (Finland).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the IoT market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Siemens is one of the global market leaders in industrial automation. It specializes in electrical engineering and electronics-related products and services. The company’s principal divisions are industry, energy, healthcare, and infrastructure and cities. The company has a huge list of clients located across North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.
The company offers a wide array of IoT solutions. It provides solutions for smart buildings, smart transportation, and smart grids, among others. It also provides various smart transportation products and solutions, including rail automation, automatic train control, Communications-based Train Control (CBTC), traffic control center, urban traffic control, parking space management, tolling, and integrated smart parking. It designs and delivers various real-time products by leveraging the latest leading-edge technologies in transportation systems and automotive electronics. It is present in over 200 countries across the globe.
For smart mobility, the company provides traffic control center platforms, parking space management solutions, toll systems, road services, urban traffic technologies, eBus/eBRT, and integrated smart parking solutions.
Microsoft designs and develops various cloud-based solutions. The company offers various solutions for cloud, mobility, and productivity. It operates in four business segments, namely personal computing, productivity and business processes, intelligent cloud, and corporate. The intelligent cloud segment provides organizations with cloud-based infrastructures and applications, which can convert vast amounts of data into predictive and analytical power using advanced machine learning technology, analytics, and cognitive services. The company also offers IoT-based Azure and Windows 10 solutions and services.
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