Wed, 30 Nov 2022

Market Analysis

The global internet of things market will reach USD 741.35 billion at a 25.7% CAGR by 2030, states the new Market Research Future report.

IoT Market Drivers

Growing Trend for Smart City Solutions to Boost Market Growth

Stakeholders have been pushed to increase their penetration into untapped areas as a result of the growing need for smart city solutions. Industry participants believe that Internet of Things (IoT) market share will significantly increase with the adoption of smart technologies.

Report Scope:



Revenue Forecast in 2030

USD 741.35 Billion

Growth Rate:

CAGR of 25.7% from 2022 to 2030

Study Period:

2022 -2030

Report Coverage:

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

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IoT Market Opportunities

Increasing Implementation across Different End-User Sectors to offer Robust Opportunities

The increasing usage of the IoT across different end-user sectors like healthcare, automotive, and manufacturing will offer lucrative opportunities for this market in the assessment period.

IoT Market Restraints

Limited IoT Experts to act as Market Restraints

The limited number of IoT professionals may act as a market restraint over the forecast period.


Poor Operational Efficiency to act as Market Challenge

The lack of advances in communication technology coupled with poor operational efficiency in developing economies may act as market challenges in the assessment period.

IoT Market Segmentation

The internet of things market is bifurcated based on end use, organization size, and component.

By component, software will lead the market over the forecast period.

By organization size, large enterprises will dominate the market over the forecast period.

By end use, the IoT market is segmented into consumer and industry.

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COVID-19 Analysis

The COVID-19 epidemic has possessed a huge effect on the IoT business. The IoT sensor supply chain has been significantly impacted by all global areas. Due to a shrinking staff and a slowdown in the supply of hardware, the deployment of IoT and sensors has been put on hold in many projects. The pandemic affected the supply chain, causing many manufacturing companies to reduce production, which slowed down demand for IoT items among the manufacturing units. However, the epidemic has accelerated the shift to "work from home" arrangements, raising the requirement for automation and remote management. IoT systems are increasingly given more importance, particularly for assuring operational effectiveness and cost savings with fewer workforces. To support the installed IoT functions, the market for software solutions is anticipated to grow rapidly soon. Many manufacturers of software recognize the advantages of remote monitoring solutions.

IoT Market Regional Analysis

North America to Lead Internet of Things Market

Because it is a technologically advanced region, North America is one of the major contributors to the global Internet of Things market. Both the US and Canada have developed economies, enabling them to make significant investments in R&D projects. The North American IoT market has grown as a result of rapid digitization across industry focus areas, rising usage of smart connected devices, and technological breakthroughs. The increased use of connected devices and associated network infrastructure, as well as the increased cooperation of hardware, network, and software providers, are the main factors contributing to the growth of the IoT market in the North American area. In the area, smart transportation is widely used, which is assisting commuters in safely reaching their destinations. By embracing IoT capabilities, Canadian businesses are enhancing and optimizing their business operations. In addition, the businesses produce and market IoT technology to help organizations run more efficiently. In North America, where there are numerous well-known public safety organizations, including firefighting services and emergency medical services, smart citizen services are a development facilitator. The use of smart services setup has increased as a result of technological improvements, aiding the region in establishing a secure environment that is centered on the demands of its residents.

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APAC to Have Favorable Growth in Internet of Things Market

Asia-Pacific is the largest manufacturing hub in the world, which presents a huge opportunity for the Internet of Things (IoT) industry to flourish. Due to advancements in IT infrastructure, the region has a considerable potential to adopt Internet of Things (IoT) market solutions. China, India, Japan, & the rest of Asia-Pacific are the countries into which the region has been divided. During the projected period, China is anticipated to lead and have the greatest CAGR of any country. A number of developed and rising economies can be found in Asia Pacific, including Singapore, India, Australia, China, & Japan. This region has turned into a valuable market for the IT industry thanks to the high rate of adoption of new technology.

Key Players

Eminent industry players profiled in the internet of things market report include Amazon Web Services (US), AT & T Inc. (US), Cisco System Inc. (US), Google Inc. (US), Oracle Corporation (US), Dell Inc. (US), Microsoft Corporation (US), Hitachi Data Systems (U.S.), Huawei Technologies Co. Ltd. (China), International Business Machines Corporation (IBM) (US), Netobjex Inc. (US), and Arctouch (US).

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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