Internet of Things (IoT) Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Internet of Things (IoT) Market by region.
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The global internet of things (IoT) market size was US$ 4.8 billion in 2021. The global internet of things (IoT) market is forecast to reach the value of US$ 8.3 billion by 2020, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Internet of Things or IoT includes digital machines, inter-related computing devices, objects, and individuals having unique identifiers (UIDs. Moreover, it helps transfer data through the network by eliminating the human-to-human or human-to-machine interaction.
Factors Influencing
The increasing adoption of IoT solutions across all verticals is the primary factor driving the market growth. Artificial intelligence, data analysis, and machine learning play an important role in industries. Over the years, Data analysis and management have gained prominence as it is important to manage the network efficiently.
The launch of innovative platforms and rising competition among service providers will benefit the market. Cloud Vendors, including Amazon, Microsoft, and Google, are introducing innovative solutions which increase the need to enhance AI capabilities.
Growing demand for advanced solutions in the healthcare sector is forecast to fuel market growth. Governments in various countries are making a huge investment to grow healthcare infrastructure. Moreover, increasing cases of chronic diseases will ultimately raise the demand for efficient systems for monitoring chronic diseases.
In addition, the increasing demand for smart medical and diagnostic tools, early warning systems, smart hospital rooms, and wearable devices will accelerate the market growth.
Security issues may hamper the growth of the global Internet of Things (IoT) market.
The growing demand for smartphones, wearables, and the advent of smart homes and healthcare is forecast to prompt the growth of the global Internet of Things (IoT) market.
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Geographic Analysis
Geographically, North America holds the largest share in the global internet of things market due to the increasing penetration of advanced technologies across all verticals. In addition, the high healthcare expenditure and favorable government initiatives are forecast to boost the regional contribution in the global Internet of Things (IoT) market.
Due to the high penetration of advanced technologies, Europe is expected to have the highest growth rate during the study period.
COVID-19 Impact Analysis
During the COVID-19 pandemic, market suppliers inked a partnership with various organizations to provide innovative technology-enabled solutions to healthcare organizations. These technologies aim to assist healthcare providers in efficiently overcoming the difficulty. For example, the Shanghai Public Health Clinical Center (SPHCC) employed a continuous temperature measuring gadget from the California-based connected health firm VivaLNK to monitor COVID-19 patients. The device efficiently reduces the chance of caregivers contracting the virus. Thus, the global Internet of Things (IoT) market grew significantly during the COVID-19 pandemic.
Competitors in the Market
IBM
Royal Phillips
Stanley Healthcare
Oracle
Bosch
CloudMinds
XAG
CBT
PTC
Rockwell AutomationHoneywell (US)
GE Digital
Intel
Siemens
Ericsson
Hitachi Vantara
ABB
NEC Corporation
Other prominent players
Market Segmentation
The global Internet of Things (IoT) market segmentation focuses on Component, End-User Industry, and Region.
Insight by Component
Engineered Software Solutions
Platforms
Services
By End-User Industry
Manufacturing
Transportation
Healthcare
Retail
Energy and Utilities
Residential
Other End-User Industries
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Insight by Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
•The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
•During the forecast period, the report analyzes the growth rate, market size, and market valuation.
•The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
•The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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