Dublin, May 27, 2024 (GLOBE NEWSWIRE) — The “Global IoT Technology Market by Node Components (Sensors, Memory Devices, Connectivity ICs, Processors, Logic Devices), Software Solutions (Remote Monitoring, Data Management), Platforms, Services, End-Use Applications, Region – Forecast to 2029” report has been added. ResearchAndMarkets.com Recruitment.

The IoT technology market is expected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period.

The key factors driving the growth of the IoT technology market are increasing need for data centers due to growing adoption of cloud platforms, growing use of wireless smart sensors and networks, and increasing adoption of IPv6. However, interoperability challenges and lack of common standards pose a challenge for the market in the coming years. The key growth opportunities for market players are the growing possibility of incorporating IoT in electric and hybrid vehicles and accelerating adoption of IoT in the healthcare sector.

The consumer segment is expected to account for the largest share of the market during the forecast period.

The consumer segment of the IoT technology market is expected to account for the largest share during the forecast period. Consumer end-use applications include wearable devices and consumer electronics. The evolution of many consumer devices that can connect to the internet and smartphones is expected to accelerate the growth of IoT technology in the consumer electronics segment.

The data management segment is expected to account for the largest share during the forecast period

The data management segment of the IoT technology market is expected to hold the largest share during the forecast period. As the number of connected devices increases, so does the amount of data generated. These data can be used to gain valuable insights through analytics and improve efficiency. Data is important in all sectors and data management is of utmost importance to understand patterns and develop logical information from it. IBM (US), SAP (Germany), and Oracle (US) are developing data management solutions to easily provide information to various sectors for future decision making.

Hence, to manage these data, organizations need software solutions with analytical capabilities to easily process these data and derive various useful patterns. Data management solutions are the most important software solutions in the IoT segment as IoT devices generate huge amounts of data that are difficult for providers to process. Organizations need data management solutions to manage structured and unstructured data to generate insights from the huge amount of data. Data mining, data management, and data analytics techniques are used to make the data useful and relevant.

North America was expected to account for the largest market share among other regions in 2023.

North America is expected to account for the largest share of the IoT technology market in 2023. The North American market for IoT technology is expanding as a result of rising internet penetration in technologically advanced economies and growing use of wireless sensors and networks in major end-use industries such as healthcare, retail, consumer electronics, industrial, automotive, and transportation. The key drivers of market expansion in the region are well-established IT infrastructure and early acceptance of various IoT-enabled products across various end-use applications.

In determining and validating the market size for several segments and sub-segments collected through extensive secondary research, primary interviews were conducted with leading industry experts in the IoT Technology market.

This report explores the following:

  • Analysis of key drivers (emergence of 5G communication technology, growing need for data centers due to increasing adoption of cloud platforms, increasing use of wireless smart sensors and networks, increasing adoption of IPv6), constraints (data security and privacy concerns), opportunities (cross-domain collaboration, government incentives and support for development of IoT technologies, accelerating adoption of IoT in healthcare sector, increasing potential for incorporation of IoT in electric and hybrid vehicles, increasing development of smart cities), challenges (interoperability challenges and lack of common standards, high power consumption by wireless sensor terminals/connected devices, lack of IoT-related skills and expertise) influencing the growth of the IoT technology market
  • Product Development/Innovation: Detailed insights into upcoming technologies, R&D activities, new product and service launches in the IoT technology market
  • Market Development: Comprehensive information on the lucrative market – The report analyzes the IoT technology market across different regions.
  • Market Diversification: Comprehensive information on new products and services, untapped regions, recent trends, and investments in the IoT technology market.
  • Competitive Assessment: Detailed assessment of market share, growth strategies and product/service offerings of key players such as Intel, Qualcomm, Texas Instruments Incorporated, Cisco Systems, Hewlett Packard Enterprise, IBM, STMicroelectronics, Microsoft, PTC, Amazon Web Services, etc. in the IoT Technology market.

Key attributes:

Report Attributes detail
number of pages 293
Forecast Period 2024 – 2029
Estimated market value in 2024 (USD) $945.6 billion
Market value forecast to 2029 (USD) $1377.8 billion
Compound Annual Growth Rate 7.8%
Target area global

Key topics:

executive summary

  • Processor segment to account for largest market share in 2024
  • The remote monitoring segment is expected to register the highest CAGR during the forecast period
  • The consumer segment will hold the largest market share from 2024 to 2029
  • IoT Technology Market, by Region, 2023

Premium Insights

  • Attractive opportunities for IoT Technology market players – Increasing demand from automotive and transportation sectors will drive market growth
  • IoT Technology Market, By Services – Managed services segment to dominate the market during the forecast period
  • IoT Technology Market, by End Use – Aerospace & Defense to register highest CAGR during forecast period
  • North America IoT Technology Market by End Use and Country – Automotive & Transportation Industry and United States to Account for Largest Share of North American IoT Market in 2023
  • IoT Technology Market by Country – China to Dominate the Global IoT Technology Market from 2024 to 2029

Market Trends

driver

  • Increase in internet penetration worldwide
  • Increasing Adoption of Cloud Platforms
  • The spread of wireless sensor networks
  • Increasing IPv6 Adoption

Constraints

  • Data Security and Privacy Concerns

opportunity

  • Strengthening collaboration across disciplines
  • Government-led funding for the development of IoT research projects
  • The Emergence of Connected Care in Healthcare
  • Increasing demand for HEVs and EVs
  • Safety concerns grow with urbanization

assignment

  • Interoperability challenges and lack of common standards
  • High power consumption of wireless sensor terminals/connected devices
  • Shortage of skilled professionals

Case Study Analysis

  • Solulab Inc. helps Enmatrix develop IoT mobile applications for smart building and yacht management
  • Solulab Inc. helps Gearnetics develop advanced IoT fleet management solutions
  • Sanxing and Telenor Connexion helped a leading Swedish energy supplier deploy an IoT-based metering solution to connect smart meters.
  • ISA Minimizes Equipment Breakdowns with IoT-Enabled Predictive Maintenance Solution
  • Telenor helps Swegon deploy IoT-based climate control system

Featured Companies

  • Intel
  • Qualcomm Technologies
  • Texas Instruments
  • StMicroelectronics
  • IBM
  • Hewlett Packard Enterprise Development
  • Cisco Systems, Inc.
  • Microsoft
  • PTCC
  • Amazon Web Services, Inc.
  • General Electric Company
  • Softech Development Co., Ltd.
  • Science Soft USA
  • Oracle
  • Siemens
  • SAP SE
  • Robert Bosch
  • Huawei Technologies
  • Schneider Electric
  • ARM LIMITED.
  • NXP Semiconductors
  • TE Connectivity
  • software
  • Microchip Technology
  • Vates
  • Selhia
  • Clear Blade
  • SolLab
  • Constant Info Solutions
  • Binaryx

For more information on this report, please visit: https://www.researchandmarkets.com/r/dav0et

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  • Global IoT Technology Market



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