The Global Internet of Things (IoT) Market size is expected to reach $806. 3 billion by 2027, rising at a market growth of 17. 6% CAGR during the forecast period. The IoT technology includes web-connected smart devices that receive, analyze and process the data gathered from their surroundings with the help of embedded systems consisting of sensors, processors, and communication hardware.
New York, May 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Internet of Things Market Size, Share & Industry Trends Analysis Report By Component, By Technology, By Platform, By Deployment Mode, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06273360/?utm_source=GNW
Organizations over a vast range of businesses are moderately shifting to IoT technology to boost organizational performance and understand consumers in a better way to deliver better customer services, improve decision making, and fuel the value of their business.
The up-gradation of wireless networking technologies, the growth of advanced data analytics, decrease in the cost of connected devices, and an enhancement in cloud platform adoption, are augmenting the growth of the market. When it comes to connecting several smart devices to ease operations and sharing of data between themselves, the internet of things always does favor. Many smart devices, like smartphones, sensors, and wearable, take relevant data from the devices that are further used to accelerate the experience of the customer. The fueling requirement for data analysis and analytics integration is anticipated to increase the usage of the Internet of Things market over the forecast period.
Industry 4.0 and IoT are in the middle of new technologies approaches for developing, producing & managing the whole logistics chain, in other words, known as smart factory automation. Significant shifts in manufacturing because of industry 4.0 and rising acceptance of IoT that demands enterprises to follow unique, vigilant, and smarter methods to boost production with technologies that support and fuel human labor with robotics and turn down industrial accidents due to any process failure.
The outbreak of the COVID-19 pandemic affected various sectors of the business environment. This is allocated to a rapid rise in the demand for cloud-based IoT solutions that maintained to be a pillar of businesses to survive during the pandemic. The IoT solution performed an important role in maintaining the whole business processes efficiently operating and under control during the COVID-19 pandemic. Internet of Things kept good connectivity between connected devices during the lockdown. This was attained through various features of internet of things solutions like digital data exchange, remote access, real-time data analytics, and real-time work floor control.
Market Growth Factors
Rising prevalence of advanced data analytics and data processing solutions
Exposure to various data analytics and data processing tools like as large data analytics, data science, Hadoop are propelling the deployment of IoT technology among enterprises across different business verticals. Data Analytics is a method utilized to analyze large & small data sets with different data properties to draw precious results and actionable insights. These results normally take the shape of developments, patterns, and figures that permit market enterprises to interact in advance with data to execute successful decision-making processes. Big data includes a tremendous volume of heterogeneous data in structured, semi-structured, and unstructured forms.
Availability of Low-cost, low-power sensor technology
Sensors are the most pivotal components in IoT devices. They help in creating information about a physical event or state. Sensors can compute from their situations, consisting of orientation, motion, light, sound, humidity, and temperature to biometrics, such as blood pressure and heart rate. These sensors will drive the feasibility of the IoT across industry verticals for numerous application areas. In addition, continued innovation in sensor technologies is anticipated to further stretch IoT capabilities. The sharp fall in the prices of these sensors has resulted in a significant rise in the adoption rate of IoT technology & solutions across organizations. The cost of certain low-frequency passive categories of Radio Frequency Identification (RFID) tags and radically reduced in the past few years.
Market Restraining Factors
Limitations in the IoT Ecosystem Associated with Data Security, Integrity, and Privacy
IoT technology has a wide vast range of applications, from gathering biometric data through communication networks and cloud technologies. These devices include unique IP addresses by which they can speak and exchange data inside and with other machines. But, with enhancing deployment, data security and privacy are also enlarging for connected devices, smart devices, mobile devices, and platforms. All these devices and networks might include sensitive and personal information which the intruders can use. With rising dependency on connected devices, data exploitation might take a hike, showing design flows and vulnerability of connected devices. Multiple solutions are being brought by many data protection providers and enterprises.
Based on Component, the market is segmented into Solution and Services. In 2020, the services segment procured a significant revenue share in the Internet of Things market. The services segment of the IoT industry promises good coordination between software provider companies, and managed services. The assumption of this software fastens up the customer satisfaction of various industrial verticals like energy & utilities, IT & telecommunication, and healthcare, which accelerate the numbers of the existing customer by optimizing their requirements and minimizes the cost of operation. This further accelerates the adoption of services that are needed to manage the software properly.
Based on Technology, the market is segmented into Network Communications, Radiofrequency Identification, Near-field Communication, Data Processing, and Others. The Radiofrequency Identification procured a substantial market share in the Internet of Things Market in 2020. Before executing data processing, it is important to have a take on what is a good balance between the number of updates and the consumption of resources. The good balance relies on the IoT use case. In some use cases, it is important to know instantly how the collected data hampers the output. This requires real-time data processing which can be very resource-consuming.
Based on Platform, the market is segmented into Network Management, Device Management, and Application Management. The Network management segment acquired the highest revenue share in the Internet of Things market in 2020. This platform permits enterprises to operate IoT devices, apply security patches, and deliver device-centric reports utilizing administrative tools. Authentication, provisioning, setting, monitoring, routing, and device software maintenance are all possible with IoT network management, which is opening news growth prospects for the segment growth.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into On-premise and Cloud. The On-premise segment garnered the maximum revenue share in the Internet of Things market in 2020. This is owing to the number of advantages offered by on-premise deployments such as a high level of data security and safety. In addition, there are many companies that are adopting on-premise IoT solutions in order to protect their data from breaches.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises (SMEs). The Small & Medium enterprise (SME) garnered a significant revenue share in the Internet of Things market in 2020. This is owing to the fact that SMEs are moving their businesses to a digital platform, and are utilizing IoT solutions, which is helping them to become more productive, smarter, and efficient.
Based on Vertical, the market is segmented into Manufacturing, Retail, E-commerce, & Consumer Electronics, Telecom & IT, Transportation & Logistics, and Healthcare & Life Sciences. Manufacturing segment acquired the highest revenue share in the Internet of Things market in 2020. It is due to the rising adoption of latest solutions and devices by the manufacturers and the increasing prevalence of smart factory concept across the world.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region with the maximum revenue share in the Internet of Things market in 2020. It is due to the quick adoption of digitalization, the significant rise in the demand for the smart connected device, and the rising technological advancements. In addition, the rising spending in the research and development activities by the companies as well as governments, would further accelerate the growth of the regional market.
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Internet of Things (IoT) Market. Companies such as Amazon Web Services, Inc., Intel Corporation, Cisco Systems, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), Cisco Systems, Inc., Intel Corporation, and Qualcomm, Inc.
Recent Strategies Deployed in Internet of Things (IoT) Market
Partnerships, Collaborations and Agreements:
Jan-2022: Cybertrust Japan joined hands with Qualcomm Technologies, an American multinational corporation. Through this collaboration, the companies aimed to deploy smart solutions with the Qualcomm IoT Services portfolio helping enterprises and entities exploring to adopt and combine smart solutions initially in Japan as well as expected to expand across the globe in near future.
Sep-2021: Oracle entered into a multi-year collaboration with Telefonica España, one of the largest telephone operators and mobile network providers. Under this collaboration, the companies aimed to propel the telecoms industry cloud adoption and the development of new interaction services for customers and enterprises. Additionally, the collaboration by Telefonica would combine the technology architectures that support its communications network within a shared, open-standard platform developed to support its increasing digital services suite, including new services across the Internet of Things and 5G as well as services hosted within network partner and ISVs.
Sep-2021: Cisco signed a five-year agreement with Telstra, an Australian telecommunications company. Through this partnership, Cisco focused on providing leading connectivity administration for Internet of Things services with Telstra Control Center powered by Cisco. Additionally, Cisco consumers would achieve clarity to turn IoT data to make smart enterprise decisions.
Aug-2021: Cisco joined hands with AT&T, the world’s largest telecommunications company. Through this collaboration, the companies aimed to introduce 5G network abilities to boost performance for Internet of Things applications around the US. Additionally, a 5G network would be prepared to provide faster speed as well as low latency for business consumers IoT deployments utilizing 5G certified devices.
Jun-2021: Amazon Web Services teamed up with Larsen & Toubro Infotech, a global technology consulting and digital solutions. Through this collaboration, the companies aimed to propel user innovation and value with digital transformation.
Feb-2021: Siemens expanded its partnership with IBM, an American multinational technology corporation. Through this partnership, the companies aimed to introduce MindSphere, a managed internet of things service delivered by Siemens, on the Red Hat OpenShift platform. Additionally, MindSphere aimed to create an easy method to build edge computing applications that process and analyze created data.
Feb-2021: Microsoft formed a partnership with Intel, an American multinational corporation and technology enterprise. Through this partnership, the companies aimed to provide IoT services and products that decrease the problems of solution development along with various objectives to offer ease of development, to provide a comprehensive range of services, share expertise in edge computing, and provide secure and scalable IoT products and services to the IoT Industries.
Oct-2020: IBM formed a partnership with ClearBlade, the Edge Computing software enabling enterprises. Through this partnership, the companies aimed to provide IoT solutions and autonomous edge computing. The integration of ClearBlade Edge and IBM Edge Application Manager would grace organization consumers developing end-to-end edge computing solutions for transportation, healthcare, manufacturing, and other enterprises.
Product Launches and Product Expansions:
Feb-2022: Microsoft introduced Azure Digital Twins. The IoT platforms allow users to replica ecosystems such as factories, farms, railways, energy networks, buildings, cities, and stadiums by attaching assets including existing enterprise systems and internet of things devices. Additionally, Azure Digital Twins support the invention of data processing and dynamic enterprise logic with combined Azure analytics, data as well as AI services, allowing consumers to trace the past and future forecast.
Sep-2021: Qualcomm expanded its IoT service vertical reach. Through this expansion, the company aimed to improve the platform to deliver enhanced features abilities such as automated device onboarding and management, drag-and-drop deployment with low-code development, combined standard operating process workflow, edge-artificial intelligence, and cloud combined allowing efficiency and scalability, and automated device onboarding and management.
Jun-2021: Qualcomm Technologies introduced Qualcomm QCS6490/ QCM6490, Qualcomm QCS4290/ QCM4290, Qualcomm QCS2290/ QCM2290, and Qualcomm QCS8250, a set of processors and platforms for the Internet of things devices. The processors are utilized in various industries such as retail, logistics, healthcare, and transportation. Additionally, 5G entrance into business networking has given enterprises like Qualcomm a better hand in digital and IoT transformation execution.
Jun-2021: Cisco introduced a new offering of Catalyst industrial routers. The new suite extends the abilities of the business network to the borderline with the security, flexibility, scalability required for IoT success. Additionally, the suite including 5G abilities, allows an enterprise to run connected working at scale with the option of management tools appropriate for operations and IT.
Dec-2020: Qualcomm Technologies introduced Qualcomm IoT Services portfolio. The portfolio offers complete IoT as a Service, end-to-end solutions to access the digital transformation of smart connected and smart cities areas across the globe.
Sep-2020: Intel launched The 11th Gen Intel Core & Intel Atom x6000E Series, two new industrial IoT processors. These processors would bring more computing to edge applications. In addition, the company highlighted an Edge Software Hub comprising customization tools, use-case-specific reference designs, and reusable container packages for retail, predictive analytics, industrial, and computer vision.
Jan-2020: Cisco released IoT security infrastructure that delivers improved clarity around OT and IT ecosystem and secures business procedure. The solution would allow removal as well as a collection of data from the IoT edge so the enterprise can enlarge its ability to make better industries decisions and propel digitization projects.
Acquisitions and Mergers:
Mar-2021: Microsoft took over Marsden Group, provider of industrial automation and safety processes. This acquisition aimed to improve Microsoft’s capabilities to generate new consumer value through experimentation along with deep industry solutions based on the Microsoft cloud.
Jun-2020: Microsoft acquired CyberX, a robust cybersecurity platform. Through this acquisition, CyberX would accomplish the existing Azure IoT security abilities, and be bound to actual devices used in infrastructure scenarios, industrial IoT, and Operational Technology. Moreover, through this procurement, consumers can explore existing IoT assets, to manage as well as improve the security of devices.
Apr-2020: Cisco took over Fluidmesh Networks, a leader in resilient wireless backhaul solutions. Through this acquisition, Fluidmesh expanded Cisco’s industrial wireless portfolio to companies with portable assets and mission-critical applications in a condition where zero data loss is serious to uptime and business flexibility.
Scope of the Study
Market Segments covered in the Report:
• Network Communications
• Radiofrequency Identification
• Near-field Communication
• Data Processing
By Deployment Mode
By Organization Size
• Large Enterprises
• Small & Medium Enterprises (SMEs)
• Retail, E-commerce, & Consumer Electronics
• Telecom & IT
• Transportation & Logistics
• Healthcare & Life Sciences
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Siemens AG
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• Google LLC
• Amazon Web Services, Inc. (Amazon.com, Inc.)
• Cisco Systems, Inc.
• Intel Corporation
• Qualcomm, Inc.
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