IoT Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Deployment Mode, by Organization Size, by Platform, by Technology, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2024-2032

Key market dynamics 

The global IoT market growth has grown due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. However, the privacy and security concerns act as a restraint for the IoT industry expansion. In addition, the emergence of mobile devices is expected to provide ample opportunities for market expansion during the forecast period. 

IoT Patent Analysis 

IoT solutions, which integrate advanced network of interconnected devices, have seen significant patent activity across various regions. According to the World Intellectual Property Organization, in 2024, China leads in IoT solutions patents, driven by significant contributions from companies like Samsung Electronics Co. LTD, Chengdu Quinchuan IoT Tech Co Ltd. and others. U.S. also contributing to the market growth, focusing on adopting advanced technologies supported by government initiatives. While Korea and India encourage investments from global market players aiming to expand their technological capabilities.  

Market Segmentation 

The IoT market size is segmented on the basis of component, deployment mode, organization size, platform, technology, industry vertical, and region. By component, the market is divided into solution and service. Depending on deployment mode, it is segregated into on-premise and cloud. On the basis of organization size, it is bifurcated into large enterprises and small & medium size enterprises (SMEs) . As per the platform, it is fragmented into device management, application management, and network management. By technology, it is differentiated by radiofrequency identification, pressure sensors, network communications, data processing, and near-field communications. By industry vertical, it is categorized into retail, e-commerce, & consumer electronics, energy & utility, healthcare, transportation & logistics, IT & telecom, manufacturing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. 

Regional/Country Market Outlook 

The global IoT market has experienced substantial growth, with North America playing a pivotal role in this expansion. North America leads the market, propelled by robust technological infrastructure, significant investments in smart technologies, and stringent safety regulations that encourage the integration of advanced IoT solutions. Europe follows closely, with countries such as Germany and the UK at the forefront, leveraging IoT solutions. In the Asia-Pacific region, rapid digitalization and increase in awareness of smart solutions drive the adoption of AI and IoT technology solutions, particularly in China and Japan, where government initiatives support technological advancements. 

• In April 2024, IBM, the Government of Canada, and the Government of Quebec announced agreements that strengthened Canada's semiconductor industry and further developed the assembly, testing, and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high-performance computing, automotive, aerospace & defense, computer networks, and generative AI. 

• In June 2024, the General Services Administration (GSA) raised $80 million from the Inflation Reduction Act (IRA) , the largest climate investment in U.S. history, into smart building technologies that help reduce emissions, increase efficiency, decrease costs, and enhance comfort across an estimated 560 federal buildings.  

Industry Trends: 

• In July 2023, the U.S. Government launched its long-awaited Internet of Things (IoT) cybersecurity labeling program that aims to protect Americans against the myriad security risks associated with internet-connected devices. 

• In May 2021, the Presidential Executive announced the improvement in the Nation’s Cybersecurity and directed NIST to initiate two labeling programs on cybersecurity capabilities of Internet-of-Things (IoT) consumer devices and software development practices.  

Competitive Landscape 

The major players operating in the IoT market share include Google LLC, Hewlett Packard Enterprise, Cisco Systems, Inc., International Business Machine Corporation (IBM) , SAP SE, Microsoft Corporation, Amazon Web Service., Oracle Corporation, Intel Corporation, and Bosch Software Innovation GMBH. 

Recent Key Strategies and Developments 

• In February 2024, Digi International Inc. launched Digi IX40, a 5G edge computing industrial IoT cellular router solution. Digi IX40 is purpose-built for Industry 4.0 use cases such as advanced robotics, predictive maintenance, asset monitoring, industrial automation, and smart manufacturing.  

• In February 2023, KORE launched its recent technology software MODGo, which provides a unified, digital approach to IoT asset management, at the Mobile World Congress Barcelona. This cutting-edge solution provides a streamlined approach to managed services, designed to help organizations overcome the challenges of IoT implementation and management.  

• In March 2023, the Ministry of Electronics and Information Technology (MeitY) launched three IoT sensor-based products, which include a “Smart Digital thermometer”, “IoT enabled Environmental Monitoring System” and “Multichannel data Acquisition System”, developed by C-MET in the CoE in IIoT sensors.  

Key Sources Referred 

1. Ministry of Electronics & IT  

2. Internet Society 

3. IEEE  

4. CSA IoT 

Key Benefits for Stakeholders 

• This report provides a quantitative analysis of the IoT market forecast segments, current trends, estimations, and dynamics of the IoT market analysis from 2023 to 2032 to identify the prevailing IoT market opportunities. 

• Market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the IoT market segmentation assists in determining the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global IoT market Statistics. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 

• The report includes the analysis of the regional and global IoT market trends, key players, market segments, application areas, and market growth strategies.