Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A00364 | Pages: 350 | Charts: 75 | Tables: 246 |
The global IoT market size was valued at USD 956.0 billion in 2023, and is projected to reach USD 5,332.3 billion by 2032, growing at a CAGR of 21.3% from 2024 to 2032.
The term Internet of Things (IoT) refers to the network that includes physical objects, also known as "things" that are integrated with sensors, software, and other technologies to communicate and share data with other internet-connected devices and systems. These devices range from household objects to sophisticated industrial tools. Now that users can connect everyday objects such as kitchen appliances, cars, thermostats, and baby monitors to the internet via embedded devices, seamless communication is possible between people, processes, and things.
The IoT market is expected to witness substantial growth during the forecast period. This is attributed to the reasons such as enhanced connectivity with 5G and LPWAN, reduced costs for devices and sensors, and progress in cloud and edge computing. In addition, the integration of AI and machine learning facilitates intelligent decision-making, while big data analytics assists companies in optimizing their operations, accelerating market growth. Furthermore, the rise in consumer interest in smart home devices and industrial IoT applications across fields like manufacturing and agriculture drives the growth of the global IoT market. Government efforts towards smart cities, coupled with better security and privacy measures, further fuels market growth.
However, the high initial costs of implementing IoT infrastructure, including sensors, connectivity, and data storage, can be a barrier, especially for small and medium-sized enterprises. In addition, the lack of standardization, which leads to interoperability issues between devices from different manufacturers, hampers market growth.
On the contrary, the IoT market is expected to offer numerous opportunities for new players in the market. In the consumer space, smart home solutions, including devices like thermostats, security cameras, and voice assistants, are in high demand as people seek convenience, energy savings, and enhanced security. In healthcare, IoT is revolutionizing patient care through wearable devices and remote monitoring systems, allowing for real-time health data analysis and more personalized treatments. Industrial IoT (IIoT) is also a major growth area, with applications like predictive maintenance, supply chain optimization, and manufacturing automation improving operational efficiency and reducing costs.
The internet of things market study covers 20 countries. The internet of things research includes a segment analysis of each country in terms of value ($Billion) for the projected period 2024-2032.
More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major internet of things (IoT) market industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global IoT market value and assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Key Market Segments
Key Market Players