IoT Market Size Expected to reach $4,421.62 Billion by 2030

According to a recent report published by Allied Market Research, titled, “IoT Market Analysis by Component, Deployment Mode, Organization Size, Platform, Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The global IoT market size was valued at $740.47 billion in 2020, and is projected to reach $4,421.62 billion by 2030, growing at a CAGR of 19.67% from 2021 to 2030.

Advancements in industrial-grade digital technology, increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward growth of the global IoT market. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations. Moreover, IoT enables companies to automate processes and reduce labor costs. It further cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions, which will creative lucrative opportunities for the global market growth.

On the basis of component, the solution segment dominated the overall IoT industry in 2020, and is expected to continue this IoT market trends during the forecast period. This is attributed to increase in adoption of IoT solution among business to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, these solutions save both time as well as money, leverage existing data investments, and improve image analysis capabilities, with just a single solution. Which provides lucrative opportunities for the market growth. However, the service segment is expected to witness highest IoT market growth, as service segment of IoT industry ensures effective coordination between software provider companies and users of IoT solution by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as energy & utilities, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.

Depending on deployment mode, the on-premise segment garnered the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of IoT software in small and medium scale organizations.

COVID-19, as a macroeconomic shock, has impacted not only individual behaviors but also enforced governments and organizations to change their policies and priorities. This is fueling the adoption of IoT and other technologies in many areas, especially in healthcare and smart cities. On the other hand, financial stress brought by the global recession has adversely impacted the technological adoption in short term in some sectors such as transportation. However, in the mid- to long-term when financial stress is eased, this pandemic is expected to accelerate IoT adoption in a broader range of sectors. The changes in consumer behavior, government policies, and organization priorities open a range of opportunities to adopt IoT for innovative solutions to prepare for the new normal. Many of the changes in this new normal such as remote work and telehealth are expected to stay even after people get over the pandemic.

Key Findings of the Study

• By component, the solution segment dominated the Internet of Things Industry in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
• On the basis of Deployment Mode, the on premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
• Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
• By platform, the network management segment dominated the Internet of Things Industry in 2020. However, the application management segment is expected to exhibit significant growth during the forecast period.
• By technology, the network communications segment dominated the IoT market in 2020. However, the near field communications segment is expected to exhibit significant growth during the forecast period.
• Depending on industry vertical, the manufacturing segment generated the highest revenue in 2020. However, the healthcare segment is expected to witness the highest growth rate in the near future
• Region wise, the IoT industry was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

This report gives an in-depth profile of some key market players in the IoT industry are Intel Corporation, Sap Se, Cisco Systems Inc, Microsoft Corporation, Oracle Corporation, IBM Corporation, Google LLC, Hewlett-Packard Enterprise, Amazon Web Services Inc., and Bosch Software Innovation GmbH. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.