Published Date: 12-May-22
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According to a new report, published by KBV research, 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 Solution segment acquired the maximum revenue share in the Global Internet of Things (IoT) Market by Component in 2020; thereby, achieving a market value of $569.5 billion by 2027. This is due to the rise in the adoption of IoT solutions among businesses to have strategic as well as a competitive advantage and healthy customer withholding over their competitors. Moreover, these solutions save both time and money, leverage existing data investments, and better the image analysis capabilities, with just one solution. That delivers lucrative opportunities for market growth.
The Network Communications segment is leading the Global Internet of Things (IoT) Market by Technology in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $285.9 billion by 2027. It is due to the fact that IoT enables companies to establish a seamless communication among devices and network. WiFi, Bluetooth, LTE-A, Radio Protocols, and WiFi-Direct are some of the primary IoT technologies and protocols (IoT Communication Protocols). These Internet of Things communication protocols are tailored to and fit the functional requirements of an IoT system.
The Device Management segment is showcasing a CAGR of 17.8% during (2021 - 2027). The main driver for the IoT device management platform is the rising requirement for access and control across IoT devices. Registration, maintenance, provisioning, configuration, and monitoring of connected devices are all part of IoT Device Management. For example, all of the major cloud providers, such as Azure IoT Hub, AWS IoT, and Google Cloud IoT, offer IoT device management services.
The Cloud market has shown growth rate of 19.5% during (2021 - 2027). Reason behind this growth is that the cloud deployment doesn’t need investment in IT infrastructure, as all data is stored on a cloud server, which raises the demand for IoT software over SMEs.
The Large Enterprises segment is leading the Global Internet of Things (IoT) Market by Organization Size in 2020; thereby, achieving a market value of $522.9 billion by 2027. This is due to the fact that customers use IoT to find new insights on big-scale diverse data, consisting of historical and recent data. This technology is appropriate for the collection of data & running algorithms and analysis over a big set of data to discover relevant relationships, entities, and insights. Moreover, IoT continues to become mainstream, as more big enterprises are preferring extraction capabilities for having important insights from large data, which is opportunistic for the market.
The Retail, E-commerce, & Consumer Electronics market is estimated to witness a CAGR of 16.7% during (2021 - 2027). It is due to the huge expansion of the e-commerce industry, across the world. Hence, the retailers are not only using IoT solutions to enhance their operational efficiency but also boost the customer experience to gain competitive advantages. Hence, the falling cost of IoT-based sensors and connectivity, customer demand for a good shopping experience, and rising adoption of smart-payment solutions are some of the crucial factors driving the adoption of IoT solutions in this segment.
The North America market dominated the Global Internet of Things (IoT) Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $290.1 billion by 2027. The Europe market is estimated to witness a CAGR of 16.9% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 18.5% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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