WESTFORD, Mass., July 2, 2024 /PRNewswire/ -- According to
SkyQuest, the global Internet of Things (IoT) Market was
valued at USD 318.8 billion in 2022
and is poised to grow from USD 380.6
billion in 2023 to USD 1572.37
billion by 2031, growing at a CAGR of 19.4% during the
forecast period (2024-2031).
Internet of Things (IoT) refers to physical objects embedded
with sensors and software to enable communication and share or
transmit data. Growing demand for connected devices around the
world and advancements in IoT technology are projected to drive the
internet of things (IoT) market growth. The availability of
low-cost sensors and rapid adoption of cloud technologies are also
setting the tone for internet of things (IoT) market growth across
the forecast period and beyond. The global Internet of Things (IoT)
market is segmented into component and application, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/internet-of-things-market
Internet of Things (IoT) Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 380.6 billion
|
Estimated Value by
2031
|
$ 1572.37 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 19.4%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, Focus Area
and End Use Verticals
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Government initiatives
open door for investing in IoT market
|
Key Market
Drivers
|
Innovations in Sensor
Technology to Boost Market Growth
|
Segments covered in Internet of Things (IoT) Market
are as follows:
- Component
- Hardware, Software (Smart Surveillance, Data Management, Device
Management, Application Management, Network Management), Services
(Professional Services [Consulting, Implementation, Support &
Maintenance], Managed Services)
- Focus Area
- Smart Manufacturing (Asset Tracking & Remote Management,
Production Optimization, Workforce Management), Smart
Transportation/Mobility (Traffic Management, Cargo Monitoring,
Fleet Management, Ticketing & Toll Collection), Smart Energy
& Utilities (Energy Efficiency, Energy Consumption, Energy
Transmission & Distribution), Smart Retail (Geo marketing &
Advertising, Smart Payment & Customer Experience), Connected
Healthcare (Telemedicine, Clinical Operations Management, Imaging
& Diagnostics), Smart Agriculture (Field & Crop Monitoring,
Weather Monitoring), Smart Buildings (Identity & Access
Management, Smart Water Management, Automation & Control),
Other Applications
- End Use Verticals
- Industrial, Commercial, Residential
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Any Functional IoT Device is Incomplete Without its
Components
Hardware is a prominent sub-segment of the component segment as
it brings in most revenue for internet of things (IoT) companies.
Sensors, actuators, connectivity devices, and RFID tags are some
key hardware components that are extensively used in IoT devices.
Growing demand for advanced IoT devices is pushing companies to
invest in the development of new hardware technology. Rising demand
for remote monitoring in multiple industry verticals is also
estimated to promote the use of advanced hardware components going
forward.
The need for advanced software for IoT devices for data
collection and analysis is projected to help the software
sub-segment boost market development at a good pace. Increasing
emphasis on process optimization and demand for custom applications
are also slated to help this segment bolster internet of things
(IoT) market growth. The launch of new digital transformation
initiatives around the world is also projected to aid IoT software
demand. The rising use of IoT devices in different automation
applications is estimated to help the expansion of the service
sub-segment. Integration of IoT devices with other advanced and
smart technologies will also help internet of things (IoT)
companies expand their revenue generation through services.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Smart Manufacturing Leading the Application Scope of IoT
Technology
Rising emphasis on improving manufacturing facilities'
productivity and operational efficiency is promoting the adoption
of smart manufacturing practices. Most smart manufacturing
approaches rely on the utilization of the Internet of things and
other connected technologies. The adoption of the Industry 4.0
trend is another key factor helping internet of things (IoT)
adoption in smart manufacturing applications. The Internet of
things (IoT) is important in almost all kinds of smart applications
and the growing popularity of smart solutions around the world is
slated to create new opportunities going forward.
Growing demand for better agriculture yield around the world has
promoted the popularity of smart and precision agriculture. This
trend is also estimated to bolster sales of IoT devices across the
forecast period and beyond. Smart transportation and logistics are
another application where IoT devices will be high in demand owing
to rising demand for automation. High investments in smart
infrastructure development will also create new opportunities for
internet of things (IoT) providers in the long run
In conclusion, the internet of things (IoT) market has a lot of
untapped potential in its sub-segments, where internet of things
(IoT) companies can focus and generate impressive revenue going
forward. Smart agriculture, smart transportation, and hardware are
the top segments that are estimated to provide the best return on
investment for internet of things (IoT) companies in the future.
New companies as well as established market players can target the
sub-segments to amplify their business scope.
Related Reports:
Automotive IoT Market
Internet Of Things (IoT) Professional Services Market
IoT Security Market
5G IoT Market
IoT Sensors Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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