Internet of Things (IoT) Market Size Report, Industry Share, Analysis, Growth, 2032

Internet of Things (IoT) Market Insights

According to a report from Zion Market Research, the global Internet of Things (IoT) Market was valued at USD 373.38 Billion in 2023 and is projected to hit USD 1855.51 Billion by 2032, with a compound annual growth rate (CAGR) of 19.5% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Internet of Things (IoT) Market industry over the next decade.

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The concept of connecting various categories of devices through the Internet or interrelated devices connected through the Internet is considered as the Internet of Things (IoT).

The Internet of Things (IoT) Market is witnessing significant demand in numerous industry verticals, attributed to the technological revolution worldwide. Numerous industry verticals such as automotive, healthcare, and BFSI are introducing advanced computing applications on a daily basis to meet up changing industry needs.

The Internet of Things (IoT) along with big data and cloud computing is creating benefiting market opportunities in corresponding industry verticals. Furthermore, the enhancement of wireless networking technologies and the rise in the adoption rate of cloud platforms is acting as an add-on to the market growth.

However, significantly increasing data breach cases and rising privacy concern is hindering overall market demand to some extent. Moreover, increasing IoT penetration rate in small to medium-sized enterprises is anticipated to result in lucrative market opportunities during the forecast time frame.

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Internet of Things (IoT) Market: Segmentation

The global Internet of Things (IoT) Market is segmented on the basis of type, platform, application area, end-use industry, and region. The type segment of the market is majorly classified into hardware, software, and services. Based on the platform, the market is categorized into application management, network management, and others.

Application area segments of the market include smart manufacturing, smart energy, and utilities, building and home automation, smart retail, connected logistics, and smart mobility and transportation. With respect to the application area, the smart manufacturing segment is projected to account for a significant market share during the forecast time frame. In order to enhance business process efficiency, manufacturing companies are focusing on the integration of the latest technologies.

This in return is driving market demand for IoT-enabled devices in manufacturing industries. Internet of Things (IoT) is diversely used in many end-use industries such as IT & telecom, retail, BFSI, healthcare, government, transportation, manufacturing, and others.

Based on geography, the Internet of Things (IoT) market is prominently segregated into five regions including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Among other regions, the Internet of Things (IoT) is forecasted to witness prominent market demand in North America. The United States held a prominent market share in the region, attributed to the significant presence of leading IoT market players such as Affectiva, Kairos, Cogito, Lexalytics, Microsoft, and Google among others.

Internet of Things (IoT) Market: Report Scope

Internet of Things (IoT) Market: Competitive Analysis

As the Internet of Things (IoT) market is currently evolving worldwide, prominent market players are intensely engaged in market-relevant business activities.

Some of the globally leading IoT market participants included in the report are 

• Hewlett Packard Enterprise
• Intel Corporation
• Hitachi. Ltd
• Amazon Web Services.Inc.
• Fujitsu Ltd
• Cisco Systems. Inc.
• Huawei Technologies Co.Ltd
• Micro Soft Corporation
• Beyond Verbal
• Affectiva
• Noldus Information Technology
• Lexalytics
• Adoreboard
• Cogito
• Siemens AG
• iMotions
• NVISO
• Gorilla Technology
• Sensum
• Oracle Corporation
• AT&T. Inc.
• Bosch Software Innovations GmbH
• Kairos
• Sentiance
• IBM
• Google. Inc.
• Tobii 
• among others.

The report segment of global Internet of Things (IoT) market as follows:

Global Internet of Things (IoT) Market: Platform Segment Analysis

• Application Management
• Network Management
• Others

Global Internet of Things (IoT) Market: Component Segment Analysis

• Hardware
• Software
• Services

Global Internet of Things (IoT) Market: Application Area Segment Analysis

• Smart Manufacturing
• Smart energy and utilities
• Building and home automation
• Smart retail
• Connected logistics
• Smart mobility and transportation

Global Internet of Things (IoT) Market: End-Use Industry Segment Analysis

• IT & Telecom
• Retail
• BFSI
• Healthcare
• Government
• Transportation
• Manufacturing
• Others

Global Internet of Things (IoT) Market: By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa