Internet of Things Market Accounted USD 169.8 Million in 2020 and is predicted to reach 1060.2 Million USD by 2030

The global Internet of Things market accounted $169.8 million USD in 2020 and is predicted to reach 1060.2 million USD by 2030 with a CAGR of 20.10% during the forecast period. This information is published by “Decision foresight“, in its report, titled, “Global Internet of Things Market, 2020-2030.”Internet of Things has emerged as one of the most important technologies of the twenty-first century in recent years. Now that we can link common objects to the internet via embedded devices, including as kitchen appliances, automobiles, thermostats, and baby monitors, seamless communication between people, processes, and things is feasible.

Physical things can exchange and gather data with minimum human interaction thanks to low-cost computers, the cloud, big data, analytics, and mobile technologies. Digital systems can record, monitor, and adapt each interaction between linked items in today's hyperconnected environment. The physical and digital worlds collide and work together.

COVID-19 Impact: Affirmative Commercial Business Sales Observed amid Pandemic

Unlike the Internet as a whole, which is seeing significantly greater data throughput rates as people remain at home and watch movies and have teleconferences, the “Internet of Things” is not experiencing the same effect.IoT devices are operating normally and delivering similar volumes of data as before the crisis. The main networks are untouched to a considerable extent.

Work-from-home infrastructure (e.g., laptops, displays, connectivity, etc.) Collaboration tools (e.g., Video conferencing, project planning, etc.) Virtualization infrastructure (e.g., remote desktops) VPN networking Mobile devices Security Desktop support are all on the rise due to Covid 19 restrictions such as work from home & lockdowns.

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Segmentation

The worldwide market may be divided into segments based on the technologies that are used to link various entities, components, applications, end-users, and geographical areas. The segmentation is carried out in order to conduct a thorough examination of the whole IoT market. Radio frequency identification (RFID), gateways, cloud management, near field communications, and Zigbee would be the subcategories of the technologies section. IoT includes important components such as RFID, pressure sensors, network connectivity, and data processing. The Internet of Things idea may be applied to a variety of applications, including environmental monitoring, infrastructure management, industrial applications, energy management, medical and healthcare systems, and so on.

List of Key Players Covered in this Market Report

• Intel Corporation
• SAP SE
• Xiaomi
• Qualcomm
• Cisco Systems, Inc.
• Microsoft Corporation
• MediaTek Inc
• Rockwell Automation, Inc.
• Siemens AG
• Oracle Corporation
• IBM Corporation
• PTC Inc
• Google Inc
• AT&T
• Huawei Corp
• Samsung Electronics
• Hewlett Packard Enterprise
• Amazon Web Services, Inc

Drivers and Restraints

Technologies such as Augmented and Virtual reality, 5G to drive Market Growth

The research and development of new technologies in the IoT sector is being driven by rapid technical advancements and a strong demand for automation in many industrial areas. Sensor technology, which is incorporated in IoT devices, will continue to improve in price, sophistication, and availability. As a result of this availability and cost-effectiveness, new sensor applications, such as large-scale monitoring and detection, will be possible. Meanwhile, in the last few decades, processing power has risen by a factor of 100. 

Real-time analytics and artificial intelligence applications, for example, might move activity away from local devices and into cloud and edge computing solutions.  In addition, with the introduction of 5G, new applications for experiences such as augmented and virtual reality will be possible.Because existing IT equipment will need to be connected to the IoT, the IoT market will expand. With more than five billion cell phones, two billion laptops, and one billion tablets in use, there is a huge market for device integration. Individual companies do not need to arrange large hardware, build management networks, or establish workflow development in IoT with cloud computing.

The adoption of remote working rules in the aftermath of the COVID-19 epidemic has sparked a need for operational openness. At this point, smart linked solutions are expected to play a critical role in obtaining organizational operational insight. Businesses are looking forwards to creating resilience to ensure growth in the post-COVID future, as well as adjusting to remote working and automating their operations accordingly.

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Regional Insights

North America has the greatest share of the worldwide IoT market, accounting for almost a quarter of the total. In the near future, the value of this market is projected to skyrocket. The major driver of market expansion is the advancement of technology. In this area, growth in the industrial, automotive, and healthcare industries would have a significant influence on overall IoT market growth.Europe has a sizable part of the worldwide IoT market. The revenue share of Western Europe is anticipated to rise. Government assistance for the expansion of IoT is driving the industry in Europe. In Europe, the automobile industry is expected to account for a significant portion of IoT market sales.

The Asia Pacific area is expected to be the fastest-growing regional market. Advanced industrial automation systems are becoming increasingly popular in the area, particularly in Japan, China, and Taiwan. Manufacturing companies all throughout the area are progressively seeing the advantages of implementing robot arm technology. The government's initiatives, such as "Make in India," are aimed at prioritising the adoption of sophisticated automation technology in the area, and India is set to become the region's industrial powerhouse.

Competitive Landscape

Market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions.

Companies are investing heavily in new technologies such as artificial intelligence (AI), cloud computing, and others. Key companies have been able to extend their businesses into numerous end-user industries and acquire a competitive advantage as a result of their investments in sophisticated technology. Established market players are investing heavily in start-ups and midsized businesses in order to provide cost-effective solutions to end-user sectors like as healthcare, manufacturing, retail, and others.In May 2019, SAP formed a partnership between Amazon Web Services (AWS) and the SAP Leonardo Internet of Things (IoT) portfolio to make cloud-to-cloud connectivity more widely available.

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Industry Development

July 2021:Ola, a Bengaluru-based mobility platform, announced on July 17 that it has received 1,00,000 pre-launch bookings for its electric scooter in only 24 hours after enabling pre-launch bookings for the two-wheeler.

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This release was published on openPR.