IoT Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Offering (Hardware [Processors, Connectivity Modules, Sensors, Memory Devices, and Others], Software, and Services), and End User (Industrial, Commercial, and Residential)

According to our latest study on ""IoT Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering and End User,"" the market is expected to grow from US$ 483.28 billion in 2022 to US$ 2,270.42 billion by 2028; it is estimated to register a CAGR of 29.4% from 2022 to 2028.

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Massive Expansion of E-Commerce Industry to Provide Lucrative Growth Opportunities to IoT Market During Forecast Period

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The e-commerce industry is growing rapidly, and retailers are utilizing IoT solutions to improve their operational efficiency, enhance the customer experience, and gain a competitive advantage. Also, an increase in customer demand for a better shopping experience, a reduction in the cost of IoT-based sensors and connectivity, and a surge in the adoption of smart payment solutions are among the major factors driving the adoption of IoT solutions in the e-commerce industry. Moreover, retailers in this industry utilize IoT to avoid security pitfalls and are deploying IoT-enabled systems that can combat jamming in their warehouses and stores. As IoT plays a significant role in process automation and enhancement of operational efficiency of retail stores, there is an increasing demand for the implementation of IoT in surveillance and security, supply chain optimization, energy optimization, inventory optimization, and workforce management. For instance, Walgreens, a US-based retailer, has been experimenting with IoT-enabled displays on refrigerator doors that utilize face detection technology to show ads based on approximate age and gender. Moreover, several retailers use customizable IoT-connected dashboards to gather customer feedback and use those insights to enhance customer experiences. Therefore, with the growing e-commerce industry, the demand for IoT solutions will continue to rise, becoming a major trend in the IoT market.

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The growing transition from traditional to digital ecosystems across industries is creating a huge demand for connected ecosystems, resulting in the growing requirement for IoT-based solutions. Investments in IoT start-ups and supporting market ecosystems also bolstered the research and development related to IoT. Moreover, the continuous improvements in cloud infrastructure and reduced data service costs fuel the digitalization of industrial processes. Furthermore, the increasing number of service providers, such as system integrators, managed service providers, and IoT distributors, plays a key role in installing, managing, and monitoring IoT solutions. The IoT market ecosystem involves various intermediaries at every stage of the ecosystem. In addition, system integrators integrate all components into a whole and deliver the integrated systems to retailers. At the same time, managed service providers offer numerous services such as device management, data management, security management, and network management to end users. Thus, an increase in digitalization in different sectors and a rise in the importance of service providers are expected to be key trends in the IoT market growth.

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With the traditional manufacturing sector undergoing a digital transformation, the IoT fuels intelligent connectivity's next industrial revolution. Moreover, the rising adoption of IoT technology across end-use industries such as manufacturing, automotive, and healthcare is driving the IoT market. However, with the increasing number of IoT-connected devices, security issues are also evolving at endpoints. They are potential target points for hackers; therefore, the increase in data security concerns has become one of the major factors hampering the market growth. Conversely, progressive developments of the 5G network and the growing need for data analysis and analytics integration are anticipated to create lucrative growth opportunities for the IoT market over the forecast period.

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The industrial segment in the IoT market dominated the IoT market growth in 2021. With the traditional industrial processes amid a digital transformation, the demand for IoT in the industrial sector is increasing due to the massive penetration of smart sensors and actuators to improve efficiency and reduce downtime for complex processes of systems and machines. Moreover, in this segment, IoT plays a vital role in developing, producing, and managing the entire logistics chain. Furthermore, industrial IoT helps monitor quality control, predictive maintenance, enhanced field service, energy management and asset tracking, sustainable and green practices, supply chain traceability, and overall supply chain efficiency. Also, industrial IoT uses the power of smart machines and real-time analytics to take advantage of the data that has been produced in industrial settings for years, providing important information that can be used to drive business decisions faster and more accurately, thereby accelerating the demand for IoT solutions in the industrial sector.

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Key Findings of Study:

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The IoT market is segmented based on offering and end user. Based on offering, the IoT market is segmented into hardware, software, and services. Based on hardware, the market is further segmented into processors, connectivity modules, sensors, and memory devices. Based on end user, the IoT market is segmented into industrial, commercial, and residential. The IoT market is segmented into five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, Europe led the market with a substantial revenue share, followed by North America. Further, Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028. The key players operating in the IoT market include Microsoft Corporation; Hewlett Packard Enterprise Development LP; SAS Institute Inc.; VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc.

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