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IoT Market is expected to reach US$ 3,967.99 billion by 2030 | The Insight Partners

07-10-2023 04:26 PM CET | IT, New Media & Software

Press release from: The Insight Partners

IoT Market

IoT Market

Progressive Deployment of 5G Networks to Provide Growth Opportunities for IoT Market During 2023-2030.

According to our latest market study on " IoT Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Component, Enterprise Size, and Application," the market is expected to grow from US$ 611.00 billion in 2023 to US$ 3,967.99 billion by 2030; it is estimated to register a CAGR of 30.6% from 2023 to 2030.

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In the past few years, 2G, 3G, and 4G communication technologies were mainly developed for mobile broadband and personal communication services and have proven extremely proficient in meeting the demands for IoT. However, the emergence of 5G has encouraged dedicated capabilities tailored for numerous IoT applications. There is an increase in investment in 5G infrastructure across developed and developing countries as 5G enables stable, faster, and secure connectivity, helping advance IoT applications for self-driving vehicles, smart grids for renewable energy, and AI-enabled robots on factory floors. According to Qualcomm, an American multinational corporation, the global 5G value chain is anticipated to reach US$ 3.5 trillion by 2035, which is greater than the mobile value chain as of 2021. Therefore, this growth of the 5G value chain is a major contributor to the expansion and deployment of the 5G network. Moreover, according to the report published by GSM Association, the number of IoT-connected devices is expected to reach 25.2 billion by 2025. The integration of 5G network technology with IoT devices is projected to enable seamless and reliable connection. Due to the growth of the critical communication services industry, there is a rapid rollout of the 5G network by various telecom providers, which is expected to create lucrative opportunities for the IoT market growth in the coming years.

The List of Companies - IoT Market
Amazon Web Services Inc
Cisco Systems Inc
Google LLC
Software AG
International Business Machines Corp
Intel Corp
Microsoft Corp
Oracle Corp
Siemens AG
SAP SE

Market Overview:
The Internet of Things (IoT) extends Internet connectivity to physical objects and devices. It provides greater control over lights, appliances, and door locks; offers insights into resource consumption habits; streamlines business processes; and enables connectivity between people and systems. Moreover, communications between IoT devices can be established over the Internet or directly via a wireless protocol. Thus, these devices can also be monitored and controlled remotely. The smart home products, such as lighting fixtures, thermostats, home appliances, cameras, and home security systems are a few IoT devices which are gaining traction in the consumer market, further fueling the growth of IoT market in the forecasted period. IoT technology helps connect various smart devices to ease business operations; the connected smart devices collect and share data, which can be further utilized to enhance customer experience, thus, propelling the IoT market growth.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the IoT Market. A few recent key market developments are listed below:

• In February 2023, Cisco introduced enhancements to its IoT portfolio, specifically targeting the needs of massive-scale IoT deployments. The Cisco IoT Control Center updates aim to simplify connectivity management for low-cost, stationary devices such as utility meters and medical devices. The platform supports a range of IoT use cases, allowing service providers to address different complexity levels and capitalize on new market opportunities. By providing a single platform for diverse enterprise needs, Cisco aims to make IoT more valuable and user-friendly for its customers.

• In January 2023, Amazon Web Services (AWS) launched several new data and location service capabilities in late 2022, providing significant opportunities for partners in the Internet of Things (IoT) space. Yasser Alsaied, AWS' IoT leader, believes these new services will enable partners to enhance their offerings and provide customers with advanced data and cybersecurity solutions. The cloud is ideal for securely and reliably managing IoT connectivity and data.

• In January 2023, IoT Connectivity as-a-Service provider KORE chose Amazon Web Services (AWS) to support its Massive IoT solutions, addressing the security challenges associated with large-scale IoT deployments. KORE's OmniSIM SAFE solution, powered by AWS IoT Core, leverages eSIM technology to enhance IoT security by providing unique credentials and secure data communications. The partnership aims to streamline operations and ensure end-to-end security for the anticipated exponential growth of IoT devices in the coming years.

• In Dec 2022, KORE formed a strategic alliance with Google Cloud to deliver comprehensive IoT solutions to businesses worldwide. The collaboration will leverage Google Cloud's infrastructure and analytics capabilities and KORE's expertise in simplifying IoT deployment. The partnership aims to provide customers with reliable, value-added IoT services and open new opportunities for industries like healthcare, fleet management, and industrial IoT. KORE will become a Google Cloud partner in IoT, bringing its innovative platform and industry-specific solutions to the collaboration.

• In Oct 2021, SAP was named a Leader in the IDC MarketScape report for Worldwide Industrial IoT Platforms and Applications in Manufacturing 2021. The recognition highlights SAP's comprehensive business applications built on IoT platforms, its ability to integrate IoT data with enterprise systems, and its analytics, machine learning, and edge deployment capabilities offerings. SAP's flexibility and broad portfolio of IoT-enabled solutions position it as a leader in driving Industry 4.0 transformations and supporting productivity, resilience, and sustainability across the supply chain.
• In September 2021, Intel introduced the 11th Gen Intel Core processors for IoT, the Intel Atom x6000E series, and Intel Pentium and Celeron N and J series processors. These enhanced processors aim to address the evolving needs of the IoT industry, offering features such as high-speed processing, computer vision, and low-latency deterministic computing. With advancements in AI and real-time capabilities, Intel aims to cater to edge customers and tap into the US$ 65 billion edge silicon market opportunity by 2024.

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Contact US:
Phone : +1-646-491-9876
E-mail : sales@theinsightpartners.com

About US:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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