Internet of Things Market Share Reach USD 4,421.62 Billion by 2030, Key Factors behind Market's Hyper Growth | IoT

Allied Market Research published a report, titled, "IoT Market Share by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprise and Small & Medium Size Enterprise), Platform (Device Management, Application Management, and Network Management), Technology (Radiofrequency Identification, Pressure Sensors, Network Communications, Data Processing, And Near-field Communications), Industry Vertical (Retail, E-commerce & Consumer Electronics, Energy & Utility, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030."

According to the report, the global IoT industry generated $740.47 billion in 2020, and is estimated to reach $4,421.62 billion by 2030, witnessing a CAGR of 19.6% from 2021 to 2030.

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Advancements in industrial-grade digital technology, increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward growth of the global IoT market. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations. Moreover, IoT enables companies to automate processes and reduce labor costs. It further cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions, which will creative lucrative opportunities for the global market growth.

Development of wireless networking technologies, rise in adoption of cloud platform for deployment of IoT, and advent of advanced data analytics and data processing drive the growth of the global IoT market.

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Covid-19 Scenario

There has been a rapid surge in the demand for cloud-based IoT solutions to support the businesses as they adopted remote working culture during the pandemic. These solutions played a crucial role in keeping the business operations under control and running.
The IoT technology played a major role in maintaining excellent connectivity between different devices. Various IoT solutions such as digital data exchange, remote access, real-time data analytics, and real-time work floor control were implemented.

Leading Market Players

Intel Corporation
SAP SE
Cisco Systems Inc.
Microsoft Corporation
Oracle Corporation
IBM Corporation
Google LLC
Hewlett-Packard Enterprise
Amazon Web Services Inc.
Bosch Software Innovation GmbH

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Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global IoT industry, and is expected to maintain its dominance by 2030. This is attributed to implementation of emerging digital technologies such as artificial intelligence, big data analytics, and industrial automation for a customer-centric approach and a greater market share. However, Asia-Pacific is estimated to witness the fastest CAGR of 23.1% during the forecast period, owing to numerous economic and process benefits such as real-time data analytics, network management, and industrial automation of IoT along with rise in demand for smartphones and the internet access.

Table of Content:
Chapter 1 : INTRODUCTION
Chapter 2 : EXECUTIVE SUMMARY
Chapter 3 : MARKET OVERVIEW
Chapter 4 : IOT MARKET BY COMPONENT
Chapter 5 : IOT MARKET BY DEPLOYMENT
Chapter 6 : ENTERPRISE APPLICATION MARKET, BY ORGANIZATION SIZE
Chapter 7 : IOT MARKET, BY PLATFORM
Chapter 8 : IOT MARKET, BY TECHNOLOGY
Chapter 9 : IOT MARKET, BY INDUSTRY VERTICAL
Chapter 10 : IOT MARKET, BY REGION
Chapter 11 : COMPETITIVE LANDSCAPE
Chapter 12 : COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES

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