Internet of Things (IoT) Market Increasing Demand, Growth Analysis and Future Outlook by 2031

The Internet of Things, also known as (IoT) is one of the most talked about technologies of modern times as it is the core of global infrastructure for information society by ensuring modernized services for seamless communication and connectivity. The IoT market is experiencing rapid growth and is projected to grow at a CAGR of 26.3% during the forecasted period. This rapid growth is attributed to factors such as the increasing development of wireless networking technologies, the rise in cloud platform adoption, miniaturization, and the emergence of advanced data analytics. Furthermore, factors such as advancement in data analytics, computing economies, and demand from varied domains including manufacturing, automotive, energy, and others are also driving the market growth.

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• Various brands globally are adopting mergers and acquisition strategies to be at the top of the global IoT market. For instance, in September 2022, SMART Global Holdings, Inc., announced that it had completed its previously announced acquisition of Stratus Technologies, a global provider of simplified, protected, and autonomous computing solutions in the data center and at the Edge.

• Global IoT brands are bringing innovation and upgradation in the existing IoT technologies propelling to the market growth. For instance, in February 2024, Digi International Inc., a leading global provider of Internet of Things (IoT) connectivity products and services, announced the market launch of Digi IX40, a 5G edge computing industrial IoT cellular router solution. Digi IX40 is purpose-built for Industry 4.0 use cases such as advanced robotics, predictive maintenance, asset monitoring, industrial automation, and smart manufacturing. Fully integrated with Digi Remote Manager®, this solution's capabilities improve security and scalability while ensuring speed, reliability, and efficiency.

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• Global market players are looking to expand their market reach to cover the least explored market and to grow their market share in the global IoT market. For instance, in October 2023, SoftBank Corp. launched a full-fledged expansion of its global IoT business in the Asia-Pacific (APAC) region. In this sales expansion that spans 19 countries and regions, including Japan, SoftBank will focus on marketing IoT services, mainly the "1NCE IoT Flat Rate," an affordable global IoT connectivity service from German company 1NCE GmbH, to enterprise customers. SoftBank aims to acquire a total of 2 million 1NCE IoT flat-rate connections in APAC and other regions within 2025

• Various new entrants are launching competitive products in the Global IoT market. For instance, in July 2023, Verizon Business launched its Global IoT Orchestration platform, a solution that empowers businesses to deploy and centrally manage devices across international borders.

The key players in the global IoT market include Amazon Web Services, Cisco Systems Inc., ARM Holding PLC, Honeywell International Inc, Robert Bosch GmbH, Microsoft Corp., Google Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in October 2022, NextNav Inc., a provider of GPS and 3D geolocation, announced that it acquired Nestwave SAS, a privately held global provider in low-power geolocation, for an enterprise value of [$18.0 million (€18.42 million)] with a gross consideration value of [$19.3 million (€19.75 million)], consisting of [$4.3 million (€4.40 million)] in cash and [$15.0 million (€15.35 million)] in NextNav common stock.

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