Press release
Global IoT Market: Exponential Growth Predicated, Tracking a CAGR of 24.7% by 2029, Driven by Key Players and IoT Trends
IoT Market Size
What Is The Projected Market Size Of The Global IoT Market And Its Growth Rate?
•Global IoT market size in 2024 was worth $535.97 billion.
•Projected to grow to $629.5 billion in 2025 with a CAGR of 17.5%.
•Historic growth attributed to proliferation of connected devices, data analytics and insights, industrial automation, smart cities initiatives, and healthcare transformation.
•Predicted to reach $1520.12 billion by 2029 at a CAGR of 24.7%.
•Forecasted growth is due to the 5G network rollout, edge computing adoption, expansion in industrial IoT (iIoT), smart home and consumer IoT, focus on sustainability and energy efficiency.
What Is Driving The Growth In The IoT Market?
The IoT market growth is driven significantly by its application in diverse industries, notably the automotive sector. The emergence of IoT in the automotive industry has paved the way for the creation of smart cars, offering more enjoyable and convenient driving experiences. Major automakers, including Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc., are investing lavishly in developing these smart cars. UBS predicts that by 2030, 12% of total cars sold will be used in autonomous taxi fleets, with around 26 million driverless taxis operating worldwide.
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Who Are the Key Players Driving IoT Market Growth?
•Google Inc.
•Microsoft Corporation
•AT&T Inc.
•Dell Inc.
•Huawei Technologies Co. Ltd.
•Hitachi Datasystems Corporation
•Amazon WebServices Inc.
•General Electric Company
•Intel Corporation
•International Business Machine Corporation
•CiscoSystems Inc.
•Oracle Corporation
•SAP SE
•Fujitsu Ltd.
•Hewlett-Packard Enterprise Company
•Bosch Software Innovation GmbH
•accenture* plc
•PTC Inc.
•Davra Networks Limited
•Cumulocity GmbH
•BlackBerry Limited
•C3 IoT Inc.
•Exosite LLC
•Device Insight GmbH
•Concirrus Limited
•EVRYTHNG Limited
•Bright Wolf LLC
•Connio Inc.
What Are The Key Trends In The IoT Market?
•Blockchain for data integrity
•Adoption of interoperability standards
•Emergence of edge AI and inference
•Focus on sustainable IoT solutions
•Growth in healthcare IoT
What Are The Segments Of The Global IoT Market?
•By Platform: Device Management, Application Management, Network Management
•By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications
•By End Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Manufacturing, Transportation, IT And Telecom, Other End-User Industries
Which Region Leads The IoT Market?
Asia-Pacific was the largest region in the IoT market in 2024, closely followed by North America. The market also sees considerable contributions from other key regions such as Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The IoT Market Global Market Report?
- Market Size Analysis: Analyze the IoT Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the IoT Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall IoT Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the IoT Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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