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A Deep Dive into IoT Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
IoT
The IoT's implementation across sectors such as the automotive industry is a major driving force for its market expansion. The advent of IoT in car manufacturing has created novel possibilities for both manufacturers and global consumers. The automotive sector sees increasing multi-functional IoT applications, turning it into a major hotspot. IoT facilitates superior control, communication, and data transfer at all points of transportation. Big corporations like Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are progressively investing in crafting intelligent cars, bundling them with features for a healthier, more enjoyable, and convenient driving engagement. UBS estimates that by 2030, 12% of all car sales will be aimed at autonomous taxi fleets, with around 26 million driverless taxis operating across the globe.
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What growth opportunities are expected to drive the iot market's CAGR through 2034?
In the past few years, the size of the IoT market has seen considerable expansion. It is predicted that it will elevate from a valuation of $535.97 billion in 2024 to reach $629.5 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 17.5%. The escalation during the historic phase is primarily due to the surge in connected devices, data analysis and insights, advancements in industrial automation, initiatives for smart cities, and transformation in healthcare.
The size of the IoT market is anticipated to experience exceptional expansion in the upcoming years, reaching a valuation of $1520.12 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 24.7%. Prominent reasons contributing to the projected growth within this forecast period include the proliferation of 5G networks, the embrace of edge computing, a surge in industrial IoT (iIoT), expansion of smart homes and consumer-oriented IoT, and a concentrated emphasis on sustainability and energy efficiency. Notably, key trends that are predicted to shape this period encompass the use of blockchain to ensure data integrity, the establishment of interoperability standards, the prevalence of edge AI and inference, a shift towards sustainable IoT solutions and considerable advancement in healthcare IoT.
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What are the emerging trends shaping the future of the iot market?
Key players in the sector of multifamily housing green constructions are developing cutting-edge technologies such as green transformation (GX), to elevate sustainability, energy efficiency, and the environmental performance within residential projects. GX involves the acceptance of sustainable practices, technologies, and innovations aimed at reducing environmental damage and promoting energy efficiency. To give an example, in September 2024, a multinational conglomerate based in Japan, Hitachi Ltd., unveiled a fresh model known as BuilMirai Building IoT solution. This solution is a comprehensive platform designed to heighten the management and operational proficiency of small and medium-scale buildings. It underlines the importance of green building practices, falling in line with worldwide trends focusing on sustainability in building and managing properties. These solutions will be provided via monthly subscription packages, allowing customers to opt for services as they require, subsequently reducing their investment and fostering green (GX) and digital transformation (DX) in small and mid-sized buildings. BuilMirai serves as a junction for different building facilities and systems, advancing their management and operational effectiveness.
Which growth-oriented segments of the iot market are leading the industry's development?
The IoT market covered in this report is segmented -
1) By Platform: Device Management, Application Management, Network Management
2) By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications
3) By End Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Manufacturing, Transportation, IT And Telecom, Other End-User Industries
Subsegments:
1) By Device Management: Device Provisioning, Device Configuration, Device Monitoring, Firmware Management
2) By Application Development: Application Development Platforms, Application Deployment, Application Integration, Application Analytics
3) By Network Management: Connectivity Management, Network Monitoring, Network Security, Data Management And Analytics
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What regions are leading the charge in the iot market?
Asia-Pacific was the largest region in the IoT market in 2024. North America was the second largest region in the global IoT market share. The regions covered in the IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the iot market?
Major companies operating in the IoT market include 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
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What Is Covered In The IoT Global Market Report?
•Market Size Forecast: Examine the iot market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the iot market for a structured understanding.
•Key Players Overview: Analyze major players in the iot market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot market.
•Segment Contributions: Evaluate how different segments drive overall growth in the iot market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot market.
•Industry Challenges: Identify potential risks and obstacles affecting the iot market.
•Competitive Landscape: Review strategic developments in the iot market, including expansions, agreements, and new product launches.
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