IoT Technology Market 2029: Size, Share, Top Opportunities, Emerging Trends, Leading Companies, and Future Scope

IoT Market by Offering (Platforms, Services), Focus Area (Smart Manufacturing, Smart Transportation/Mobility, Smart Healthcare, Smart Retail, Smart Cities, Smart building, Smart Energy & Utilities), Application - Global Forecast to 2029
The IoT technology market [https://www.marketsandmarkets.com/Market-Reports/internet-of-things-market-573.html?utm_campaign=internetofthingsmarket&utm_source=abnewswire.com&utm_medium=paidpr] size is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period. Improvements in wireless communication technology, the adoption of smart devices, the need for data analytics, and the use of lots in industries like manufacturing, transportation, and healthcare are all driving the market's growth.

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The network management IoT technology platform segment is expected to account for the largest share of the IoT technology industry in 2024.

The network management segment is a significant market for IoT technology. A network management platform is a common platform to manage the entire network of an organization. The platform ensures that users are able to receive IT services from anywhere and at any time. By using the platform, a network administrator can easily detect any failure in the network and resolve issues in real time or inform support personnel. A network management platform also assists in analyzing the amount of data that is being transferred over a network and automatically routes them to avoid congestion that can result in a crash of the network. For critical application areas, such as mobility and transport, logistics, energy, and manufacturing, seamless and faster data transfer is required. This requires the appropriate configuration of network devices, which is possible only through a high level of visibility provided by a network management platform.

By segment, IoT technology industry for industrial segment is expected to have highest CAGR in the forecast period.

The industrial segment is projected to record the highest CAGR during the forecast period. Healthcare, automotive & transportation, building automation, manufacturing, retail, BFSI, oil & gas, agriculture, and aerospace & military are among the industrial end-use applications. The building automation market has developed as a result of the demand for more energy-efficient solutions, more security, more venture capital funding, and ongoing efforts to improve lifestyle. After beginning with wired technology, building automation has transitioned into the era of wireless technologies like Bluetooth and ZigBee Wi-Fi. Additionally, more stringent regulations and growing awareness of energy saving and building regulations, the development of many smart grid technologies, and the accessibility of several open protocols are propelling the market for building automation.

The Asia Pacific market is expected to witness the highest CAGR in the IoT technology industry during the forecast period.

Asia Pacific is projected to record the highest CAGR during the forecast period. The main countries in Asia Pacific contributing to the growth of the loT technology industry are China, India, South Korea, and Japan. Some of the major factors supporting the expansion of the lot technology industry in Asia Pacific are the expanding consumer base, rising disposable income, increasing internet penetration in both business and residential areas, and improving IT infrastructure. Furthermore, the market for IoT technology for commercial applications in countries like China, South Korea, and Japan is growing primarily due to the trend of industrial automation and the use of cloud-based services. Furthermore, China's involvement in the adoption and development of lot is vital for the expansion of these businesses because it is the key hub for semiconductor production and manufacturing. China is a manufacturing hub and is the leading producer of manufactured goods such as textiles, electronic equipment, and agricultural products. In the production process, IoT is used to monitor the machinery, employees, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept gaining momentum in the current technology market in China.

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Unique Features in the IoT Technology Market

One of the most distinct features of the IoT technology market is its ability to enable seamless interconnectivity among a diverse range of devices. From home appliances and industrial sensors to wearables and vehicles, IoT solutions facilitate real-time data exchange across a broad ecosystem, promoting operational efficiency and automation.

IoT technologies excel in real-time data acquisition and analytics, providing valuable insights into system performance, user behavior, and environmental conditions. This feature supports predictive maintenance, dynamic decision-making, and smart resource allocation, especially in sectors like manufacturing, agriculture, and smart cities.

Modern IoT architectures increasingly incorporate edge and fog computing to process data closer to the source. This minimizes latency, reduces bandwidth usage, and enhances responsiveness, making it ideal for applications in autonomous vehicles, industrial automation, and critical healthcare monitoring.

As cyber threats evolve, the IoT market is responding with improved security protocols, including end-to-end encryption, biometric access, and blockchain integration. These mechanisms protect sensitive data and ensure secure communication among connected devices.

Major Highlights of the IoT Technology Market

The IoT technology market is witnessing robust growth across multiple sectors, including healthcare, manufacturing, transportation, agriculture, and energy. Its versatility in automating processes, improving decision-making, and enabling real-time monitoring is driving widespread adoption globally.

With billions of devices already connected and projections for many more in the coming years, the IoT ecosystem is generating an unprecedented volume of data. This data explosion is fueling demand for advanced analytics, data management platforms, and intelligent decision-support systems.

Major tech players are forming strategic partnerships with startups, telecom providers, and system integrators to build robust IoT ecosystems. These collaborations are accelerating innovation, improving interoperability, and enabling end-to-end solutions for complex industry needs.

Governments worldwide are investing in smart city initiatives and digital infrastructure projects that rely heavily on IoT technologies. Supportive regulations, subsidies, and pilot programs are creating fertile ground for public-private innovation in connected infrastructure.

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Top Companies in the IoT Technology Market

Key players in the IoT technology industry include Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), and among others.

AMAZON WEB SERVICES, INC.

Amazon Web Services, a department of Amazon.Com, Inc., promises a wide array of cloud computing offerings through its legitimate name, Amazon Web Services, Inc. AWS presents various cloud infrastructure services which include computing, storage, databases, networking, analytics, cell, developer tools, augmented fact, virtual reality, robotics, game tech, device studying, control equipment, content material shipping, media offerings, patron engagement, app streaming, and protection, identity, and compliance.

The company is active in different sectors, including government, start-ups, academic institutions, automotive, digital marketing, telecommunications, education, retail, financial services, media, gaming, consumer packaged goods (CPG), health and life sciences, power and utilities, and non-profit organizations. AWS's Internet of Things (IoT) solutions are included in its wide range of cloud services, including AWS IOT Core, AWS IOT Greengrass, and AWS Analytics for the Internet of Things. This service provides devices, edge computing, and advanced analytics for secure connectivity for IoT applications. AWS has a global presence, operating in North America, Europe, Middle East Africa, Asia Pacific and Latin America. For fiscal year 2023, Amazon reported total revenue in U.S. dollars. $574.79 billion.

MICROSOFT

The firm is widely recognized as Microsoft Corporation and plays important roles in various sectors of the technology industry. The company's product line includes server applications, developer tools, operating systems, productivity programs, business solutions, management consoles, gaming devices as well as educational services. Microsoft is a significant player in the hardware industry, producing PCs, tablets, and various smart devices. In addition, the company offers a wide range of cloud services, such as Azure cloud computing solutions, along with support and consulting services via its worldwide network of partners and channels.

In its operational organization, Microsoft categorizes its business into separate segments. These sections consist of productivity and business Processes, which center on office productivity suite, LinkedIn professional networking services, and dynamics business solutions. The intelligent cloud category includes Azure Cloud services, server products, and enterprise services.

ORACLE

Oracle (US) provides a comprehensive suite of IoT solutions, enabling businesses to connect, manage, and analyze IoT devices and data. Their cloud-based platform supports real-time insights, predictive maintenance, and enhanced operational efficiency, helping organizations unlock the full potential of IoT technologies across various industries.

CISCO SYSTEMS INC.

Cisco Systems Inc. (US) is a prominent player in the IoT market, providing end-to-end solutions that connect devices, networks, and applications. Their IoT offerings include secure networking, cloud integration, and advanced analytics, enabling businesses to enhance operational efficiency and leverage data-driven insights.

SAP

SAP (Germany) is a prominent player in the IoT market, providing cloud-based solutions that enable businesses to leverage connected devices and real-time data. Their IoT offerings enhance operational efficiency, improve decision-making, and drive innovation across industries like manufacturing, logistics, and healthcare.

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