Press release
Soaring Demand Set to Propel IoT Market to $1520.12 Billion by 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.How Large Will the IoT Market Size By 2025?
The size of the IoT market has seen sudden growth over the past few years. The market, which will be valued at $535.97 billion in 2024, is projected to rise to $629.5 billion in 2025, representing a compound annual growth rate (CAGR) of 17.5%. Factors contributing to this growth during the historical period include the spread of connected devices, usage of data analytics and insights, advancement of industrial automation, projects related to smart cities, and changes in the healthcare sector.
How Big Is the IoT Market Size Expected to Grow by 2029?
In the upcoming years, there is an anticipated exponential increase in the size of the IoT market. By 2029, it's expected to expand to $1520.12 billion, climbing at a compound annual growth rate (CAGR) of 24.7%. This surge during the forecast period can be linked to the deployment of the 5g network, the embracing of edge computing, the broadening of industrial IoT (iIoT), smart home and consumer IoT, and an emphasis on sustainability and energy efficiency. Significant trends to look out for in this period include data integrity through blockchain, interoperability standards, edge AI and inference, emphasis on sustainable IoT solutions, and expansion in healthcare IoT.
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Which Key Market Drivers Powering IoT Market Expansion and Growth?
The IoT market is experiencing growth due to its implementation across various sectors, notably in the automotive industry. The use of IoT technology in this field has paved the way for an array of new possibilities for both vehicle manufacturers and consumers globally. It's has emerged as a hotspot for diverse multifunctional applications within this sector, by improving communication, control, and data transfer at any stage of transportation. Renowned organizations such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are accelerating their investments in the creation of smart cars loaded with advanced features, promoting healthier, more comfortable, and enjoyable driving experiences. UBS predicts that by 2030, autonomous taxi fleets will account for 12% of all car sales, with approximately 26 million driverless taxis in operation worldwide.
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Which Fast-Growing Trends Are Poised to Disrupt the IoT Market?
Leading firms in the multifamily housing green buildings industry are leveraging cutting-edge technologies, such as green transformation (GX), to boost energy efficiency, environmental performance, and sustainability in residential projects. GX denotes the practice of implementing eco-friendly methods, innovations, and technologies to mitigate environmental damage and encourage energy conservation. For example, in September 2024, Hitachi Ltd., a global corporation headquartered in Japan, rolled out a novel model of BuilMirai Building IoT solution. The BuilMirai solution is an all-encompassing platform designed to emphasize green building methods, augment the administration and operative efficiency of small to medium-sized buildings, in line with the worldwide shift towards sustainable construction and management. The offerings will be available via monthly membership plans, enabling clients to pick services on an as-needed basis, reducing their capital expenses and fostering both green transformation (GX) and digital transformation (DX) in small to medium-sized structures. BuilMirai integrates multiple building facilities and systems, leading to enriched management and operational effectiveness.
What Are the Emerging Segments in the IoT Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the IoT Industry?
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.
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