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Iot Is Transforming The Automotive Industry And Accelerating Growth In The Iot Market: Strategic Insights Driving IoT Market Momentum in 2025
IoT
How Large Will the IoT Market Size By 2025?
The expansion of the IoT market has been swift and remarkable in the last few years. The market value is set to increase from a substantial $521.28 billion in 2024 to an even more significant $599.39 billion in 2025, at a compound annual growth rate (CAGR) of 15.0%. The historical growth of this sector can be credited to factors such as the increase in connected devices, advancements in data analytics and insights, progress in industrial automation, initiatives towards smart cities, and transformations within healthcare.
How Big Is the IoT Market Size Expected to Grow by 2029?
Projections for the IoT market size suggest swift expansion over the coming years, with estimates placing its worth at $1115.72 billion in 2029, reflecting a compound annual growth rate (CAGR) of 16.8%. This predicted growth in the forecast period is largely influenced by factors such as the deployment of 5G networks, the adoption of edge computing, growth in industrial IoT (iIoT), increased use of smart home and consumer IoT technology, and a dedicated focus on sustainability and energy efficiency. The forecast period is also likely to see significant trends, including the use of blockchain for data integrity, implementing interoperability standards, integrating edge AI and inference, and heightened emphasis on sustainable IoT solutions and the growth of healthcare IoT.
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Which Key Market Drivers Powering IoT Market Expansion and Growth?
The surge in the IoT market is fueled by its application across varying sectors, such as the automotive industry. This integration of IoT technology within the automotive field has ushered in countless opportunities for both vehicle manufacturers and global consumers. The industry considers IoT a significant focal point due to its multifunctional applications. It facilitates improved control, communication and data provision at each transit point. Significant companies, including Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc., are pouring investments into the creation of intelligent cars with a vast array of functions, striving for healthier, more accessible, and more pleasurable driving experiences. UBS predicts that by 2030, 12% of total car sales will constitute autonomous taxi fleets, bringing the global tally of driverless taxis to around 26 million.
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Which Fast-Growing Trends Are Poised to Disrupt the IoT Market?
Leading firms in the green buildings sector for multifamily housing are developing advanced technologies like green transformation (GX) to improve sustainability, energy efficiency, and environmental performance in residential projects. GX denotes the adoption of sustainable practices, technologies, and innovations in order to lower environmental impact and promote efficient energy use. For instance, in September 2024, the multinational conglomerate based in Japan, Hitachi Ltd., released a new version of the BuilMirai Building IoT solution. This comprehensive platform is designed to enhance the running and management efficiency of small and medium-sized buildings. The solution promotes green building strategies, aligning with the global trends for sustainable construction and management. It offers these solutions through monthly subscriptions, enabling customers to select required services, reducing their investment costs, and encouraging GX and digital transformation (DX) for small to medium-sized buildings. The BuilMirai solution links various building facilities and systems, thus enhancing management and operational efficiency.
What Are the Emerging Segments in the IoT Market?
The iotmarket 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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