Internet of Things Technology Market is analyzed to grow at a CAGR of 11.9% during the forecast 2021-2026 to reach $1,021 billion by 2026. The Internet of Things (IoT) describes the network of physical objects or things that are embedded with sensors, processors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. Internet of Things Technology offers various applications across a wide range of industries which includes Machine Learning, Artificial Intelligence, Domotics, Data Sensing, Data Analytics, Digital Transformation, and many others. With the help of IoT technology, organizations can realize their efforts to focus on ensuring a safe working environment and their employee wellbeing. Increasing adoption of cloud platforms, the declining cost of smart sensors and increasing investments in Industry 4.0 across the globe are the major factors driving the market growth of the Internet of Things Technology Market. Moreover, the low cost of storing and computing data on the cloud platform, emerging trends on edge computing, and increasing smartphone penetration and mobile application development platforms have offered significant growth in the IoT Technology demand.
Internet of Things Technology Market Segment Analysis – By Type
By Component, the Internet of Things Technology Market Report is segmented into Processors, Sensors, Connectivity IC, Memory Devices, Logic Devices, and Others. Sensors are analyzed to hold the highest share and grow at the highest CAGR of 8.1% during the forecast period 2021-2026 owing to its increasing applications in various end-use industries which includes consumer electronics for Ambient Light Sensor, in the industrial sector for Temperature sensors, in wearable devices for Blood Glucose Sensor, in Automotive sector such for Motion sensors and many others. Leading enterprises are now using different image sensors for authentication applications which further enhances their security and offers high-efficient and security systems further avoiding the threat of data leakage. Moreover, the development in sensor technology across different industries for their respective applications has brought major cost reduction of these sensors which is expected to bring significant growth in its market size during the forecast period.
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Internet of Things Technology Market Segment Analysis – By End-Use Industry
By End-Use Industry, the Internet of Things Technology Market Report is segmented into Healthcare, BFSI, Consumer Electronics, Building & Home Automation, Industrial, Automotive & Transportation, Aerospace & Defence, Oil & Gas, Retail, IT & Telecommunication, Wearables, Agriculture and Others. The industrial sector is analyzed to hold the highest share with a growth rate CAGR of 9.1% during the forecast period 2021-2026. One of the major factors for the market growth of the Internet of Things Technology is the adoption of Industrial Internet of Things (IIoT) Technology across various parts of the globe. For instance, about 90% of India’s energy comes from fossil fuels, of which, nearly two-thirds come from coal, which is a major contributor to increasing carbon emission. Smart grid systems, which can automatically manage power flow and are built with self-healing capability using IoT are designed that could reduce greenhouse gas emissions by about 4% by 2036. Such smart grids with IoT-enabled devices managing the power supply network will have the ability to auto-detect changes in power usage within their network and adjust, thus contributing to lowering carbon emissions. Moreover, the adoption of Smart Grid across the globe by promoting the use of a smart electricity meter which enables real-time, two-way communication between consumers and utility operators is one of the recent trends which tends to bring significant growth in the Internet of Things Technology Market in the Industrial sector.
Internet of Things Technology Market Segment Analysis – By Geography
North America is analyzed to be the major region with a share of 30% in 2020 for the Internet of Things Technology Market owing to the huge scope of automation across various industries in the leading economies such as the United States, Canada, and Mexico. The United States has been the tech giant in providing a wide range of automation products and cloud-based automation for different industries. With the increasing popularity of autonomous vehicles and its huge demand in the North American region, the market growth of the Internet of Things Technology in this region is analyzed to grow in a positive direction. Moreover, North America is expected to be a prominent market, owing to the growing role of IoT among the significant revenue-generating end-user industries of the region, driven by the deployment of connected cars, smart energy projects, Building & Home automation Projects, and focus on smart manufacturing are some of the major factors driving the market growth in this region.
Internet of Things Technology Market Drivers
Increasing adoption of Cloud platform and Smart City developments are contributing towards the Internet of Things Technology Market growth
The increasing adoption of Cloud-based services across various industries in the global market has brought significant growth in the demand for Internet of Things Technology. It is expected to continue this trend due to the increasing adoption of IoT monetization solutions among organizations, as they are finding ways to monetize IoT through revenue-generating products and services or differentiate their core product and service offerings with innovative business models. For instance, The Government of India has taken several initiatives that have encouraged most of the IoT spending. Moreover, in various parts of the world, the Government has been constantly investing in Smart city development projects which will bring huge demand for various automation products related to the Building & Home automation sector. Considering the Indian Government’s plans of launching 100 smart cities, 500 rejuvenated cities, and numerous projects to create industrial hubs, the Internet of Things Technology Market has substantial potential for its market growth during the forecast period.
Rising application of IoT in the Agriculture sector is stimulating the market
Internet of Things Technology has been majorly witnessing growth in the Healthcare, BFSI, Consumer Electronics, Building & Home Automation, Industrial, Automotive & Transportation and other sectors in the last few years. However, rising applications of IoT in the Agriculture sector are expected to bring market boom in the Internet of Things Technology Market growth across various regions whose major revenue generator was from the agriculture sector. For instance, India is one of the largest revenue generators from the agriculture sector. The far-reaching impact of climate change on agricultural production is likely to challenge food security in the future. The agricultural sector has realized the need for investing in a technology that enables monitoring soil, weather, and crop conditions. The government of India is advocating the use of sensors in the agriculture value chain. The deployment of IoT sensors to collect and transmit data in agricultural activities will lead to the development of advanced techniques in precision agriculture monitoring. This will further avoid years of wasteful over-consumption of water, fuel, and soil additives, as well as limit the use of pesticides and fertilizers. These applications tend to drive the market growth of IoT technology during the forecast period.
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Internet of Things Technology Market Challenges
Technical challenges of connectivity, compatibility, and cyber security are analysed to hamper the Internet of Things Technology Market growth
Internet of Things Technology needs a healthy ecosystem of vendors, OEMs, and service providers. Connections between devices and systems are a recurring challenge for implementers. Interoperability between systems is one of the major reasons contributing to the failure of IoT implementation. Cybersecurity protection solutions have always been a major priority for securing IoT networks and cloud infrastructure. Endpoint and over the air (OTA) vulnerabilities are frequently overlooked in a working enterprise. Endpoint devices need to be thoroughly tested and kept updated for threat/attack definitions. 5G network is uniquely suited for IoT connectivity because of its large bandwidth and low latency. For instance, investment in 5G in India has been lagging for various reasons. Moreover, the need for the right talent and skills for working in this Internet of Things Technology ecosystem is of major concern. Many regions with low literacy rates are bound to bring major challenges in market growth.
Internet of Things Technology Market Landscape
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Internet of Things Technology Market. In 2020, the market of Internet of Things Technology industry outlook has been fragmented by several companies. Internet of Things Technology top 10 companies include:
Amazon Web Services
Huawei Technologies Co. Ltd
General Electric (GE)
Hewlett Packard Enterprise (HPE)
International Business Machines (IBM)
In January 2020, Cisco Systems introduced an IoT security architecture that provides enhanced visibility across both IT and IOT environments and protects processes. It enables the collection and extraction of data from the IoT edge so organizations can increase efficiencies to make better business decisions and accelerate digitization projects.
In January 2020, Huawei Technologies Co. Ltd in collaboration with China Unicom Group launched 5G indoor distributed Massive MIMO solution joint innovation. This solution innovatively introduces 5G Massive MIMO technology indoors, which can greatly increase the capacity of 5G networks and is a major breakthrough of 5G technology in the indoor field and will give massive opportunity for IoT and other relatable technologies.
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Relevant Report Titles:
IoT Market By Software Solutions
Internet Of Robotic Things Market
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