Internet Of Things Market Size Is Set To Grow By USD 1,036.83 Billion From 2022-2027 | The Increasing Industrial Automation To Drive The Market Growth - Technavio

NEW YORK, Nov. 28, 2023 /PRNewswire/ -- The internet of things market size is estimated to increase by USD 1,036.83 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 15.12% during the forecast period. The substantial growth of the Internet of Things (IoT) market is driven by the rising trend of industrial automation. Industries are undergoing a shift by integrating digital and physical systems, facilitating machine-to-machine (M2M) communication and enhancing human-machine interfaces (HMI). Advanced regions have extensively embraced these systems, leading to the emergence of Industry 4.0. In this phase, intelligent machines execute manufacturing tasks, robots cooperate with humans in product assembly, and autonomous driverless transport vehicles manage logistics. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Buy the full report 

Global Internet Of Things Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Application (Industrial, Retail, Healthcare, ICT, and Others), Technology (RFID, Sensors, NFC, Cloud services, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The industrial sector, valued at USD 168.54 billion in 2017 and growing until 2021, anticipates significant market share growth driven by IoT technology. This tech boosts productivity, offering a competitive edge globally. By connecting machines and devices, data insights aid in predictive maintenance and performance optimization. Challenges include investment needs, business model redesign, security, lack of standardization, and interoperability. Collaboration among IoT entities and government support aims to overcome these hurdles and enhance expertise levels.

Geography Overview

By geography, the global Internet of Things market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global Internet of Things market.

• During the forecast period, APAC is projected to contribute 38% to global market growth. Government infrastructure investments in India, China, and the Philippines, with Small and Medium-sized Enterprise (SME) modernization initiatives, are driving the adoption of IoT. APAC governments advocate embedded sensor deployment within smart city projects to improve urban governance and public services.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Global Internet Of Things Market – Market Dynamics

Leading trends influencing the market 

• Wearables, including smartwatches and bracelets, serve healthcare needs, monitor COVID-19 symptoms, aid in quarantine enforcement, and enhance workplace safety, driving the demand for IoT solutions.
• Smartphones, equipped with various sensors and connectivity features like GPS and Bluetooth, revolutionize sectors like healthcare, social networking, environmental monitoring, and transportation, becoming pivotal in mobile computing and communication.

Major challenges hindering the market growth

• Lack of skilled personnel and awareness in efficiently managing IoT initiatives hinders industrial adoption and optimization of IoT investments.
• Industries face challenges in training employees for IoT implementation due to the shortage of skilled professionals and reluctance to invest in IoT education, set as barriers to widespread adoption and growth of IoT data management platforms during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Internet Of Things Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Internet Of Things Market between 2023 and 2027
• Precise estimation of the size of the Internet Of Things Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Internet Of Things Market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Internet Of Things Market vendors

Related Reports:

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Satellite - enabled Internet of Things (IoT) Market: The Satellite - enabled Internet of Things (IoT) Market size is estimated to grow at a CAGR of 21.92% between 2023 and 2028. The market size is forecast to increase by USD 2.31 billion

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Technology
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US

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SOURCE Technavio