Internet Of Things (IoT) Market Size (2024 - 2029)

Internet of Things (IoT) Market Analysis

The Internet Of Things Market size is estimated at USD 1.17 trillion in 2024, and is expected to reach USD 2.37 trillion by 2029, growing at a CAGR of 15.12% during the forecast period (2024-2029).

• IoT technology is the keystone for various organizations to digitally transform, thus empowering them to upgrade the existing processes by creating and tracking new business models. Enterprises and service providers have considered IoT the key enabler to augment digital transformation and unlock operational efficiencies. The growing adoption of IoT technology across end-user industries, such as manufacturing, automotive, and healthcare, is positively driving the market's growth. With the traditional manufacturing sector amid a digital transformation, IoT is fueling the next industrial revolution of intelligent connectivity.
• Industry 4.0 and IoT are central to new technological approaches for developing, producing, and managing the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to Industry 4.0 and the acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production with technologies that complement and augment human labor with robotics and reduce industrial accidents caused by process failure.
• With the high rate of adoption of connected devices and sensors and the enabling of M2M communication, there has been a surge in data points generated in the manufacturing industry. These data points can be of various kinds, ranging from a metric describing the time taken for the material to pass through one process cycle to a more advanced one, such as calculating the material stress capability in the automotive industry.
• The advancements in field devices, sensors, and robots are expected to expand the scope of the market further. IoT technologies are overcoming the labor shortage in the manufacturing sector. For more and more organizations, using Industry 4.0 technologies, like robotization, is part of day-to-day operations. According to the International Federation of Robotics, the market for collaborative robots is expected to reach USD 12.3 billion in two years. Intelligent robots work alongside workers and can be programmed by most factory workers to take on the most routine, tedious tasks and deliver accurately.
• IoT devices are vulnerable to cyberattacks, which create a potential risk of data exploitation and unauthorized access. Moreover, there are inconsistent security standards across IoT devices, which complicates the implementation of proper security measures and further restricts the market's growth.
• Post-COVID-19, IoT devices are increasingly used in the manufacturing industry to train and make workplace environments safer for humans by using them in potentially dangerous situations. Highly trainable and collaborative, robots also deliver safer working environments for humans by switching places with them in unsafe or unsuitable situations. IoT-enabled devices enhanced telehealth services' capabilities, facilitating more accurate diagnostics and continuous patient care, propelling the market growth.

Internet of Things (IoT) Industry Segmentation

IoT is a network of internet-connected objects. These objects collect and exchange data using sensors embedded within them. IoT has combined hardware and software with the internet to create a more technically driven environment. The scope of study on the IoT market is structured to track the spending on hardware, platforms, and services across end-user industries, such as manufacturing, transportation, retail, healthcare, energy, and utilities.

The Internet of Things (IoT) Market is segmented by component (hardware, software/platform, connectivity, and services), end-user industry (manufacturing, transportation, healthcare, retail, energy and utilities, residential, government, and insurance), and geography (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa).

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.