IoT Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Internet of Things (IoT) Market Analysis

The IoT Market size is expected to grow from USD 1.02 trillion in 2023 to USD 2.06 trillion by 2028, at a CAGR of 15.12% during the forecast period (2023-2028).

During the Covid-19 pandemic, the vendors in the market are collaborating with several organizations to offer emerging technology-enabled solutions to the healthcare organizations to help them overcome the crisis effectively. For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) used the California-based connected health startup VivaLNK's continuous temperature measuring device to monitor COVID-19 patients, which therefore reduces the risks of caregivers being exposed to the virus.

• 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 been looking at IoT as 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 driving the market's growth positively. With the traditional manufacturing sector amid a digital transformation, IoT is fueling the next industrial revolution of intelligent connectivity. This is changing the way industries approach increasingly complex processes of systems and machines to improve efficiency and reduce downtime.
• Industry 4.0 and IoT are at the center of new technological approaches for the development, production, and management of the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to Industry 4.0 and 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 a 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 that are 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 or a more advanced one, such as the calculation of the material stress capability in the automotive industry.
• According to Zebra's Manufacturing Vision Study, smart asset tracking solutions based on IoT and RFID are expected to overtake traditional, spreadsheet-based methods by 2022. A study by the Industrial IoT (IIoT) company, Microsoft Corporation, found that 85% of companies have at least one IIoT use case project. This number may increase, as 94% of respondents claimed that they would implement IIoT strategies in 2021.
• The advancements in field devices, sensors, and robots are expected to further expand the scope of the market. 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 a value of USD 12.3 billion by 2025. Intelligent robots work alongside workers and can be programmed by most factory workers to take on the most routine, tedious tasks and deliver with accuracy.
• They are increasingly being used in the manufacturing industry as they are easy to train and are making workplace environments safer for humans by taking their place in potentially dangerous situations. Highly trainable and collaborative, robots are also delivering safer working environments for humans by switching places with them in dangerous or unsuitable situations. For instance, autonomous dump trucks used at mining sites can be remotely controlled by operators, eliminating the need for human drivers.

Internet of Things (IoT) Market Trends

The Retail Segment to Witness a Significant Growth

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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, and other end-user industries.

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.

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