Internet Of Things (IoT) Market Size

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).

During the COVID-19 pandemic, the vendors in the market are collaborating with several organizations to offer emerging technology-enabled solutions to 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, reducing 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 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. This is changing how industries approach increasingly complex processes of systems and machines to improve efficiency and reduce downtime.
• 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.
• 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 they would implement IIoT strategies in 2021.
• 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.
• They are increasingly used in the manufacturing industry as they are easy to train and make workplace environments safer for humans by taking their place in potentially dangerous situations. Highly trainable and collaborative, robots also deliver 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.