BESTSELLER

Internet of Things (IoT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Internet of Things (IoT) Market is segmented by Component (Hardware, Software/Platform, Connectivity, Services), End User Industry (Manufacturing, Transportation, Healthcare, Retail, Energy and Utilities, Residential, Government, Insurance), and Geography.

Market Snapshot

Internet of Things (IoT) Market Bar Graph
Study Period:

2018 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

10.53 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The global IoT market is expected to reach a value of USD 1,386.06 billion by 2026 from USD 761.4 billion in 2020 at a CAGR of 10.53%, during the forecast period (2021-2026). 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 ovrcome the crisis effectively. For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) has 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.

  • With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, an increase in cloud platform adoption, the market is expected to grow at a positive rate.
  • The internet of things technology helps in connecting various smart devices together to ease the operation and sharing of data amongst themselves. There are various smart devices, such as sensors, smartphones, and wearables, which collect necessary data from the devices which are further utilized to enhance customer’s experience. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.
  • Industry 4.0 and IoT are at the center of new technological approaches for 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.

Scope of the Report

IoT is a network of internet-connected objects. These objects collect and exchange the 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 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

Component
Hardware
Software/Platform
Connectivity
Services
End User Industry
Manufacturing
Transportation
Healthcare
Retail
Energy and Utilities
Residential
Government
Insurance
Other End User Industries
Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Retail Segment to Witness a Significant Growth

  • The retail industry is witnessing significant growth in the last two years, especially with the massive expansion of the e-commerce industry, across the globe. Hence, the retailers are not only utilizing IoT solutions to improve their operational efficiency but also to enhance the customer experience to gain competitive advantages. Therefore, the reducing cost of IoT-based sensors and connectivity, customer demand for a better shopping experience, and increasing adoption of smart payment solutions are some of the major factors driving the adoption of IoT solutions in the studied segment.
  • IoT is playing a significant role in process automation and enhancing the operational efficiency of retail stores. It is providing energy optimization, surveillance and security, supply chain optimization, inventory optimization, and workforce management. IoT is also gaining capabilities in cold chain monitoring for temperature-sensitive grocery and pharmaceutical goods.
  • Retailers are also utilizing IoT to avoid security pitfalls, and are deploying IoT-enabled systems that can withstand jamming in their warehouses and stores. Recently, in 2020, UK-based RELX launched its first flagship store in China equipped with facial recognition cameras that can alert staff when a suspected person enters the store.
  • IoT is also helping retailers to offer better customer experience, hence helping in gaining profit margins. For instance, US-based retailer Walgreens has been experimenting with IoT-enabled displays on refrigerator doors that utilize face detection technology to show ads based on approximate age and gender. Many retailers in Europe are also installing small, customizable, IoT-connected dashboards, or buttons to gather customer feedback and then use those insights to enhance customer experiences.
Internet of Things (IoT) Market Share

To understand key trends, Download Sample Report

North America to Witness a Significant Growth

  • 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, home automation, and focus on smart manufacturing. Additionally, rapid digitalization across industry verticals and technological advancements have further fueled the growth of IoT in this region.
  • Moreover, the region has a strong foothold of IoT vendors, which contributes to the growth of the market. Some of them include IBM Corporation, Microsoft Corporation, Intel Corporation, Cisco Systems, Inc., and Google Inc, among others. In February 2020, Cisco announced enhancements to its IoT portfolio that enable service provider partners to provide optimized management of cellular IoT environments and new 5G use-cases. New wireless technologies such as 5G, Wi-Fi 6 – would lead to more devices and new IIoT use cases and would give service providers the tools to create competitive cellular IoT offerings for their customers. Machine-to-machine connections are anticipated to rise 19% and account for 50% of all connections by 2023, according to Cisco's 2020 Annual Internet Report.
  • Another primary market in the region is the home automation systems. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells, connected light bulbs, smart locks, and smart speakers of late. According to a study at Stanford University and Avast, North American homes have the highest density of IoT devices of any region in the world. Notably, 66% of homes in the region have at least one IoT device. Additionally, 25% of North American homes boast more than two devices. The average household in the region would have an average of 9 devices by 2022, and nearly half (48%) of total devices and connections will be video capable.
Internet of Things (IoT) Market Growth

To understand geography trends, Download Sample Report

Competitive Landscape

The Internet of Things (IoT) market is highly competitive owing to the presence of many large and small players in the market operating in the domestic as well as in the international market. The market appears to be fragmented due to the presence of many technological giants in the market. Key strategies adopted by the major players in the market are product innovation and mergers and acquisitions. Some of the major players in the market are Cisco Systems, Inc., Google, Inc., IBM Corporation, Microsoft Corporation among others.

  • March 2020 - Microsoft & Cisco Systems announced a partnership to enable seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud. One of the outcomes of this collaboration would be to provide customers a pre-integrated IoT edge-to-cloud application solution.

Recent Developments

  • January 2020 - Cisco introduced an IoT security architecture that provides enhanced visibility across both IT and IOT environments and protects processes. Cisco’s new solutions enable the collection and extraction of data from the IoT edge so organizations can increase efficiencies to make better business decisions and accelerate digitization project.
  • 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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis​

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Market Drivers

      1. 4.4.1 Increasing Adoption of Connected Devices and Technology Proliferation

      2. 4.4.2 Rapid Growth and Technological Advancements in Data Analytics

    5. 4.5 Market Restraints

      1. 4.5.1 Issues Related to Security and Privacy of Data and Connectivity of Devices and Interoperability

    6. 4.6 Regulatory Framework

    7. 4.7 Impact of COVID-19 on the IoT Market

  5. 5. USE CASES OF IoT

  6. 6. MARKET SEGMENTATION​

    1. 6.1 Component

      1. 6.1.1 Hardware

      2. 6.1.2 Software/Platform

      3. 6.1.3 Connectivity

      4. 6.1.4 Services

    2. 6.2 End User Industry

      1. 6.2.1 Manufacturing

      2. 6.2.2 Transportation

      3. 6.2.3 Healthcare

      4. 6.2.4 Retail

      5. 6.2.5 Energy and Utilities

      6. 6.2.6 Residential

      7. 6.2.7 Government

      8. 6.2.8 Insurance

      9. 6.2.9 Other End User Industries

    3. 6.3 Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 Huawei Technologies Co. Ltd

      2. 7.1.2 Robert Bosch GmbH

      3. 7.1.3 Google Inc.

      4. 7.1.4 Cisco Systems Inc.

      5. 7.1.5 PTC Inc.

      6. 7.1.6 Siemens AG

      7. 7.1.7 Honeywell International Inc.

      8. 7.1.8 Koninklijke Philips NV

      9. 7.1.9 Aruba Networks Inc. (Hewlett Packard Enterprise)

      10. 7.1.10 Aeris Communications Inc

      11. 7.1.11 Amazon Web Services Inc.

      12. 7.1.12 IBM Corporation

      13. 7.1.13 Microsoft Corporation

      14. 7.1.14 General Electric Company

      15. 7.1.15 Fujitsu Ltd

      16. 7.1.16 Oracle Corporation

      17. 7.1.17 SAP SE

      18. 7.1.18 AT&T Inc.

      19. 7.1.19 Wipro Ltd

      20. 7.1.20 Telefonaktiebolaget LM Ericsson

      21. 7.1.21 Nokia Corporation

  8. 8. INVESTMENT ANALYSIS​​

  9. 9. FUTURE OF THE MARKET

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The IoT Market market is studied from 2018 - 2026.

The IoT Market is growing at a CAGR of 10.53% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Cisco Systems, Inc.
  • Google, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Huawei Technologies Co. Ltd

Are the major companies operating in IoT Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!