IoT is a technology that connects real-world objects to the Internet while enabling them to communicate with each other over a pre-defined network. The number of devices connected to the Internet is expected to proliferate at a rapid pace in the coming years.
According to a study, by 2025, the number of connected IoT devices is projected to reach 41.6 billion, generating around 80 zettabytes of data. Based on the data, it is evident that IoT technology is poised to capture high market share in the information technology vertical. Besides, considering its significant impact in revolutionizing traditional and manual systems into automated and data-driven abilities, several end-use sectors are adopting IoT, and the trend is expected to grow even further over the coming years.
The global IoT market is primarily influenced by the high adoption of IoT solutions that are consistently engaged with numerous technological developments. The growing adoption of cloud-based IoT devices has revolutionized the market by raising the bar in the competition to offer the best solutions to the end-use sectors. Moreover, extensive government efforts in digitalizing industries and businesses are also identified as one of the key factors responsible for the immense growth of the IoT market. The availability of cost-effective sensors, increasing computing power, and improved mobile connectivity with the advent of 5G are also projected to fuel the growth of the IoT technology market.
The global COVID-19 pandemic has affected several businesses across all industries, leading to a decline in the growth rate of several markets. However, the technology market in the healthcare sector is expected to grow at a higher rate in the coming years due to benefits achieved in diagnosing and treating patients with extensive use of sensor-driven technologies. Owing to the pandemic, the spending on IoT technology is expected to be robust across the healthcare, insurance, and education sectors. Increasing demand for value-based healthcare facilities and the proliferation of smart devices for health monitoring and fitness-related issues is expected to increase the adoption of IoT technology in the healthcare industry post-COVID-19.
At present, China, the U.S., and Western Europe are projected to account for the largest shares in IoT spending through the forecast period considering the impact of the COVID-19 pandemic. China, which was significantly hit by the pandemic, is estimated to showcase a strong come back from 2021, with increasing growth rate in IoT spending. Chinese companies have been able to acknowledge the vital role of IoT in pandemic prevention and control, along with the abilities of IoT in mitigating market disruptions. Thus, China is anticipated to be a global leader of the IoT technology market in the forecast period.
Although the growth of the IoT market in the Western world is expected to show positive signs, the Asia-Pacific region lags behind in adopting such disruptive technology. However, technology leaders and local governments are undertaking various initiatives to promote IoT on the commercial as well as consumer level. Multiple projects, such as smart cities and digital education platforms, are a few of the several efforts undertaken by governments to encourage the use of IoT, especially post COVID-19. Drastic digitization of healthcare & educational infrastructure and easy availability of IoT devices are expected to endeavor new growth prospects in the global IoT market.
Meticulous Research’s Repository for IoT Technology Include:
Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography - Global Forecast to 2027
Digital Transformation Market by Technology (IoT, Cloud, Big Data, AI), Process Transformation (Customer, Operation, Product, Workforce), End-use Industry (Retail, Healthcare, Manufacturing, Insurance), Industry Size - Global Forecast to 2025
Smart Cities Market by Application (Smart Utilities, Smart Transportation, Water Management, Waste Management, Smart Healthcare, Smart Lighting, Smart Education), Component (Hardware, Software, and Services), and Geography - Global Forecast to 2027
Agriculture IoT Market by Component (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Others), and Geography - Global Forecast to 2027
Automotive IoT Market by Platform (Data Management), Component (Sensor, GPS, Bluetooth, Wi-Fi), Data Converter (ADC), Connectivity (Embedded), End User (OEM), Application (ADAS, Fleet Management, Infotainment)– Global Forecast to 2025
South East Asia Industrial Automation and Process Control Market by Product Type (DCS, PLC, SCADA, PLM), Industry Vertical (Textile, Oil and Gas, Food and Beverages, Life Sciences, Automotive, Packaging) - Industry Forecast to 2025
Wearable Technology Market by Product (Smartwatches, Blood Pressure Monitor Watches, Head-mounted Displays, Smart Headgears, Smart Glasses, Smart Jewellery, Body-worn Cameras), Material, End User, and Geography - Global Forecast to 2029
Smart Home Market by Product (Smart Speakers, Smart Lighting, and Smart Home Security), Standards and Protocols (Bluetooth, Wi-Fi, and ZigBee), and Geography – Global Forecast to 2025
Internet of Things (IoT) in Healthcare Market by Component (Medical Device, Connectivity Solutions, Systems and Software, Services), Application (Telemedicine, Clinical Operations and Workflow Management, Medication Management, Connected Imaging, Inpatient Monitoring), and by End User - Global Forecast to 2025