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Internet of Things (IoT) Market is Expected to Reach USD 1508.01 Billion By 2027

Reports And Data

Reports And Data

Internet of Things (IoT)Market Size – USD 245.08 Billion in 2019, Market Growth - CAGR of 26.1%, Market Trends – The rising demand for IoT traction among SMEs.

NEW YORK, NY, UNITED STATES, January 19, 2022 / -- The growing trends of wireless networking technologies, along with the rising adoption of cloud-based services, is propelling the market growth.

The Global Internet of Things (IoT) Market is forecast to reach USD 1508.01 Billion by 2027, according to a new report by Reports and Data. The Internet of Things is the essential computer technology used for Device Management, Application Management, Network Management, and Cloud Platform. The system is a unique technology that has various connection methods such as Ethernet, Wi-Fi, LPWAN, Cellular, Bluetooth, and many others. The rising demand for smart computing is booming this market.

The favorable circumstances in the Internet of Things (IoT) Market lie with the need for advanced data analytics and data processing and growing demand for cloud platform and wireless networking technologies. The rising applications of shared security model are boosting the market of such technology. The Internet of Things (IoT) market has various applications such as smart manufacturing, smart grid and utilities, smart mobility and transportation, smart logistics, smart retail, and building and home automation, which is helping in the market growth of this internet of things sector. The lack of subsidies & data migration from legacy systems is acting as a market restraint.

The factors mentioned above jointly create opportunities for market growth, while factors such as privacy concerns and data security act as a challenge in the implementation of such a solution in the market. However, each element would have a specific impact on the market during the forecast period.

In Europe, due to the sudden rise in adoption of the Internet of Things (IoT) for various applications in the education sector, along with growing demand for cloud platform adoption, the market for an Internet of Things (IoT) is propelling at a fast rate. The rising economy in counties like Germany, France, and the United Kingdom, owing to the favorable political, social, and economic conditions is helping the IoT market to grow.

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Key participants Google Inc., Hewlett Packard Enterprise, Amazon Web Services, Bosch Software Innovation GMBH, General Electronics, Intel Corporation, SAP SE, Cisco Systems Inc., Microsoft Corporation, and Oracle Corporation, among others.

Further key findings from the report suggest

• Smart manufacturing application held the largest market share of 22.5% in the year 2019. The increasing use of industrial automation to increase productivity and lower manufacturing costs is helping this market to boom.
• The Wi-Fi connection method segment is forecasted to witness the highest CAGR of 27.0% during the forecast period. This segment is rising because it is wireless and fast. Wi-Fi module that has been optimized for IoT will simplify the design and save development time.
• Solution component is forecasted to witness the highest CAGR of 26.0% during the forecast period. China became the largest consumer of this segment, as this technology helps in increasing production output and business process efficiency with optimum resource utilization.
• Asia Pacific is expected to witness the highest CAGR of 28.0% during the forecast period. Countries like India, China, Taiwan, Indonesia, and Japan are rapidly catching up with the growth in the data management and security solution. The countries in this region have a high demand for technological system, which is propelling the market growth.

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For the purpose of this report, Reports and Data have segmented into the global Internet of Things (IoT) Market on the basis of connection methods, applications, component, and region:

Application Outlook (Revenue, USD Billion; 2017-2027)

• Building and home automation
• Smart energy and utilities
• Smart manufacturing
• Connected logistics
• Smart retail
• Smart mobility and transportation

Connection Methods Outlook (Revenue, USD Billion; 2017-2027)

• Ethernet
• Wi-Fi
• Cellular
• Bluetooth
• Satellite

Component Outlook (Revenue, USD Billion; 2017-2027)

• Services
• Platform
• Solution

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Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
• Europe
• Asia Pacific
• Latin America

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Tushar Rajput
Reports and Data
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