In 2024, the global Internet of Things (IoT) Market (モノのインターネット (IoT) 市場) is forecasted to hit US$ 190,180.8 million. With a projected Compound Annual Growth Rate (CAGR) of 16.6% from 2024 to 2034, IoT sales are set to surge. By 2034, the IoT demand is poised to soar to a staggering US$ 883,156.2 million.

 

The expansion of the IoT market is fueled by growing consumer recognition of the importance of smart, interconnected gadgets like wearables and smart home appliances. Simultaneously, governmental and regulatory authorities are acknowledging the potential advantages of IoT, prompting the creation of standards and regulations to encourage its broad implementation.

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The widespread embrace of IoT is propelled by the fourth industrial revolution, characterized by the integration of digital technology into manufacturing and various sectors to boost automation, efficiency, and operational prowess. This surge is further fueled by consumer demand for intelligent, interconnected products such as wearable tech and smart homes. The drive for IoT-driven innovation stems from consumers' expectations of convenience and enhanced experiences.

However, the proliferation of IoT devices brings along security concerns that jeopardize data confidentiality and integrity, leaving them vulnerable to malicious actors. Issues such as data breaches, privacy breaches, and unauthorized access hinder the widespread adoption of IoT. Moreover, the increasing number of connected devices strains existing network infrastructure, impeding faster data transfer rates and real-time communication essential for certain IoT applications due to network congestion and limited bandwidth.

Regional Outlook

Continuous innovation is fostered in North America by a dynamic and competitive landscape shaped by prevalent IoT vendors and a vibrant startup culture. Europe is seeing a boom in IoT installations tackling environmental issues, especially in energy conservation and management, as sustainability emerges steadily. The Internet of Things (IoT) market expansion in Asia Pacific is driven by solid growth in the manufacturing and logistics sectors and a growing tech-savvy population.

“The Internet of Things (IoT) market has the potential to evolve steadily and revolutionize connectivity in a wide range of industries. The future of interconnected ecosystems can be shaped by its growing adoption, which presents novel opportunities for data-driven analysis, efficiency improvements, and decision-making.” comments an analyst

Key Takeaways 

  • The IoT sensor segment in the component category to grab a share of 31.8% by 2034.
  • In the application category, the smart grid segment to acquire a market share of 22.7% by 2034.
  • The IoT sensor segment in the component category to exhibit a CAGR of 16.3% from 2024 to 2034.
  • In the application category, the smart grid segment to accelerate at a CAGR of 17.2% between 2024 and 2034.
  • The United States Internet of Things (IoT) market is anticipated to surge at a CAGR of 15.4% between 2024 and 2034.
  • Canada IoT market is to develop at a CAGR of 15.9% through 2034.
  • Mexico Internet of Things market is anticipated to surge at a CAGR of 18.5% between 2024 and 2034.
  • China Internet of Things market is expected to surge at a CAGR of 17.0% through 2034.
  • South Korea IoT market is anticipated to boost at a CAGR of 16.9% between 2024 and 2034.
  • Japan Internet of Things (IoT) market to exhibit a CAGR of 17.7% through 2034.

Competitive Landscape

Many big and small Internet of Things (IoT) providers are competing in domestic and international Internet of Things (IoT) industries, making it a very competitive space. The market appears to be fractured since technology is so prevalent. Leading Internet of Things (IoT) vendors employ two significant strategies: product innovation and mergers and acquisitions.

Noteworthy Developments

Texas Instruments created the SimpleLink series of Wi-Fi 6 companion integrated circuits (ICs) in April 2023 to help designers implement highly dependable, secure, and efficient Wi-Fi connections at an affordable price point so that applications can run in high-density or high-temperature environments up to 105°C.

Qualcomm increased the scope of its product in February 2023 to streamline and expedite IoT across several industries. By providing a ubiquitous global connection, intelligently optimizing, and combining location technologies with sensor alerts and crucial device management and control capabilities, Qualcomm Aware is to set a new standard for the Internet of Things and help organizations increase operational efficiency.

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Segmentation of Internet of Things Market Research

  • By Component :
    • IoT Platform
    • IoT Data Transport
    • IoT Security
    • IoT Analytics
    • IoT Sensor
  • By Application :
    • Smart Grid
    • M2M Communication
    • Home and Building Automation
    • Wearable Computing Devices
    • V2V Communication
    • Others
  • By Region :
    • North America
    • East Asia
    • East Asia
    • South Asia and Pacific
    • Western Europe
    • Eastern Europe
    • The Middle East and Africa

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