Report Ocean recently released a research report on the Internet of Things (IoT) Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global internet of things (IoT) market size was US$ 4.8 billion in 2021. The global internet of things (IoT) market is forecast to reach the value of US$ 8.3 billion by 2020, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
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Internet of Things or IoT includes digital machines, inter-related computing devices, objects, and individuals having unique identifiers (UIDs. Moreover, it helps transfer data through the network by eliminating the human-to-human or human-to-machine interaction.
Factors Influencing
The increasing adoption of IoT solutions across all verticals is the primary factor driving the market growth. Artificial intelligence, data analysis, and machine learning play an important role in industries. Over the years, Data analysis and management have gained prominence as it is important to manage the network efficiently.
The launch of innovative platforms and rising competition among service providers will benefit the market. Cloud Vendors, including Amazon, Microsoft, and Google, are introducing innovative solutions which increase the need to enhance AI capabilities.
Growing demand for advanced solutions in the healthcare sector is forecast to fuel market growth. Governments in various countries are making a huge investment to grow healthcare infrastructure. Moreover, increasing cases of chronic diseases will ultimately raise the demand for efficient systems for monitoring chronic diseases.
In addition, the increasing demand for smart medical and diagnostic tools, early warning systems, smart hospital rooms, and wearable devices will accelerate the market growth.
Security issues may hamper the growth of the global Internet of Things (IoT) market.
The growing demand for smartphones, wearables, and the advent of smart homes and healthcare is forecast to prompt the growth of the global Internet of Things (IoT) market.
Geographic Analysis
Geographically, North America holds the largest share in the global internet of things market due to the increasing penetration of advanced technologies across all verticals. In addition, the high healthcare expenditure and favorable government initiatives are forecast to boost the regional contribution in the global Internet of Things (IoT) market.
Due to the high penetration of advanced technologies, Europe is expected to have the highest growth rate during the study period.
COVID-19 Impact Analysis
During the COVID-19 pandemic, market suppliers inked a partnership with various organizations to provide innovative technology-enabled solutions to healthcare organizations. These technologies aim to assist healthcare providers in efficiently overcoming the difficulty. For example, the Shanghai Public Health Clinical Center (SPHCC) employed a continuous temperature measuring gadget from the California-based connected health firm VivaLNK to monitor COVID-19 patients. The device efficiently reduces the chance of caregivers contracting the virus. Thus, the global Internet of Things (IoT) market grew significantly during the COVID-19 pandemic.
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Competitors in the Market
- IBM
- Royal Phillips
- Stanley Healthcare
- Oracle
- Bosch
- CloudMinds
- XAG
- CBT
- PTC
- Rockwell AutomationHoneywell (US)
- GE Digital
- Intel
- Siemens
- Ericsson
- Hitachi Vantara
- ABB
- NEC Corporation
- Other prominent players
Market Segmentation
The global Internet of Things (IoT) market segmentation focuses on Component, End-User Industry, and Region.
Insight by Component
- Engineered Software Solutions
- Platforms
- Services
By End-User Industry
- Manufacturing
- Transportation
- Healthcare
- Retail
- Energy and Utilities
- Residential
- Other End-User Industries
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Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Internet of Things (IoT) Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Internet of Things (IoT) market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Internet of Things (IoT) Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Internet of Things (IoT) market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Internet of Things (IoT) market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Internet of Things (IoT) market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Internet of Things (IoT) market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Internet of Things (IoT) business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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