NEW YORK, USA, February 7, 2024 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) market size will grow at a CAGR of US$3,267.4 billion by 2033, from US$347.2 billion in 2023. is expected to grow. 25.13% during the forecast period.
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The Internet of Things (IoT) is a network of real-world items embedded with software, sensors, and other technologies that allow them to communicate and share data with other online devices and systems. In recent years, the Internet of Things has emerged as one of the major technologies of the 21st century. Commonplace items such as cars, baby monitors, kitchen appliances, and thermostats could be seamlessly connected to the Internet through embedded devices, facilitating communication between people, processes, and things. The number of smart city projects, the number of online and offline sellers of IoT products, and the growing need for IoT technology in the automotive sector are driving the global IoT market. The e-commerce industry is rapidly expanding due to the growing popularity of smartphones and their convenience, and consumers’ growing preference for online purchasing. The IoT market is driven by the growing use of IoT in the automotive sector. One of the largest markets for IoT deployment is the automotive sector, supporting a variety of applications such as dashboards, real-time monitoring, predictive maintenance, in-vehicle infotainment, security features, and self-driving cars. Furthermore, the fierce competition in the global automotive sector is pushing companies to leverage IoT, AI, and other cutting-edge technologies, driving the expansion of the IoT market. The growth of the IoT market is mainly dependent on operational efficiency and technological advancements. Many countries in Latin America, the Middle East, Africa, and the Asia-Pacific region lack the necessary technology, such as network and communication infrastructure, and various factors, such as low budgets and low fees, make it difficult to implement smart projects quickly. I can’t. Literacy.
Browse key industry insights across 200 pages, including 110 market data tables, figures, and charts. From “Report”Global Internet of Things (IoT) Market Size, share, and COVID-19 impact analysis by component (solutions, services, hardware, and software), by organization size (large enterprises and small businesses), and by end user (agriculture, BFSI, healthcare, government) , Retail, Manufacturing, Sustainable Energy, Transportation, IT and Telecommunications, etc.) and Regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), 2023-2033 Analysis and Forecasts. ”
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The hardware segment is expected to hold the largest share in the global Internet of Things (IoT) market during the forecast period.
The global Internet of Things (IoT) is divided into segments based on its components: solutions, services, hardware, and software. Among these, the hardware segment is expected to hold the largest share in the Internet of Things (IoT) market during the forecast period. This is due to the fact that IoT systems require hardware such as sensors, devices, and gateways to enable communication and collect data. These hardware elements constitute the backbone of the Internet of Things infrastructure and are required to successfully implement IoT solutions.
The large enterprise segment is expected to grow at the fastest pace in the global Internet of Things (IoT) market during the forecast period.
The world’s Internet of Things (IoT) is divided into large and small businesses. The large enterprise segment is expected to grow at the fastest pace in the Internet of Things (IoT) market during the forecast period. Large enterprises have the ability to invest in IoT infrastructure, develop complex IoT solutions, and implement them across their business. Additionally, more funds are available for IoT projects.
The agriculture segment is expected to grow at the highest pace in the global Internet of Things (IoT) market during the forecast period.
Based on end users, the global Internet of Things (IoT) is categorized into agriculture, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT and communications, etc. The agriculture segment is expected to grow at the highest pace in the Internet of Things (IoT) market during the forecast period. Important applications of technology in the agricultural sector include smart farming, smart drones, smart farming, smart greenhouses, and precision farming. A farmer can benefit from the Internet of Things in two ways. By providing reliable data, we’ve helped farmers make more informed decisions and save money.
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North America is expected to hold the largest share in the global Internet of Things (IoT) over the forecast period.
North America is projected to hold the largest share of the global Internet of Things (IoT) over the forecasted years. The main drivers of the expansion of the Internet of Things market in North America are the increasing use of connected devices and associated network infrastructure, and the growing collaboration of hardware, network, and software vendors. Smart transportation is now more widely available in the region, helping commuters reach their destinations safely. Canadian businesses are using IoT capabilities to improve and simplify internal processes.
Asia Pacific is expected to grow at the fastest pace in the global Internet of Things (IoT) during the forecast period. The rapid adoption of new technologies in this field makes it an important market for the IT industry. As a result, the IoT market in Asia Pacific is projected to grow at the fastest rate. It is the most urbanized region in the world and home to the majority of rapidly urbanizing emerging countries. Although this trend creates enormous financial potential, it also poses significant barriers to sustainable growth.
Competitive analysis:
The report offers pertinent analysis of key organizations/companies involved in the global market along with comparative evaluation mainly based on product offerings, business overview, geographical presence, corporate strategies, segment market shares, and SWOT analysis. . The report also provides in-depth analysis focusing on the company’s current news and developments, including product development, innovation, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and more. This allows you to assess the overall competition within the market. Key global Internet of Things (IoT) vendors include Siemens, Microsoft, Particle, HQ Software, AWS, Oracle, Cisco, Qualcomm, Losant, Litmus Automation, IBM, Google, Intel, Hitachi, GE Digital, ARM, Software AG , ClearBlade, Ayla Networks, and more.
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recent trends
- In February 2023, Cisco has updated its IoT product line with a focus on meeting the requirements of large-scale IoT installations. The goal of the Cisco IoT Control Center upgrade is to facilitate connectivity management of low-cost fixed devices such as medical equipment and utility meters. The platform covers a wide range of IoT use cases, enabling service providers to address varying levels of complexity and tap into new market potential. Cisco wants to increase the value and ease of use of his IoT for clients by providing a single platform for various enterprise purposes.
- January 2023, KORE, which provides IoT connectivity as a service, selected Amazon Web Services (AWS) to power its large-scale IoT solution and address the security issues associated with large-scale IoT installations. By providing clear credentials and secure data connectivity, eSIM technology is used in KORE’s OmniSIM SAFE solution to leverage AWS IoT Core to improve IoT security. The partnership aims to optimize processes and ensure comprehensive security in preparation for the rapid expansion of IoT devices expected in the coming years.
market segment
This study projects revenues at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global Internet of Things (IoT) market based on the following segments:
Global Internet of Things (IoT) Market by Component
- solution
- service
- hardware
- software
Global Internet of Things (IoT) Market by Organization Size
Global Internet of Things (IoT) Market by End User
- Agriculture
- BFSI
- health care
- government
- retail
- manufacturing industry
- sustainable energy
- Transportation facilities
- IT & Telecom
- others
Global Internet of Things (IoT) Market by Region
- North America
- we
- Canada
- Mexico
- Europe
- Germany
- England
- France
- Italy
- Spain
- Russia
- rest of europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- south america
- Brazil
- Argentina
- rest of south america
- middle east and africa
- United Arab Emirates
- Saudi Arabia
- qatar
- South Africa
- rest of the Middle East and Africa
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