The Iot Technology Market valued USD 383.1 Billion in 2021 and is expected to grow to USD 555.8 Billion in 2028 at Compound Annual Growth Rate (CAGR) of 6.4% within the forecast period of 2022-2028. The Iot Technology describes physical objects with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communication networks.
Majorly Iot Technology Market has been driven by many factors but nowadays many countries are initiating smart city projects and adopting smart city solutions to manage the resources. Connected devices, including sensors, smart light, smart meter, among others, help in improving the functions and efficiency of infrastructure and related services. The rising number of planned cities, smart homes and buildings, smart infrastructures, and smart manufacturing are bound to have a good impact on the Iot Technology business area, thereby accelerating the market growth. Iot Technology has numerous applications, like gathering biometric data which also need protection. Thus, this again accelerates the market growth.
However, as the number of connected devices, smart devices, mobile devices, and platforms grow, so does the need for data protection and privacy. Under the situation of global pandemic technical advances continuously bring changes among healthcare systems. All this could pose a slowing factor to the Iot Technology Market. Although Iot Technology and other advanced technologies, such as cloud, have been a great opportunity for this market to get a rise.
Iot Technology offers various software solutions such as data management, real-time streaming analytics, remote monitoring, security solutions, network bandwidth management, and also enables advanced services. Software solutions and services are expected to dominate the market with the highest share. Several industries are implementing intelligent solutions to improve their present systems. For instance, healthcare facilities deploy connected devices to improve medical outcomes. On the basis of node components, the market is bifurcated into processor, connectivity IC, memory device, sensor, and logic device. Iot Technology Market works on platforms such as device management, application management, and network management. While the services could be professional or managed services. In the end, all these answers end-use applications including healthcare, automotive and transportation, building automation, manufacturing, retail, BFSI, oil and gas, agriculture, aerospace and defense, consumer electronics, and wearable devices.
Iot Technology Markethas been studied in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.North America is the largest region of Iot Technology Market since the past few years and it will keep increasing in the upcoming years. North America region owns 36.2% of the global market. This is due to the adaptive population and the large-scale industrialization which depends on Iot Technology greatly in this era. Asia Pacific is expected to grow at the fastest rate during the forecast period.
Key companies operating in the Global Iot Technology Market are Intel Corporation (US), Qualcomm Technologies (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), IBM (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft Corporation (US), PTC (US), Amazon Web Services (AWS) (US) and others.