Global IoT Market is Expected to Grow to USD 1994.3 Bn in 2029

Monday 14 December 2020, Amsterdam

The Internet of Things (IoT) will enable the development of smart consumer devices to go far beyond personal computers and smart phones, and involve countless devices such as smart home appliances and connected cars. The growth of the IoT market is expected to be supplemented by the growth of related technologies such as artificial intelligence, big data and robotics. The decline in hardware costs, the development of network communication technologies, the growth of supporting infrastructure, high mobile adoption and Internet penetration are some of the main driving forces in the IoT market.

The penetration rate of the Internet of Things in various industries is expected to grow rapidly. These industries include manufacturing, automotive, healthcare, utilities, BFSI, agriculture and retail. The manufacturing industry will embed a large number of machines in sensors to help reduce operating costs through predictive maintenance. The Internet of Things will also have a wide range of applications in the connected car environment in the automotive field.

During the forecast period of 2020-2029, North America is expected to account for one third of the global IoT market. Western Europe is also considered a promising destination for innovation in this market. The Asia-Pacific region is expected to be the fastest-growing market during the forecast period, reaching approximately US$820 billion by 2029.  China is expected to become the largest IoT market in the Asia-Pacific region, while India is expected to achieve the fastest growth.

Technologies such as WPAN, WLAN, LPWA and cellular, MEMS sensors and edge computing will be the key to the growth of this market. The Internet of Things technology is one of the key factors to realize a smart city. By 2022, Europe is expected to have about 300 smart cities. Limiting factors in the market include data privacy and standardization.

The report titled “Global IoT Market - Market and Technology Forecast to 2029” is segmented based on region, technology, industries, platform and deployments. The regions are segmented as North America, Europe, APAC, Middle East, Latin America and Rest of the World. The country analysis chapter contains a detailed insight into the IoT support infrastructure of top 10 countries.   

The Global IoT market is expected to grow from around USD 647.6 Billion in 2019 to USD 1994.3 Billion in 2029 at a CAGR of 10.20%. The consumer sector is expected to be the fastest growing sector during the forecast period 2020-2029.

Scope:
The study period of the report titled “Global IoT Market - Market and Technology Forecast to 2029” is 2019-2029 and the forecast period is 2020 - 2029. The industries covered in this report include BFSI, Consumer, Utilities, Transport and Logistics, Manufacturing, Automotive and Healthcare.

Reasons to Buy:

• The report will help investment bankers and the financial institutions to understand the overall market trend and the key dynamics that govern this market.
• The report will help manufacturers to understand the key opportunity market and focus their efforts in those specific regions.
• The report will help the top management team to take strategic decisions on opportunity analysis or market entry strategies.
• The infrastructure and component suppliers in the IoT market are expected to benefit from this report, the market forecast section would help them understand the market potential at the component level.  
• The R&D Departments can use this report to understand the upcoming technologies in this market.  
• The key startups from the top ten countries have been discussed in detail in the Country Analysis section.
• The key IoT Technologies have been discussed in detail, this is one of the most comprehensive reports which discusses IoT technologies.