Global IoT Market is Expected to Grow to USD 1994.3 Bn in 2028

Tuesday 9 June 2020, Amsterdam

The Internet of Things (IoT) would enable intelligent consumer devices to move far beyond personal computers and smart phones and involve a myriad of devices such as smart home appliances and connected cars. This growth in the IoT market is expected to be complemented by the growth in allied technologies like Artificial Intelligence, Big Data and Robotics. The decrease in the cost of hardware, the evolution of network communication technology, growth in the support infrastructure, high mobile adoption and internet penetration are some of the key drivers of the IoT market.  

The penetration rate of IoT across various industries is expected to experience rapid growth. These include industries like manufacturing, automotive, healthcare, utilities, BFSI, agriculture and retail. A large number of machines would be embedded with sensors in the manufacturing sector to help reduce the operational costs through predictive maintenance. IoT would also have vast applications in the connected car environment in the automotive sector.

North America is expected to account for one third of the Global IoT market during the forecast period, 2020- 2028. Western Europe is also considered as a promising destination for innovations in this market. APAC is expected to be the fastest growing market during the forecast period and account to around USD 820 Billion in 2028. China is expected to emerge as the largest IoT market within APAC while India is expected to see the fastest growth.  

Technologies such as WPAN, WLAN, LPWA and cellular, MEMS sensors and edge computing would be key to the growth of this market. IoT technology is one of the key factors for enabling smart cities. Europe is expected to have around 300 smart cities by 2022. The restraints in the market is expected to be data privacy and standardization, to name a few.

The report titled “Global IoT Market - Market and Technology Forecast to 2028” 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 2018 to USD 1994.3 Billion in 2028 at a CAGR of 10.20%. The consumer sector is expected to be the fastest growing sector during the forecast period 2020-2028.

Scope:
The study period of the report titled “Global IoT Market - Market and Technology Forecast to 2028” is 2018-2028 and the forecast period is 2020 - 2028. 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.