Delray Beach, FL, Nov. 04, 2024 (GLOBE NEWSWIRE) -- The IoT Market is estimated at USD 64.8 billion in 2024 to USD 153.2 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period, according to a new report by MarketsandMarkets™. The requirement for real-time data analytics and automation in different industries drives the IoT Market. They have retained customers by offering improved efficiency, cost savings, and better user experiences. Utilizing IoT technologies can help businesses enhance operations and achieve a competitive advantage. It is also boosted by progress in Artificial Intelligence (AI) and Machine Learning (ML), growing financial support for IoT infrastructure, and the widespread use of connected devices.
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IoT Market Dynamics:
Drivers:
- Prevalence of condition monitoring sensors
- Merging of 5G technology with industrial edge computing
- Safety and risk reduction
- Security concerns regarding vulnerability to cyberattacks
- Privacy concerns
- Lack of standardized technological communication protocols and interoperability
- Challenges regarding regulatory compliances
- Improved efficiency
- Enhanced decision-making
- Growing demand for new business models and revenue streams
- AWS (US)
- Microsoft (US)
- Oracle (US)
- Cisco Systems Inc. (US)
- SAP (Germany)
- Avnet Inc. (US)
- IBM (US)
- Google (US)
- PTC (US)
- Software AG (Germany)
- Hitachi Ltd. (Japan)
By focus area, smart manufacturing is expected to have the largest market size during the forecast period.
Smart manufacturing is leading the Internet of Things market. Moreover, it helps to improve operational efficacy sharply by introducing IoT technologies for real-time monitoring and optimizing processes, increasing productivity while reducing downtimes. Furthermore, under anticipatory maintenance, which is a core area of interest, proactive management of equipment is made possible, reducing surprise breakdowns and extending machine life spans. Smart manufacturing in quality control helps to improve product quality through early detection of defects and on-the-spot analysis, thus reducing wastage. Complete visibility is provided by the Internet of Things (IoT), thereby enhancing supply chain management through better tracking and managing inventory and increasing logistics efficiency, among others. Additionally, real-time monitoring, together with automated reporting, improves safety regulations and compliance in smart manufacturing, ultimately adhering to industry standards and ensuring workplace safety. Thus, the Internet of Things (IoT) enables manufacturers to quickly meet market demands and create custom-made products owing to its customizable nature which also promotes flexibility. Continuous data collection and analysis foster creativity, enhancing matters related to the design of products and methods in production, among others, and business strategy adjustments accordingly.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
During the forecast period, the IoT service market is set to grow due to various essential drivers. The loT solutions now exhibit advanced traits and necessitate specialized implementation, integration, and maintenance services, which cause demand to grow. Customization and scalability need to drive expansion as businesses look for personalized solutions that can adapt to their changing requirements. The increasing need for data management as well as analysis needs strong support systems to control and examine huge amounts of data generated by numerous devices. Service providers need to consistently update and support loT systems to maintain efficiency and remain at the forefront of technology due to swift technological progress. Moreover, handling and upkeeping multiple connected gadgets requires offerings like remote monitoring and diagnostics. The rising use of IoT in different sectors, such as healthcare and smart cities, leads to a greater demand for specialized services to support various applications, driving the segment's rapid growth.
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Based on region, Asia-Pacific is expected to hold the most significant share during the forecast period.
The Asia-Pacific region is set to lead the market share of the loT sector during the expected time frame due to several factors that include rapid technological advancements and innovation particularly in China, Japan, and South Korea. There is significant internet usage in this region as well as an increase in smartphone uptake which allows for extensive connectivity required for proper integration of IoT. Chinese Government's 'Made In China 2025' and Japan's 'Society 5.0' are the more specific initiatives that promote the adoption of loT as well as digital transformation across nations. Alongside, the rise of certain industries especially in developing countries such as India or Southeast Asia is raising a higher need for IoT solutions mainly in the manufacturing or logistics sectors. The market growth has also been fueled by the rising number of smart city projects including intelligent transportation systems and smart infrastructure constructions across both public and private sectors. Other factors influencing the increasing utilization of loT technologies are strong economic growth within the region coupled with substantial investments into digital infrastructure development as well as soaring consumer electronics sales. All these factors point to a strong position occupied by Asia-Pacific within the global IoT industry.
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