The global Internet of Things market is expected to reach USD 1,854.76 billion by 2028, exhibiting a CAGR of 25.4% during the forecast period. The market is expected to gain impetus from the rising adoption of digital twins by a wide range of industries. They help in transforming the physical assets of the industries into a virtual representation. It aids in controlling, examining, and viewing the operations based on the digital platform. Fortune Business Insights(TM) provided this information in a recent study, titled, "Internet of Things (IoT) Market, 2021-2028." The study further states that the market size was USD 308.97 billion in 2020.
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Will the COVID-19 Pandemic Affect the Market Severely?
-- The spread of the coronavirus infection has a varied impact on the market growth.
-- As per the guidelines given by the governments, the percentage of workforce is set to be lowered after the opening of the industries.
-- Such measures are expected to increase the dependency of people on technologies.
-- Therefore, multiple organizations worldwide would consider investing hefty amounts of money in digital technology.
-- Integration of artificial intelligence and cloud in IoT solutions is expected to contribute to the growth of the market during the current scenario.
List of key players in Internet of Things market:
-- Amazon.com Inc. (US)
-- AT&T Inc. (US)
-- Bosch Software Innovations GmbH (Germany)
-- Cisco Systems, Inc. (US)
-- IBM Corporation (US)
-- Intel Corporation (US)
-- Oracle Corporation (US)
-- Microsoft Corporation (US)
-- SAP SE (Germany)
-- Siemens AG (Germany)
Report Scope & Segmentation
Report Coverage Details Forecast Period 2021 to 2028 Forecast Period 2021 to 2028 CAGR 25.4% 2028 Value Projection USD 1854.76 Billion Base Year 2020 Market Size in 2020 USD 381.30 Billion Historical Data for 2017 to 2019 No. of Pages 130 Segments covered Component, End Use Industry and Geography Growth Drivers Device Management Segment to Grow Steadily Fueled by Need to Manage Several Devices Usage of Smart Sensors Owing to Their Ability to Digitally Analyze Processes to Spur Growth Asia Pacific to remain at Forefront Backed by 'Make in India' Initiative Key Companies Aim to Launch New Solutions to Intensify Competition
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Highlights of This Report:
-- In-depth information about the market growth drivers, dynamics, and obstacles.
-- Elaborate data about the challenges and opportunities.
-- Extensive analysis of the latest trends in the market.
-- Profiles of all the companies operating in the market.
Device Management Segment to Grow Steadily Fueled by Need to Manage Several Devices
In terms of platform, the market is divided into network management, cloud platform, and device management. Amongst these, the device management segment held the largest IoT market share in 2020. This growth is attributable to the rising need to manage multiple devices owing to the increasing number of connected devices present on the IoT platforms. It provides in-depth information about the working state of the devices and remotely manages the errors. This platform also reduces the testing and development time of solutions by automating the network and device administration. In an organization, such platforms aid in delivering real-time insights and centralized management of the integrated and connected devices.
Usage of Smart Sensors Owing to Their Ability to Digitally Analyze Processes to Spur Growth
A crucial factor driving the IoT market growth is the increasing adoption of smart sensors. They aid in measuring the external environments such as light intensity, position, flow, pressure, force, and temperature. Also, they measure physical inputs and convert them into raw data. The data is then stored digitally for analyzing the processes. The IoT solutions require persistent flow of data from the surroundings for functioning in a much better way. For instance, the data of the user's activities is provided by the smart sensors integrated with the connected devices.
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Asia Pacific to remain at Forefront Backed by 'Make in India' Initiative
In 2020, Asia Pacific generated USD 120.85 billion revenue because of the rapid adoption of IoT in developing countries, such as India. The 'Make in India' policy, for instance, covers 25 sectors of the country's economy. It promotes the investment in manufacturing, as well as encourages the organizations to manufacture their products in the country. The Government of India is presently planning to build 100 smart cities in the coming years. Such steps would help the region in maintaining its dominant position in the market.
North America is set to remain in the second position throughout the forthcoming years on account of the presence of the maximum number of companies in the U.S. They are frequently investing in the development of new solutions to surge sales. The European countries, on the other hand, are focusing on enhancing their SMEs by deploying various digital solutions. The U.K. and Germany are anticipated to generate the maximum revenue. The governments of these countries are investing extensively in implementing the latest technologies for refining the advancements across a wide range of industries.
Key Companies Aim to Launch New Solutions to Intensify Competition
The market houses a large number of enterprises that are currently aiming to launch new products for intensifying competition. They are also investing in research and development activities to bring in their in-house products. Below are two of the key industry developments:
-- April 2020 - Haltian, a leading IoT solution provider based in Finland, received USD 9.8 million funding from Finnish venture capital (FVC), Ilmarinen, an employment pension company, and Nordic Option Haltian.
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