19.67 CAGR – IoT Market Size is Estimated to Generate $4,421.62 Billion by 2030 | Sap Se, Google LLC
Strong economic growth along with ongoing development IoT & real-time data analysis which drives organizations to invest heavily in IoT market to sustain growth
WILMINGTON, DE, UNITED STATES, October 26, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “IoT Market Analysis by Component, Deployment Mode, Organization Size, Platform, Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The global IoT market size was valued at $740.47 billion in 2020, and is projected to reach $4,421.62 billion by 2030, growing at a CAGR of 19.67% from 2021 to 2030.
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Advancements in industrial-grade digital technology, increase in inclination toward cloud-based IoT software, and rise in need for improved supply chain & customer relation management majorly contribute toward growth of the global IoT market. IoT helps people live and work smarter, as well as gain complete control over their lives in addition to offering smart devices to automate homes, which is becoming primary need of customers. Furthermore, IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations. Moreover, IoT enables companies to automate processes and reduce labor costs. It further cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions, which will creative lucrative opportunities for the global market growth.
Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period.
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Competitive Analysis:
The competitive environment of IoT Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, IoT Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Intel Corporation
Sap Se
Cisco Systems Inc
Microsoft Corporation
Oracle Corporation
IBM Corporation
Google LLC
Hewlett-Packard Enterprise
Amazon Web Services Inc.
Bosch Software Innovation GmbH and Many More
Region wise, the IoT industry was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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According to the insights of the CXOs of top tech organizations across the globe, to boost efficiency and productivity, enterprises must integrate their business functions, resources, and important business processes together. IoT is being implemented by businesses to boost their profitability and working capital. Use of IoT enables businesses to integrate their all machining operations and administration process with a single device via high-speed internet. However, selection of an ideal IoT platform varies depending on company outfit and procedure. Furthermore, cloud-based IoT (SaaS model) is gaining popularity over traditional on-premise IoT, which can provide lucrative opportunities in the future.
The CXOs further added that IoT is expected to witness more adoption and usage in future, as it allows organizations to improve its performance and productivity. Moreover, introduction of advanced principal technologies and proliferation of devices have helped fuel the penetration of IoT technologies. In addition, smartphones and other mobile devices have further altered consumer technology environment. Mobile usage has exceeded desktop usage, and this trend is expected to continue in the future. Thus, the demand for mobile applications that provide IoT platform rises, as the mobile market expands. Prominent market players are exploring new technologies and platforms to meet the increase in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. For instance, in February 2021, NXP Semiconductors N.V. launched its new flexible IoT cloud platform, which is Edge Lock™ 2GO IoT service platform to securely manage and connect edge devices.
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