Massive IoT Market Expected to Generate USD 521.2 Million by 2022, Growing At a CAGR of 22.5% From 2022 to 2031
Rising popularity of NB-IoT (Narrowband-IoT) and LTE-M technologies and rapid advancement of 5G technology are driving the massive IoT market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, May 11, 2023 /EINPresswire.com/ — According to the report, the global massive IoT market generated $71.1 billion in 2021, and is anticipated to generate $521.2 billion by 2031, witnessing a CAGR of 22.5% from 2022 to 2031.
The rising popularity of Narrowband-IoT (NB-IoT) and LTE-M technologies and the rapid advancement of 5G technology is driving the growth of the global massive IoT market. In addition, the growing demand for industrial automation has supplemented the market growth.
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However, interoperability issues between a number of IoT devices and the high cost associated with the implementation and maintenance of IoT platforms are hampering the massive IoT market growth. On the contrary, the rise in the initiatives toward smart city initiatives is expected to offer remunerative opportunities in the industry.
Covid-19 Scenario
The Covid-19 pandemic and the resulting lockdowns led to an increased demand for massive IoT applications. This in turn presented new opportunities for the IoT industry, particularly in the area of home automation.
As people were spending more time at home, there was a greater need to create comfortable and efficient living spaces, which accelerated the adoption of massive IoT technology.
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Based on components, the hardware segment held the highest market share in 2021, accounting for nearly two-fifths of the global massive IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing demand for hardware solutions such as low-power wide-area networks (LPWANs) and rise in the proliferation of low-cost IoT devices. However, the services segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2031, due to the surge in demand for cloud-based IoT services across developed and emerging markets.
Based on organization size, the large enterprise segment held the highest market share in 2021, accounting for nearly two-thirds of the global massive IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period, as most of the large enterprises are responsive toward taking security measures such as regular software updates, strong authentication, and risk assessment. However, the SMEs segment is projected to manifest the highest CAGR of 23.8% from 2022 to 2031, as there is a rise in focus on recognizing the importance of IT technologies.
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Based on platform, the network management segment accounted for the largest share in 2021, contributing to nearly half of the global massive IoT market revenue, as the integration of networking management solutions is expected to grow to comprehensively monitor real-time network communications, which in turn, is aiding in the segment growth. However, the application management segment is expected to portray the largest CAGR of 24.6% from 2022 to 2031 and is projected to maintain its lead position during the forecast period, due to a rising focus on reducing operational time and cost.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global massive IoT market revenue. This is because the adoption of massive IoT cuts operating expenses and allows organizations to execute multiple tasks at the same time. However, the Asia-Pacific region is expected to witness the fastest CAGR of 25.4% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to a surge in the demand for effective data analytics and the fast adoption of cloud computing technology in emerging nations such as China and India.
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The global massive IoT industry is dominated by 1.key players such as Cisco Systems, Inc., Ericsson, Google LLC (Alphabet), Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Qualcomm Technologies Inc., SAP SE, Verizon Communications Inc., ScienceSoft USA Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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