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According to The Business Research Company’s research report on the Internet of Things market, IoT market share by industry shows this technology adoption mainly among manufacturing and transportation services companies, which will drive the IoT market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. According to International Data Corporation (IDC), global spending on the IoT growing 8.2% year over year to $742 billion in 2020 down from 14.9% growth forecast in November 2019. Although, IDC expects global IoT spending will return to double-digit growth rates in 2021. This includes hardware, software and services for IoT technologies. Thus, IoT technology adoption is expected to expand the demand for IoT.
Major owners of the IoT market share by company are Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, International Business Machine (IBM) Corporation, Google Inc., Hewlett-Packard Enterprise, Amazon Web Services Inc., Bosch Software Innovation GmbH, Huawei Technologies, Intel Corporation, AT & T Inc., Hitachi Data Systems, General Electric, Bright Wolf, C3 IoT, Carriots, Concirrus, Connio, Cumulocity, Davra Networks, Device Insight, EVRYTHNG, Exosite, Autodesk SeeControl, BlackBerry, Accenture PLC, Alcatel-Lucent, Fujitsu Ltd., Dell Inc., PTC Inc., SAP SE.
The internet of things market size 2020 was $244.47 billion and is expected to grow to $286.9 billion in 2021 at a compound annual growth rate (CAGR) of 17.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The IoT market size is expected to reach $767.3 billion in 2025 at a CAGR of 28%.
The Business Research Company’s report titled IoT Global Market Report 2021: COVID 19 Growth And Change to 2030 covers major IoT companies, IoT market share by company, IoT manufacturers, IoT market size, and IoT market forecasts. The report also covers the global IoT market and its segments.
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Government initiatives to promote smart technologies had a significant impact on the IoT market growth in both developed and developing countries. In February 2021, the Egyptian ICT minister announced to launch Safe Digital Society initiative in collaboration with Cisco. The collaboration aims to enable the use of the internet safely, protect personal data, maintain privacy, and learn about modern data science, the IoT and programming, within the Digital Egypt framework. In 2020, the UK Department of Digital, Culture, Media and Sport (DCMS) announced the funding of a £400,000 ($0.5 million) to incentivize the creation of design schemes that test the security of Internet of things products. The aim of this initiative is to encourage the innovators to create more assurance schemes for consumer-smart products, which ultimately aims to boost the security of IoT products. Favorable initiatives by the governments have positively impacted the IoT market in the forecast period.
Market-trend-based strategies for the internet of things market includes investing IoT for healthcare, personalization in retail, investing in predictive maintenance, investing in IoT security, and edge computing, while player-adopted strategies in the IoT market includes expanding product portfolios, strategic acquisitions, strategic collaborations and partnerships with companies.
IoT Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
IoT Services Global Market Report 2021: COVID-19 Growth And Change To 2030
IoT Sensors Global Market Report 2021: COVID-19 Growth And Change to 2030
IoT Security Global Market Report 2021: COVID-19 Growth And Change To 2030
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