WASHINGTON, April 25, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Iot Technology Market finds that the emergence of 5G network communications technology is expediting market growth. Primarily driven by rising smart city initiatives, the total Global Iot Technology Market is estimated to reach USD 555.8 Billion by the year 2028.
The Global Market revenue was USD 383.1 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.4%.
Furthermore, the increase in necessity of data centres due to rising adoption of cloud platforms are also anticipated to augment the growth of the Global Iot Technology Market, states Vantage Market Research, in a report, titled “IoT Technology Market Size, Share & Trends Analysis Report by Node Component (Processor, Connectivity IC, Memory Device, Sensor), by Software Solution (Data Management, Real-Time Streaming Analytics, Network Bandwidth Management, Remote Monitoring), by Platform (Device Management, Application Management, Network Management), by Service (Professional Services, Managed Services), by End-use (Healthcare, Automotive & Transportation, Building Automation, Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Emergence of 5G Communications Technology to Fuel Global Iot Technology Market
The emergence of 5G communications technology is expected to fuel the growth of the Iot Technology Market during the forecast period. 5G is considered to be the establishment for realizing the full potential of Iot Technology Market. The 5G technology is already booming and the industry is also working towards development of new global standards and 5G products to benefit other industries across the globe. As per the latest Mobility Report by Ericsson AB, there will be 550 million 5G subscriptions in 2022 and Asia Pacific will be the second-fastest growing region with 10% of all subscriptions being 5G in 2022. This 5G communications technology offers more stable, faster, and more secure connectivity that advances everything from smart grids for renewable energy to self-driving vehicles to AI-enabled robots in various industrial units. It's launching a vast IoT ecosystem in which networks can support billions of connected devices while balancing speed, latency, and cost. From 5G SIMs to Cinterion IoT Modules, IoT gateways, and modem cards, a broad portfolio of 5G solutions is developed that connect and secure next-generation devices and IoT projects offering seamless migration to emerging networks and features.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Iot Technology market is predicted to grow at a CAGR of roughly 6.4% during the forecast period.
- The Iot Technology market was estimated to be worth roughly USD 383.1 Billion in 2021 and is expected to reach USD 555.8 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Iot Technology market.
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Segmentation of Global Iot Technology Market:
- Node Component
- Processor
- Connectivity IC
- Memory Device
- Sensor
- Logic Device
- Software Solution
- Data Management
- Real-Time Streaming Analytics
- Network Bandwidth Management
- Remote Monitoring
- Security Solution
- Platform
- Device Management
- Application Management
- Network Management
- Service
- Professional Services
- Managed Services
- End-use
- Healthcare
- Automotive & Transportation
- Building Automation
- Manufacturing
- Retail
- BFSI
- Oil & Gas
- Agriculture
- Aerospace & Defense
- Wearable Devices
- Consumer Electronics
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Rising Smart City Initiatives to Augment Market Growth
The rising smart city initiatives to augment the growth of the Iot Technology Market within the estimated period. Many countries across the world, specifically emerging economies with increasing population and urbanization, are initiating smart city projects and adopting smart city solutions to manage the resources properly. The various connected devices, such as sensors, IoT gateway or other edge devices, help in enhancing and improving the functions and efficiency of infrastructure and other associated services. Further, the increasing percentage of smart infrastructures, smart homes and buildings, smart manufacturing and Industry 4.0 projects are also likely to bring a huge transformation in various industries, thereby accelerating the market growth in near future. For example, as per the 2021 White & Case LLP report, Saudi Arabia is expected to construct four major smart cities, Qiddiya, NEOM, the Red Sea Project, and Amaala, each with multibillion-dollar building contracts and the biggest of these developments is going to be NEOM, with planned US$500 billion mega-city that will incorporate a zero-carbon hyper-connected city. Additionally, smart solutions are being increasingly adopted by consumers, thereby increasing the market potential of connected devices across the globe.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT & communication industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Iot Technology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Iot Technology Market
North America has dominated the Global Iot Technology Market in 2021 and is likely to continue the same trend during the forecast period. The United States dominated North America in 2021. This is attributable to the rising penetration of the internet in technologically advancing economies in the region. Furthermore, the increasing adoption of wireless sensors and networks across industries such as healthcare, consumer electronics, retail, industrial, and automotive and transportation are also anticipated to fuel the growth of the market in the region. Additionally, increased Research and Development (R&D) in the field of IoT along with rising demand for improved lifestyle is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Iot Technology Market:
- Intel Corporation (US)
- Qualcomm Technologies (US)
- Texas Instruments Incorporated (US)
- STMicroelectronics (Switzerland)
- IBM (US)
- Hewlett Packard Enterprise (US)
- Cisco Systems (US)
- Microsoft Corporation (US)
- PTC (US)
- Amazon Web Services (AWS) (US)
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "IoT Technology Market Size, Share & Trends Analysis Report by Node Component (Processor, Connectivity IC, Memory Device, Sensor), by Software Solution (Data Management, Real-Time Streaming Analytics, Network Bandwidth Management, Remote Monitoring), by Platform (Device Management, Application Management, Network Management), by Service (Professional Services, Managed Services), by End-use (Healthcare, Automotive & Transportation, Building Automation, Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/iot-technology-market-220861
Recent Developments:
April, 2021: Vi launched the integrated Internet of Things (IoT) solutions for enterprises to further strengthen its IoT portfolio by providing solutions across industries for smart infrastructure, smart mobility, and smart utilities, on its 5G-ready network.
April, 2021: Bharti Airtel launched ‘Airtel IoT’ – an integrated platform that enables enterprises to harness the power of Internet of Things (IoT) and be ready for the emerging era of connected things.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Iot Technology Market?
- How will the Iot Technology Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Iot Technology Market?
- What is the Iot Technology market drivers and restrictions?
- What will be the CAGR and size of the Iot Technology Market throughout the forecast period?
This market titled “Iot Technology Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Node Component o Processor o Connectivity IC o Memory Device o Sensor o Logic Device • Software Solution o Data Management o Real-Time Streaming Analytics o Network Bandwidth Management o Remote Monitoring o Security Solution • Platform o Device Management o Application Management o Network Management • Service o Professional Services o Managed Services • End-use o Healthcare o Automotive & Transportation o Building Automation o Manufacturing o Retail o BFSI o Oil & Gas o Agriculture o Aerospace & Defense o Wearable Devices o Consumer Electronics • Region o North America o Europe o Asia Pacific o Latin America o Middle East & Africa |
| Region & Counties Covered | • North America o U.S. o Canada o Mexico • Europe o U.K o France o Germany o Italy o Spain o Rest Of Europe • Asia Pacific o China o Japan o India o South Korea o South East Asia o Rest Of Asia Pacific • Latin America o Brazil o Argentina o Rest Of Latin America • Middle East & Africa o GCC Countries o South Africa o Rest Of Middle East & Africa |
| Companies Covered | • Intel Corporation (US) • Qualcomm Technologies (US) • Texas Instruments Incorporated (US) • STMicroelectronics (Switzerland) • IBM (US) • Hewlett Packard Enterprise (US) • Cisco Systems (US) • Microsoft Corporation (US) • PTC (US) • Amazon Web Services (AWS) (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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