IoT Market worth $650.5 billion by 2026 - Report by MarketsandMarkets™

Chicago, May 31, 2022 (GLOBE NEWSWIRE) -- According to a market research report, "IoT Market by Component (Hardware, Software Solutions and Services), Organization Size, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global IoT Market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026.

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Device Management to grow at a higher CAGR among software segment during the forecast period

The device management solution allows carriers and enterprises to manage IoT devices, apply security patches, set up alerts, and provide device-centric reports using administrative tools. Using IoT devices, organizations require applications and platforms to manage their information and devices. Device management solutions provide capabilities for device provisioning, remote access, configuration, administration, software management, device monitoring, and troubleshooting. Device manufacturers are increasingly adopting device management software to configure firmware via Firmware Over-The-Air (FOTA) or an Ethernet connection and remotely monitor, manage configurations, control settings, and automate software deployments. Every IoT system must address four fundamental categories of device management. These are provisioning and authentication, configuration and control, monitoring and diagnostics, and software updates and maintenance. Any IoT product works on data acquired by sensors or machines. However, between these sensors and business applications, there exist infrastructure comprising communication devices, routers, Subscriber Identification Module (SIM) cards, operators, and fixed lines. Therefore, managing this infrastructure is essential for running business processes properly.

Scope of the report

Report MetricsDetails
Market size available for years2015-2026
Base year considered2020
Forecast period2021-2026
Segments coveredComponent, Organization Size, Focus Area, and Region
Forecast 2021-2026 CAGR16.7%
Region Wise Highest CAGRAsia Pacific
Estimated Year Market SizeUSD 300.3 billion in 2021
Forecast Year Market SizeUSD 650.5 billion by 2026
Regions coveredNorth America, Europe, APAC, MEA, and Latin America
Region Wise Highest Market SizeNorth America
Companies coveredSiemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland).

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The scope of this report covers the analysis of the IoT Market since 2016, based on contemporary market trends and developments, and its potential growth from 2021 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the IoT Market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of IoT solutions and services. This growth can be attributed to the increase in technological innovations, rapid digitalization, etc. in the region. The IoT Market is witnessing high growth opportunities in this region.

The increase in the adoption of IoT solutions in Large Enterprises is expected to boost the growth of the IoT Market. Additionally, IoT Market is expected to witness rapid growth worldwide due to various factors such as, Access to low-cost, low-power sensor technology, Availability of high-speed connectivity and increase in cloud adoption.

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Major vendors in the global IoT Market include Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland).

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

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