Pune, India., June 27, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Internet of Things (IoT) Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, End User, and Geography,” the Internet of Things (IoT) Market is expected to grow from US$ 483.28 billion in 2022 to US$ 2,270.42 billion by 2028; it is estimated to register at a CAGR of 29.4% from 2022 to 2028. The increasing connectivity, and surge in product innovations and launches. However, the lack of adoption in low-income countries is expected hinder the growth of the market.
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Germany has played a significant role in the growth of the Internet of Things (IoT) market due to its focus on innovation, strong manufacturing industry, and investments in research and development. The country has a long history of manufacturing excellence, and German companies have quickly adopted IoT technologies to improve their operations and gain a competitive edge. One of the key ways that Germany has contributed to the growth of the IoT market is through the development of Industry 4.0. This term is used to describe the fourth industrial revolution, which involves the integration of IoT technologies into manufacturing processes. German companies have been at the forefront of this movement, using IoT technologies to improve efficiency, reduce costs, and increase productivity. Germany has also been a leader in the development of smart cities. The country has invested heavily in infrastructure and has implemented IoT technologies to improve traffic flow, reduce energy consumption, and enhance public safety. The city of Hamburg, for example, has implemented a smart lighting system that uses sensors to adjust the brightness of streetlights based on the amount of traffic in the area. Another area where Germany has contributed to developing the IoT market is autonomous vehicle development. German car manufacturers such as BMW and Audi have been working on autonomous vehicle technology for many years, and the country has invested heavily in research and development in this area. The German government has also been supportive of autonomous vehicle technology, providing funding for research and development and creating a regulatory environment conducive to developing this technology. Finally, Germany has contributed to the growth of the IoT market through its focus on cybersecurity. As IoT devices become more prevalent, the risk of cyber-attacks increases. German companies have been developing cybersecurity solutions to protect IoT devices from cyber threats. Also, the German government has been working to create a regulatory framework that ensures the security of IoT devices. Overall, Germany's contributions to the growth of the IoT market can be attributed to its focus on innovation, strong manufacturing industry, and investments in research and development. The country is expected to continue leading in developing IoT technologies in the coming years.
IoT can Enhance the Shopping Experience, Streamline Inventory Management, and Enable Personalized Marketing Strategies Provides Lucrative Opportunities for IoT Market:
The application of IoT in the retail industry offers significant opportunities for market growth by enhancing the shopping experience, streamlining inventory management, and enabling personalized marketing strategies. Firstly, IoT can enhance the shopping experience by providing customers with a seamless and personalized journey. Smart shelves with sensors can detect when a product is running low and automatically trigger restocking processes, ensuring that popular items are always available. Additionally, IoT-enabled shopping carts or handheld devices can assist customers in finding products, providing real-time location-based information and personalized recommendations. This level of convenience and personalization can improve customer satisfaction, leading to increased sales and loyalty. Secondly, IoT enables retailers to streamline their inventory management processes. By deploying IoT sensors throughout the supply chain and in-store, retailers can gain real-time visibility into inventory levels, location, and condition. This data can be leveraged to optimize stock levels, reduce overstocking and out-of-stock situations, and improve overall inventory accuracy. Automation in inventory management helps retailers save costs, minimize manual errors, and ensure efficient operations. Lastly, IoT facilitates personalized marketing strategies in the retail industry. Retailers can gather insights into customer behavior, preferences, and shopping patterns by collecting data from IoT devices, such as beacons, smart shelves, and customer wearables. This data can deliver targeted and personalized marketing messages, promotions, and recommendations to customers at the right time and place. Personalized marketing strategies increase the likelihood of customer engagement, conversion, and repeat purchases. Combining enhanced shopping experiences, streamlined inventory management, and personalized marketing strategies can lead to market growth in the IoT industry. Retailers who adopt IoT technologies can benefit from increased operational efficiency, improved customer satisfaction, and higher sales revenue. Moreover, as the IoT ecosystem expands, there are opportunities for IoT solution providers to develop and offer innovative IoT devices, platforms, and analytics solutions tailored specifically for the retail sector. This market demand for IoT solutions in retail is expected to drive growth and foster innovation in the industry.
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Global Internet of Things (IoT) Market: Segmental Overview
Based on offering, the IoT market is segmented into hardware, software, and services. The hardware segment held the largest share of the market in 2020, whereas the services segment is anticipated to register the highest CAGR in the market during the forecast period. Based on end user, the IoT market is segmented into industrial, commercial, and residential. The industrial segment held the largest share of the IoT market in 2020, whereas the commercial segment is anticipated to register the highest CAGR in the market during the forecast period.
Global Internet of Things (IoT) Market Analysis: Competitive Landscape and Key Developments
Microsoft Corporation; Hewlett Packard Enterprise Development LP; SAS Institute Inc.; VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc are a few of the key companies operating in the IoT market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In April 2023, Qualcomm introduced cutting-edge IoT solutions to enable new industrial applications and help scale the IoT ecosystem. The latest IoT solutions deliver superior performance, advanced connectivity, and next-gen processing for a wide range of IoT use cases for smart buildings, enterprises, retail, and industrial automation.
In Apr 2023: Texas Instruments developed the SimpleLink series of Wi-Fi 6 companion integrated circuits (ICs) to assist designers in implementing highly reliable, secure, and effective Wi-Fi connections at a reasonable cost for applications to operate with high-density or high-temperature settings up to 105oC. Devices for Wi-Fi 6 only or Wi-Fi 6 plus Bluetooth Low Energy 5.3 connectivity in a single IC are among the first items in TI's new CC33xx family. The CC33xx devices allow a secure Internet of Things (IoT) connection with dependable radio frequency (RF) performance in wide-ranging industrial industries like grid infrastructure, medical, and building automation when coupled with a microcontroller (MCU) or CPU.
In November 2022, Texas Instruments (TI) introduced new Matter-enabled software development kits for Wi-Fi and Thread SimpleLink wireless microcontrollers (MCUs) that will streamline the adoption of the Matter protocol in the Internet of Things (IoT) applications. The software builds on TI's close involvement with the Connectivity Standards Alliance and innovation in the 2.4-GHz connectivity space, where engineers can use the new software and wireless MCUs to create ultra-low-power and secure, battery-powered smart home and industrial automation IoT applications that seamlessly connect with devices across proprietary ecosystem.
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