Market Insights report
The Internet of Things (IoT) market is one of the most promising and dynamictechnology trends of our time, offering a wealth of opportunities that have not yetbeen fully exploited. This market is the driving force behind Industry 4.0 and, notsurprisingly, is experiencing a remarkable growth trajectory that will exceed 16%over ten years (2018-2028).
This report provides an overview of the Internet of Things market and includes a range of statistics: The overall market development, a forecast until 2028, worldwide comparison, and more are included for the global Internet of Things market as well as for 7 distinct markets: Automotive IoT, Industrial IoT, Consumer IoT, Smart Finance, Healthcare IoT, Smart Cities, and Other IoT. The revenue of the global IoT market was US$970 billion in 2022 and is expected to reach approximately US$2,227 billion in 2028.
What's included?
The Internet of Things market is one of the most promising technology trends of our time and its possibilities have not yet been exhausted. Applications range from B2C smart home solutions to B2B solutions such as logistics tracking or energy grit management. Because of numerous use cases there is little concentration of market power within the overall IoT market, but some of the key players include Dell, Qualcomm, IBM and Cisco.
In 2023, the Internet of Things market generated a total revenue of US$848.32 billion worldwide. Accounting for 27% of the Internet of Things market, Automotive IoT was the
largest market in 2023, generating US$232.1 billion in revenues. In a global comparison, the United States produced the highest revenue in the
IoT market in 2023, generating US$303.6 billion. China came in second place with
approximately US$201.4 billion.
In such a diverse market, there are of course also many different trends that affect it. To provide fast communication between different IoT devices the deployment of the 5G communication standard is a game changer. Another important technology trend is the usage of edge computing instead of Cloud computing which makes processes even faster by performing data collection or analysis directly at the IoT device. Artificial Intelligence of Things (AIoT) integrated in IoT is reshaping business and providing a tool for precise decision-making. However, with the rapid growth of connected devices, there is a growing demand in the IoT market for security that protects the IoT system from threats and vulnerabilities.
Market Insight
Internet of Things
Overview
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