The latest market analysis report titled Internet of Things (IoT) Market Size, Share and Trends Analysis by Region, Type, Product, Enterprise Size, Vertical, and Segment Forecast 2021-2026 has been added to the report store by GlobalData Plc. The IoT market size was estimated at over USD 700 billion in 2021. The IoT market growth can be attributed to factors including the drop in sensor prices and the growth of cybersecurity. In addition, the rising penetration of 5G and smartphones coupled with the speeding up of IoT applications across several industry verticals post the pandemic will also promote the market’s growth during the projected period.
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The IoT market is anticipated to witness increasing IPOs and M&As in the upcoming years. IoT was the fifth largest theme driving IPO activity in the technology, media, and telecom (TMT) sector between 1 January 2018 and 31 December 2020, when measured by IPO proceeds raised. This will further accelerate the IoT market demand in the long run. However, challenges such as a lack of global IoT security standards and IoT communication standards might limit the market’s growth. Furthermore, design challenges coupled with hard and extensive integration are also expected to challenge the market’s growth.
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IoT Market Segment Highlights
By Type
- Enterprise IoT: The enterprise type segment accounted for the highest IoT market revenue in 2021. The segment will continue to account for the largest revenue throughout the forecast period owing to the increasing adoption of IoT for offering enhanced security among enterprises.
- Consumer IoT
By Product Type
- IoT Hardware: The hardware segment led the IoT market share in 2019 and is likely to maintain its dominance throughout the projected period. The growth of this segment can be attributed to the increasing adoption of hardware components across enterprises.
- IoT Software
- IoT Services
By Enterprise Size Band
- Very Large (5000+): This segment will hold the largest IoT market share and continue to dominate the market.
- Large (1001-4999)
- Medium (251-1000)
- Small (51-250)
- Micro (Less than 50)
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By Verticals
- Government: The government vertical segment accounted for the highest IoT market revenue in 2021. The segment will continue to account for the highest revenue throughout the forecast period.
- Utilities
- Manufacturing
- Transport and Logistics
- Energy
- Retail
- Insurance
- Travel and Leisure
- Healthcare
- Others
Regional Opportunities
- Asia Pacific: APAC will continue to account for the largest share of the total enterprise IoT market from 2021-2026. Growth in IoT is being fueled by various concurrent developments. Process improvement needs of enterprises are the key factor in the adoption of IoT-powered conditional monitoring.
- Europe
- Middle East & Africa
- North America
- South & Central America
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IoT Market Competitive Landscape
The overall competitive landscape for the IoT sector is highly fragmented. Numerous venture capital companies are heavily investing in innovative IoT start-ups possessing pioneering expertise. IoT ecosystem de-fragmentation through M&A seems like a positive trend for an over-complicated market in which customers still complain that they need to buy and manage separate elements from disparate vendors and may have trouble proving adequate return of investment to key stakeholders. The key players leading the IoT market include Microsoft, Alphabet, IBM, Samsung, Intel, Qualcomm, Apple, Amazon, Salesforce, and Cisco, among others.
Top IoT Market Players
- Microsoft Corp.: The company develops, licenses, and supports software products, services, and devices. In September 2022, Novo Nordisk and Microsoft entered a collaboration to combine Microsoft’s computational services, cloud, and artificial intelligence (AI) with Novo Nordisk’s drug discovery, development, and data science capabilities.
- Alphabet Inc.: The company offers a wide range of products and platforms, including search, maps, calendar, ads, Gmail, Google Play, Android, google cloud, chrome, and YouTube. The company is involved in investing in infrastructure, data management, analytics, and AI. In July 2022, CGS launched a technology, sales, and marketing partnership with Google to deliver experiential training and user-generated collaborative content for frontline workers across a wide variety of industries.
- Samsung Electronics Co Ltd: The company provides solutions to retail, hospitality, healthcare institutions, finance, education, transportation, and government sectors. In April 2022, Samsung Electronics announced a partnership with global technology company ABB to expand Samsung SmartThings integration into more homes and buildings.
Other prominent IoT market companies are:
- Intel Corp
- Qualcomm Inc
- Apple Inc
- International Business Machines Corp
- Amazon Inc
- Cisco System Inc
- Salesforce Inc
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