Global Internet of Things Market and Trends 2021

The report titled “Global Internet of Things Market and Trends 2021” offers a comprehensive overview of the new developments in the Internet of Things market and related technologies worldwide and provides insights into the possible future industry developments. Among other findings, the publication reveals that around half of global companies’ senior executives strongly believed that the Internet of Things is the technology that will play a crucial role in supporting companies in their recovery after COVID-19. 

International Internet of Things value was forecasted to cross a USD one trillion mark by 2024

Defined as a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs), Internet of Things (IoT) offers the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Both consumers and businesses are increasingly adopting IoT for numerous purposes and the technology is being implemented rapidly across the globe. Moreover, by 2024, international IoT market revenue was calculated to cross a USD one trillion point and by 2030 the number of connected devices will likely reach nearly thirty billion worldwide. Furthermore, observing the trend, global companies’ executives defined the incorporation of IoT into their business as an important strategic objective, according to the surveys cited in this publication. Already in 2020, a major proportion of the IoT revenue worldwide was attributed to the industrial Internet of Things, with transportation equipment, machinery manufacturing, as well as computer and electronic products manufacturing as the leading sectors. 

Western Europe is going by leaps and bounds in consumer IoT adoption  

According to the 2021 forecast cited in this market report, the largest number of IoT connections in 2030 will be registered in Europe, as compared to other global regions. Following the same estimates, the region will be followed by North America, Asia, Latin America and Middle East & Africa. This, however, comes as no surprise, as already in 2021, almost nine in ten of all West European and more than eight in ten of all East European connectivity service suppliers were the fast wireless link required for IoT optimization. Further, the adoption of consumer IoT, including Internet-connected home energy management, security- and safety connections, home appliances, virtual assistants, TV, and game consoles, was substantially higher in Western Europe than in other EU countries, with the Netherlands, Iceland, Norway, and the UK among the leaders. Meanwhile, in the United States, half of the adults who had to work from home during COVID-19, purchased new smart home devices to advance their homes and improve the working conditions. Additionally, smart lighting, and smart security cameras or video doorbells were the top two smart home product categories that US adults planned to purchase within the H2 of 2020 and H1 2021. In Asia, meanwhile, the adoption of IoT is also progressing, and by 2030, Southeast Asia was forecasted to lead the regional IoT adoption level. 

Report Coverage

• This report covers the global Internet of Things (IoT) market. IoT is defined as a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. The report offers insights into the state of IoT technology in different regions across the globe, recent and possible future developments, consumer preferences, technological advances and more. 
• In addition to the global data, major global regions in worldwide IoT are covered in the report, including Europe, North America, Asia, Latin America and the Middle East & Africa. The current status of IoT itself and data availability varied by region and country.  

Report Structure

• The report opens with a global chapter. It includes information on the global industrial and consumer IoT market developments and projections, top market trends, technological advances, and market players’ and consumers’ preferences. 
• The rest of the report is divided by regions, with each regional section containing county chapters and/or regional information, where available. The regions and countries are ranked by the state of IoT market development and include related data points, such as the status of IoT development and its level of adoption, projections, service providers, consumer attitude and others.
• Depending on data availability, the following types of information were included: overview of IoT market drivers and technological advances, state of development, trends, IoT and smart home number of users and market values. Not all types of data mentioned were included for each section due to varying information availability.

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report