Internet of Things Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

IoT has become a mainstream technology in the IT industry, utilized to connect all the smart objects over an integrated network through internet. This enable end-users to control and monitor connected devices and process in real-time. Broadening application areas of IoT technology especially in healthcare, automotive and transportation sectors boosting the market growth across the globe. Additionally, rising deployment of digital solutions to transform existing business process to connected one demand for IoT hardware, solution and services is projected to increase over the forecast period. In contrast, threats associated with data privacy and security is impeding the uptake of connected devices to certain extent. This, in turn is hampering growth of the Internet of things market.

Report Scope

This report analyzes the global Internet of things marketin terms of type, software, service, end-user vertical, and geography. The global internet of things market has been segmented based on type into hardware, software and service. The software segment is further sub-segmented into data management software, security software, analytics software, communication software, and other software. Based on services, the market is bifurcated into consulting, implementation & integration, operation management, repair & maintenance and other services. On the basis of end-user vertical, the global internet of things market is segmented into consumer vertical and B2B vertical. The B2B vertical segment is further sub-segmented into public sector, retail, BFSI, healthcare, manufacturing, energy & utility, IT & telecom, and transportation sectors. The global internet of things market covers major geographies such as North America, Europe, Asia Pacific, and Rest of World.

Purpose of the Report

The purpose of this strategic research study titled “Global Internet of Things Market - Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global Internet of things market.

Target Audience

• Industry Investors
• IoT Solution and Service Providers
• Communication Hardware Providers
• End-users

USP and Key Offerings

The report titled “Global Internet of Things Market- Growth, Share, Opportunities, and Competitive Analysis, 2021 – 2029” offers strategic insights into the global Internet of things market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on type, software, service, end-user vertical, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading Internet of things hardware and service providers, their SCOT (Strength, Challenges, Opportunities, and Threats) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the Internet of things market
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Ecosystem Analysis
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global Internet of things market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above-mentioned factors.

On the basis of deployment model, the global Internet of things market is categorized into following sub-segments:

• On-premise
• Cloud-based

At present, on-premise segment dominates the global Internet of things market, holding over half of the market share. However, by the end of 2029, the cloud-based deployment model segment is projected to emerge as largest sub-segment driven by increasing inclination of enterprises towards cloud computing technology to reduce cost associated with IT infrastructure. This is further encouraging IoT solution providers to introduce industry-specific cloud-based IoT platforms and solutions.

On the basis of end-user vertical, the global Internet of things Market is categorized into following segments:

• Consumer Vertical
• B2B Vertical
• Public Sector
• Retail
• BFSI
• Healthcare
• Manufacturing
• Energy & Utility
• IT & Telecom
• Transportation

As of 2020, the global Internet of things market was dominated by B2B end-user segment. The B2B end-user segment accounted for over three-fourth of the global Internet of things market revenue in the same year. By B2B, the manufacturing end-user was the largest sub-segment in 2020, constituting more than 1/3rd of the overall B2B segment revenue. Emergence of industrial IoT is transforming the way manufacturers run production processes using various smart factory systems and solutions. The Internet of things market in healthcare sector is projected to expand at the highest CAGR over the forecast period. Growing deployment of clinical trial tracking system, remote patient monitoring system and telemedicine solutions is increasing the uptake of IoT technologies in the sector.

On the basis of service, the global Internet of things market is categorized into following sub-segments:

• Consulting
• Implementation & Integration
• Operation Management
• Repair & Maintenance
• Other Service

Among services, the implementation and integration was the largest sub-segment, constituting over 40% of the overall market in 2020. Demand for implementation & integration services is rising at a significant rate as end-users verticals are increasingly deploying smart machines, intelligent systems and smart sensors. Additionally, the operation management service sub-segment is anticipated to exhibit fastest growth in terms of revenue over the forecast period. This is growth is mainly driven by growing digitization of business process across large and mid-sized enterprises across major end-user verticals.

On the basis of software, the global Internet of things market is categorized into following sub-segments:

• Data Management
• Security
• Analytics
• Communication
• Other Software

As of 2020, security software was the largest sub-segment among all types of software in the global Internet of things market, accounting for 1/3rd of the overall segment revenue. Additionally, the sub-segment is expected to remain dominant over the forecast period. Growing threat of cyber-attacks is encouraging major end-users especially BFSI and telecom sectors to deploy advanced security software. Further, communication software is projected to expand at the highest CAGR from 2021 to 2029 driven by ongoing advancements and innovations in networking technologies and rising adoption of LTE and small cell technology across the globe.

On the basis of geography, the global Internet of things market is segmented into following regions and countries.

• North America
• U.S.
• Canada
• Europe
• United Kingdom
• France
• Germany
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Rest of Asia Pacific
• Rest of the World
• Latin America
• Middle East and Africa

In 2020, North America was the largest regional market with more than 30% market share, followed by Asia Pacific. In North America, U.S. is a major market for IoT hardware, solutions and service provides. Major end-user industries such as manufacturing and public sectors in the country are increasingly investing in IoT technologies and solutions to improve business productivity and citizen services. However, the market in Asia-Pacific is expected to grow at a fastest CAGR owing to introduction favorable government initiative supporting deployment of IoT technologies in manufacturing, energy & utility and public sectors. Additionally, Asia Pacific is projected to surpass North America in terms of revenue by 2029.


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