Internet of Things Market
The global Internet of Things (IoT) market size was at USD 419.5 billion in 2023. The global IoT market size is anticipated to be worth USD 3,579.72 billion by 2032 from USD 532.3 billion in 2024, growing at a CAGR of 26.9% from 2024 to 2032.
Market Drivers
The growing number of people using smartphones across the world is attributed to the growth rate of the Internet of Things market. Advanced technologies in various industries, like automation, are more likely to elevate the need for various types of Internet of Things. In addition, the progress of 5G Internet is solely responsible for the extensive growth rate of the market. 5G internet services are available even in remote areas where the technology is highly updated every now and then. The availability of the Internet made all the networking connections easy and connected the world of people in one place.
In the current scenario, the Internet of Things is evolving at a faster rate, which is making day-to-day lives easy. The world is totally connected to internet technologies, from automating mundane tasks to wearable devices, and not every application in our day-to-day lives is being run with the help of these services. Therefore, the growth rate of the Internet of Things market is attributed to having a prominent share in the coming period.
Market Restraints:
A growing number of fraudulent activities is definitely one of the factors that are hindering the growth rate of the market. Data breaches have become a common concern for many people who use various applications online. This is mainly due to a lack of knowledge of encryption, which keeps it safe from unauthorized parties. On the other hand, managing huge amounts of data that will be generated through the Internet of Things is quite challenging, which may impede the growth rate of the market. It is very hard for organizations to arrange special tools to store or organize the data, especially for small-scale industries, which is hindering the growth rate of the market.
Segment Analysis:
By Component
- Solutions
- Services
Solutions and services hold the same growth rate due to their finest utilization in every application. Both play an important role in applications using the Internet of Things. Also, the growing prominence of the launch of innovative applications in smartphones is inclined to elevate the growth rate of the market. Integrating these new applications with the traditional categories is solely to highlight the demand for the Internet of things. The latest trend toward the use of artificial intelligence in every application is anticipated to leverage the growth rate of the market.
By Type
- Network
- Endpoint
- Application
- Cloud Security
The network segment has been gaining huge traction over the share of the market in the past few years, and the cloud security segment is anticipated to hit the highest CAGR by the end of 2032. The growing prominence of securing applications from cyber attacks will eventually propel the demand for cloud security. In recent eras, it has been highly important to secure data from attacks where the rapid adoption of new solutions to decline the impact of cyber attacks will eventually fuel the growth rate of the market in the coming years.
By Solution
- Identity Access Management
- Device Authentication and Management
- Security Analytics IDS/IPS
The identity access management segment is dominating with the highest share of the Internet of Things market. The growing importance of providing security-related authentication like biometrics and others in an organization is solely to propel the growth rate of the market. In addition, the rising popularity of the use of different software tools in every industry is attributed to escalating the growth rate of the market. The security analytics IDS/IPS segment is likely to have the highest CAGR by the end of the forecast period.
By Service
- Professional Services
- Integration Services
- Support and Maintenance
- Consulting Services
- Managed Services
The professional services segment is esteemed to have a prominent growth rate during the forecast period. These services are becoming one of the parts of any business organization or department where the core output is expertise rather than the manufactured product. The services may include accounting, legal services, advertising, and marketing. The consulting services segment is anticipated to have a significant growth rate in the coming years.
Regional Analysis:
North America's Internet of Things market has steadily increased in past years due to the expansion of the IT industry. High per capita income is one of the major factors that will help the market grow in this region. The US and Canada are contributing the highest share of the market with rising investments by the top companies to develop and launch various applications with the latest technologies. The Internet of Things is now everywhere, which is making daily life easier and better. The increasing importance of expanding internet services in every possible way that enhances efficiencies is likely to gear up the growth rate of the market.
Asia Pacific is next in dominating the share of the Internet of Things market. High-populous countries like India and China are merely participating in evolving new IT technologies, which is accounted for elevating the growth rate of the market. Europe is likely to hit the highest CAGR in the coming years. Many industries are rapidly adopting IoT with increasing support from government organizations, which is quietly amplifying the growth rate of the European market.
Latin America and the Middle East & Africa are solely to gear up with the new opportunities for the Internet of Things (IoT) market.
Recent Market Developments:
In 2024, Verizon Enterprises Solutions partnered with Skylo to launch the first-of-its-kind Internet of Things satellite trial that enables satellite-based direct-to-device messaging service for consumers. These two companies are in range to provide feasibility in messaging services through satellite for customers using IoTs. By 2025, Verizon is expected to launch these services to its customers so that they can text anywhere via satellite.
Related Report
Internet of Things (IoT) Testing Market
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