Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology

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Apr 25, 2024, 06:45 ET

WESTFORD, Mass. , April 25, 2024 /PRNewswire/ -- SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.

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Tables - 69
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Internet of Things (IoT) Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 380.6 billion
Estimated Value by 2031	$1572.37 billion
Growth Rate	Poised to grow at a CAGR of 19.4%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component Type, Application, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers	Advancements in connectivity and connected device technologies

Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT

Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.

Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice

Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.

Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market

Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.

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Internet of Things (IoT) Market Insights:

Drivers

Advancements in connectivity and connected device technologies.
Growing demand for Industrial IoT (IIoT) solutions.
Increasing number of smart cities and development of smart infrastructure.

Restraints

Lack of standardization of IoT devices and technologies.
Privacy and data security issues.
Interoperability challenges and complex integration scenarios.

Prominent Players in Internet of Things (IoT) Market

Microsoft
Cisco Systems
Intel
Siemens (Germany)
AWS (US)
Oracle (US)
Qualcomm (UK)
SAP (Germany)
IBM (US)
Google (US)

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Key Questions Answered in Internet of Things (IoT) Market Report

What are the top drivers for Internet of Things (IoT) market going forward?
Who are the leading Internet of Things (IoT) market players?
Where will demand for Internet of Things (IoT) be high?
Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?

This report provides the following insights:

Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.
Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.
Market Development: Detailed analysis of potential regions where the market has potential to grow.
Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Skyquest Technology
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