About This ReportTable of ContentsFrequently Asked QuestionsMarket Snapshot
Need a report that reflects how COVID-19 has impacted this market and its growth?Market Overview
The global IoT market is expected to reach a value of USD 1,386.06 billion by 2026 from USD 761.4 billion in 2020 at a CAGR of 10.53% during the forecast period (2021-2026). During the Covid-19 pandemic, the vendors in the market are collaborating with several organizations to offer emerging technology-enabled solutions to the healthcare organizations to help them overcome the crisis effectively. For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) has used the California-based connected health startup VivaLNK’s continuous temperature measuring device to monitor COVID-19 patients, which therefore reduces the risks of caregivers being exposed to the virus.With the development of wireless networking technologies, the emergence of advanced data analytics, a reduction in the cost of connected devices, an increase in cloud platform adoption, the market is expected to grow at a positive rate.The internet of things technology helps in connecting various smart devices to ease the operation and sharing of data amongst themselves. Various smart devices, such as sensors, smartphones, and wearables, collect necessary data from the devices, which are further utilized to enhance customer’s experience. The increasing need for data analysis and analytics integration is expected to propel the utilization of the Internet of Things market over the forecast period.Industry 4.0 and IoT are at the center of new technological approaches for developing, producing, and managing the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to industry 4.0 and acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production with technologies that complement and augment human labor with robotics and reduce industrial accidents caused by a process failure.Scope of the Report
IoT is a network of internet-connected objects. These objects collect and exchange data using sensors embedded within them. IoT has combined hardware and software with the internet to create a more technically-driven environment. The scope of study on the IoT market is structured to track the spending on hardware, platforms, and services across end-user industries, such as manufacturing, transportation, retail, healthcare, energy and utilities, and other end-user industries.By ComponentHardwareSoftware / PlatformConnectivityServicesBy End-User IndustryManufacturingTransportationHealthcareRetailEnergy and UtilitiesResidentialOther End-user IndustriesBy GeographyNorth AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaReport scope can becustomized per your requirements. Click here.Key Market TrendsRetail Segment to Witness a Significant GrowthThe retail industry is witnessing significant growth in the last two years, especially with the massive expansion of the e-commerce industry, across the globe. Hence, the retailers are not only utilizing IoT solutions to improve their operational efficiency but also to enhance the customer experience to gain competitive advantages. Therefore, the reducing cost of IoT-based sensors and connectivity, customer demand for a better shopping experience, and increasing adoption of smart payment solutions are some of the major factors driving the adoption of IoT solutions in the studied segment.IoT is playing a significant role in process automation and enhancing the operational efficiency of retail stores. It provides energy optimization, surveillance and security, supply chain optimization, inventory optimization, and workforce management. IoT is also gaining capabilities in cold chain monitoring for temperature-sensitive grocery and pharmaceutical goods.Retailers utilize IoT to avoid security pitfalls and deploy IoT-enabled systems that can withstand jamming in their warehouses and stores. Recently, in 2020, UK-based RELX launched its first flagship store in China equipped with facial recognition cameras that can alert staff when a suspected person enters the store.IoT is also helping retailers to offer a better customer experience, hence helping in gaining profit margins. For instance, US-based retailer Walgreens has been experimenting with IoT-enabled displays on refrigerator doors that utilize face detection technology to show ads based on approximate age and gender. Many retailers in Europe are also installing small, customizable, IoT-connected dashboards or buttons to gather customer feedback and then use those insights to enhance customer experiences.To understand key trends, Download SampleReportNorth America to Witness a Significant GrowthNorth America is expected to be a prominent market, owing to the growing role of IoT among the significant revenue-generating end-user industries of the region, driven by the deployment of connected cars, smart energy projects, home automation, and focus on smart manufacturing. Additionally, rapid digitalization across industry verticals and technological advancements have further fueled the growth of IoT in this region.Moreover, the region has a strong foothold of IoT vendors, which contributes to the growth of the market. Some of them include IBM Corporation, Microsoft Corporation, Intel Corporation, Cisco Systems, Inc., and Google Inc. In February 2020, Cisco announced enhancements to its IoT portfolio that enable service provider partners to optimize cellular IoT environments and new 5G use-cases. New wireless technologies such as 5G, Wi-Fi 6 – would lead to more devices, and new IIoT use cases and give service providers the tools to create competitive cellular IoT offerings for their customers. Machine-to-machine connections are anticipated to rise 19% and account for 50% of all connections by 2023, according to Cisco's 2020 Annual Internet Report.Another primary market in the region is home automation systems. The products consumers want to add to their homes include connected cameras (highest demand), video doorbells, connected light bulbs, smart locks, and smart speakers of late. According to a Stanford University and Avast study, North American homes have the highest density of IoT devices of any region in the world. Notably, 66% of homes in the region have at least one IoT device. Additionally, 25% of North American homes boast more than two devices. The average household in the region would have an average of 9 devices by 2022, and nearly half (48%) of total devices and connections will be video capable.To understand geography trends, Download SampleReportCompetitive Landscape
The Internet of Things (IoT) market is highly competitive owing to the presence of many large and small players in the market operating in the domestic and international markets. The market appears to be fragmented due to the presence of many technological giants in the market. Key strategies adopted by the major players in the market are product innovation and mergers and acquisitions. Some of the major players in the market are Cisco Systems, Inc., Google, Inc., IBM Corporation, and Microsoft Corporation.September 2021 - The University of Birmingham announced the partnership with Siemens to combine artificial intelligence, digital sensor, and analytics technologies that will help change users’ behavior to transform their university into the world’s smartest global campus. The University of Birmingham aims to deploy Internet of Things (IoT) technology at a large scale in their university.Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 Industry Value Chain Analysis
4.4 Regulatory Framework