The Internet of Things (IoT) market will show a 25.4% CAGR up to

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Pune, India, August 23, 2021 (GLOBE NEWSWIRE) – The world Internet of Things Market should reach $ 1,854.76 billion by 2028, presenting a 25.4% CAGR during the forecast period. The market is expected to be driven by the increasing adoption of digital twins by a wide range of industries. They help turn the physical assets of industries into a virtual representation. It helps to control, review and visualize the operations based on the digital platform. Fortune Business Insights ™ provided this information in a recent study titled “Internet of Things (IoT) Market, 2021-2028”. The study further indicates that the market size was USD 308.97 billion in 2020.

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Will the COVID-19 pandemic severely affect the market?

  • The spread of coronavirus infection has various impact on the growth of the market.
  • According to the directives given by the governments, the percentage of the workforce should be lowered after the opening of industries.
  • Such measures should increase people’s dependence on technology.
  • Therefore, many organizations around the world would consider investing large sums of money in digital technology.
  • The integration of artificial intelligence and cloud in IoT solutions is expected to help the market growth in the current scenario.

List of Major Players in the Internet of Things Market:

  • Amazon.com Inc. (US)
  • AT&T Inc. (United States)
  • Bosch Software Innovations GmbH (Germany)
  • Cisco Systems, Inc. (US)
  • IBM Corporation (United States)
  • Intel Corporation (United States)
  • Oracle Corporation (United States)
  • Microsoft Corporation (United States)
  • SAP SE (Germany)
  • Siemens AG (Germany)

Scope and segmentation of the report

Cover of the report Details
Forecast period 2021 to 2028
Forecast period 2021 to 2028 CAGR 25.4%
2028 value projection 1,854.76 billion USD
Year of reference 2020
Market size in 2020 USD 381.30 billion
Historical data for 2017 to 2019
Number of pages 130
Covered segments Component, end-use industry and geography
Growth drivers The device management segment will grow steadily, fueled by the need to manage multiple devices
Use of smart sensors due to their ability to digitally analyze processes to drive growth
Asia-Pacific will remain at the forefront supported by the “Make in India” initiative
Key companies aim to launch new solutions to increase competition

To learn more about the short and long term impact of COVID19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307

Highlights of this report:

  • Detailed information on market growth drivers, dynamics and barriers.
  • Develop data on challenges and opportunities.
  • In-depth analysis of the latest market trends.
  • Profiles of all companies operating in the market.

Market segments:

The device management segment will grow steadily, fueled by the need to manage multiple devices

In terms of platform, the market is divided into network management, cloud platform, and device management. Of these, the device management segment held the largest IoT market share in 2020. This growth is attributable to the growing need to manage multiple devices due to the growing number of connected devices present on the platforms. IoT. It provides detailed information on the operating status of devices and remotely manages errors. This platform also reduces test and solution development time by automating network and device administration. In an organization, these platforms help provide real-time information and centralized management of integrated and connected devices.

Driving factor:

Use of smart sensors due to their ability to digitally analyze processes to drive growth

The growing adoption of smart sensors is a crucial factor in the growth of the IoT market. They help measure external environments such as light intensity, position, flow rate, pressure, force and temperature. In addition, they measure physical inputs and convert them to raw data. The data is then stored digitally for process analysis. IoT solutions require a persistent flow of data from the environment to function much better. For example, user activity data is provided by smart sensors built into connected devices.

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Regional perspectives

Asia-Pacific will remain at the forefront supported by the “Make in India” initiative

In 2020, Asia-Pacific generated $ 120.85 billion in revenue due to the rapid adoption of IoT in developing countries like India. The “Make in India” policy, for example, covers 25 sectors of the country’s economy. It promotes investment in manufacturing and encourages organizations to manufacture their products domestically. The Indian government is currently planning to build 100 smart cities in the coming years. Such measures would help the region to maintain its dominant position in the market.

North America is expected to remain in second position over the next few years due to the presence of as many companies as possible in the United States. They frequently invest in the development of new solutions to increase sales. European countries, for their part, are focusing on enhancing the value of their SMEs by deploying various digital solutions. The UK and Germany are expected to generate the maximum revenue. The governments of these countries are investing heavily in implementing the latest technologies to refine advancements in a wide range of industries.

Competitive landscape-

Key companies aim to launch new solutions to increase competition

The market is home to a large number of companies that are currently aiming to launch new products to increase competition. They also invest in research and development activities to bring their internal products. Below are two of the major developments in the industry:

  • April 2020 – Haltian, a leading Finland-based IoT solution provider, received USD 9.8 million in funding from Finnish Venture Capital (FVC), Ilmarinen, a pension firm and Nordic Option Haltian .

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Main Table of Contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Key points to remember
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
    • Porter’s Five Forces Analysis
  • Global Internet of Things (IoT) players market share overview and analysis, 2020
  • Key market insights and strategic recommendations
  • Profiled companies (Covered for 10 key players only)
    • Overview
      • Key management
      • Headquarters, etc.
    • Offers / business segments
    • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Key financial data
        • Past and current income
        • Gross margin
        • Geographic share
        • Share of business segment
    • Recent developments
  • Annex / Appendix
    • Global Internet of Things (IoT) Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
      • By component (value)
        • Platform
          • Device management
          • Cloud platform
          • Network management
        • Solutions & Services
          • Solution
            • Real-time streaming analysis
            • Security
            • Data management
            • Remote monitoring
            • Network band management
          • Services
      • By end-use industry (value)
        • BFSI
        • Retail
        • Government
        • Health care
        • Manufacturing
        • Agriculture
        • Sustainable energy
        • Transport
        • IT & Telecom
        • Others

Table of contents continued…!

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