The global internet of things market size is projected to reach USD 1463.19 billion by 2027 while exhibiting a CAGR of 24.9% during the forecast period. Heightening demand for artificial intelligence and twin technology and precision farming by industries worldwide will stoke the market growth, suggests Fortune Business Insights in its report, titled “Internet of Things (IoT) Market, 2020-2027”. The report mentions that the market stood at USD 250.72 billion in 2019. Factors such as the increasing adoption of IoT in precision farming and the healthcare sector are anticipated to boost the growth of the market during the forecast period. For instance, precision farming combines use of sensors, GPS, robots, AI, mapping tools, and different type of data-analytics software to customize care for plants.

COVID-19 Impact

COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for internet of things solutions have surged.  People are using advanced solutions that help to detect people who have symptoms or are infected. Besides, adoption this technology is helping the government officials to efficiently monitor the areas with high infection rate. Therefore, the growing adoption of these technologies is expected to favor the growth of the market positively amid the pandemic.

Segmentation

Based on components, the market is divided into platforms and solutions & services. By platform, the market is divided device management, cloud platform and network management.

Based on platform, the device management segment held a market share of about 35.5 %in 2020. The segment is expected to experience considerable growth as it provides industries with centralized management system and offers real time data of other integrated devices.

On this basis of end-user, the market is divided into BFS, retail, government, healthcare, manufacturing, agriculture, sustainable energy, IT& telecom and transportation. Lastly, in terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Highlights of the Report

The global market for internet of things report gives a thorough analysis of the latest internet of things market share trends, top market segments, factors that are majorly driving the market. The different market segments, their regional analysis are discussed in the report. Additionally, it talks about the dominant strategies adopted by key market players and the impact of COVID-19 on the market.

Driving Factors

Rising Demand for Smart Sensors in Healthcare Sector to Propel Growth

The sensors measure inputs provided by users and transform them into raw data, which is then digitally stored to analyze the data and then pass on information through the internet. Therefore, the adoption of smart sensor devices has seen an upsurge in different sectors such as smart metering, security and emergency services, home automation, and the e-health sector. For example, the healthcare sector uses smart sensors devices to monitor remote patients. These smart devices are connected to the patient and measure their vitals, such as glucose level, brain activity, blood pressure, and cardiac status. The data is then accessible to doctors present at any location. This helps doctors to analyze the patient’s data and then provide them with correct recommendations. Therefore, the high demand from the healthcare sector is expected to favor the global internet of things (IoT) market growth in the forthcoming years.

Regional Insights

Asia-Pacific to Remain at Forefront; Increasing Focus on Development of Smart Cities to Aid Growth

Asia-Pacific is expected to remain dominant and hold the largest global internet of things (IoT) market share during the forecast period. China is expected to be leader in this region, as they also are looking forward to expand industries such as robotics, autonomous and electric vehicles, artificial intelligence (Al), biotech, and aviation under Made in China 2025 Plan, which is likely to boost the demand for the IoT solutions.

Moreover, the Indian government has implemented the Make in India policy that will help them establish technology programs for the industries and start-ups. Also, the government’s plan to build 100 smart cities in the country will create a massive and quick expansion of the market.

North America is anticipated to hold a major share in the market revenue owing to the presence of number of key market players in the region.  Investment from the government and private venture capitalists in the IoT market has increased as many start-ups in the country are also rising. For instance, in the year 2018, United States did major venture capital (VC) investments in the IoT market by companies such as Robert Bosch, Amazon, and others, fueling the regional market.

Competitive Landscape

Key Players to Expand their Solutions to Intensify Industry Competition

Top entities in the market are expanding their services, and they are coming up with new launches and widening their offerings to expand in their market. For example, Cisco Systems offers IoT solutions throughout manufacturing, retail, transportation, and more. The company believes in providing its services to its partners to help them grow their loT businesses. The company is investing highly in R&D services to come with advanced solutions to serve around 67,000 firms around the globe. Additionally, Cisco is majorly investing in iot security platforms, as in January 2020 it launched its security architecture under its security intelligence group Cisco Talos. This will improve IT and operational technology and visibility.