IoT Technology Market

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IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography - Global Forecast to 2029

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Report Code: SE 2509 Oct, 2021, by marketsandmarkets.com

[250 Pages Report] The IoT technology market is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period. The growing use of wireless smart sensors and networks and increasing necessity of data centers due to rising adoption of cloud platforms are expected to propel the IoT technology market in the next five years. However, high power consumption by wireless sensor terminals/connected devices will likely pose challenges for industry players.

The objective of the report is to define, describe, and forecast the IoT technology market based on node component, services, platform, software solution, end user application, and region.

IoT Technology Market

IoT Technology Market Forecast to 2029

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IoT technology market dynamics.

Driver: Emergence of 5G communications technology

The launch of the fifth generation of cellular mobile communications or 5G is having a positive impact on the IoT technology market. This is mostly because 5G networks significantly enhance the dependability and performance of these linked gadgets. The requirement for a quicker, more capable network that can meet connection demands is addressed by 5G. The frequencies on which digital cellular technologies will carry data are expanded by the 5G spectrum. 5G and IoT technologies together have a wide spectrum that boosts the total bandwidth and allows a vast amount of loT devices to connect. This wider spectrum that is available for use raises the overall capacity of cellular networks, allowing additional devices to connect. With the increasing Internet penetration rate, IoT is finding applications in retail, consumer electronics, agriculture, automotive and transportation, and other sectors. The continuous increase in the number of Internet users across the world is expected to strengthen the overall market for IoT, owing to the growth in Internet-enabled smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers.

Restraint: Data security and privacy concerns

The Internet of Things gateway manages a vast number of devices and the data that is sent back and forth between edge devices and cloud servers. It acts as a communication layer between these devices. The lot gateway must protect data secrecy while translating protocols. Because Internet of Things communication occurs over both public and private networks, a secure network is necessary. Data privacy is a challenge for the IoT gateway when translating protocols. Data security can be achieved by using encryption security keys, but managing those keys would still be an important concern. Despite advances in hardware and software security, many systems and solutions remain vulnerable to cyber threats. Furthermore, the need for hardware for Internet of Things applications is anticipated to be impacted by the ongoing data security concerns. This will need the development of more secure and highly encrypted hardware chipsets and networking solutions (such gateways) in the future.

Opportunities: Increased potential for the incorporation of IoT in electric and hybrid vehicles

The automotive industry has made technological improvements to lower the harmful exhaust emissions from vehicles as a result of the strict global emission regulations. One of the most significant advances in the automobile industry's efforts to safeguard the environment is the introduction of EVs. Since these cars don't use traditional fuel, they don't release any toxic emissions. The demand for electric vehicles has increased as a result of all these causes, particularly in industrialized nations like North America and Europe. These cars employ a lot more technological gadgets as they are entirely dependent on an electrical power source. Power electronics is a crucial component of hybrid vehicles and accounts for 20% of the overall cost of ownership, providing an opportunity for semiconductor technology. Currently in the introduction stage, these new technologies are expected to have an impact on the automotive semiconductor market in the upcoming years. Automotive semiconductors are becoming more and more necessary as EVs and HEVs become more popular. Many governments provide various incentives to encourage the use of electric and hybrid vehicles domestically, including those in Germany, the US, Denmark, China, France, Sweden, the UK, and India. Thus, there is now more opportunity for electrification due to new features and improved technologies. Original equipment manufacturers (OEMs) are consequently equipping high-end electric vehicles with an increasing number of ICs, microprocessors, and loT sensors.

Challenges: High power consumption by wireless sensor terminals/connected devices

Sensors and other peripherals in the Internet of Things consume a lot of power. IoT devices must have effective power management and minimize power consumption despite the availability of technology like wireless networking, ultra-low-power processors, and tiny mobile sensors. Another significant issue would be connectivity burden because multiple devices must be linked simultaneously. For example, a typical smart house may include between 50 and 100 connected lights, thermostats, appliances, and other devices—each of which needs a certain amount of power. The line power efficiency would be increased by the usage of devices like smart meters. The main challenge is the power management of devices using wireless technologies like Wi-Fi, as it is not practical to manually change the batteries of hundreds of sensors, actuators, and other linked devices within loT systems on a regular basis. The production of ultra-low-power chips and modules is already a priority for semiconductor makers, but battery technology and wearable and portable devices power management remain areas that require innovation.

Market Map/Ecosystem

IoT Technology Market by Ecosystem

IoT technology Market: Key Trends.

The prominent players in the IoT technology market are Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), among others. These companies boast mixing trends with a comprehensive product portfolio and strong geographic footprint.

Managed service is expected to grow at the highest CARG in the IoT technology market during the forecast period.

The managed service segment is expected to account for a significant share and grow at the highest CAGR during the forecast period. All the pre- and post-deployment queries and needs of customers are addressed under the managed services unit. Companies mainly outsource such services to offer customers on-time delivery. Integrated facility management, consultancy, round-the-clock help desk, finance, and accounts are some of the upcoming managed services required by operators. This segment is mainly driven by the increasing adoption of outsourced managed services in the IoT market. Managed services increase productivity and help in mitigating risks.

The aerospace & defense segment under industrial application is expected to witness the highest CAGR of the IoT technology market during the forecast period.

The aerospace & defense segment is expected to witness the highest CAGR during the forecast period. IoT in the aerospace and defense segment in industrial application provides connectivity and integration and equips the manufacturer with wide-ranging views of their operations. The aerospace and defense end-user application makes use of sensors to capture comprehensive machine data. These sensors can be used on key equipment, machines, and vehicles. IoT offers numerous opportunities to airlines for the improvement of baggage handling and equipment monitoring.

The IoT technology market is expected to have a largest market share in China from the Asia Pacific region during the forecast period.

The Asia Pacific region continues to be a significant market for IoT technology. Government policies have played a pivotal role in China’s success in IoT. Initiatives such as the “Made in China 2025” plan have prioritized high-tech industries, including IoT, as key areas for development. This government backing has catalyzed research and innovation in IoT, paving the way for its integration into various sectors of the economy. The country has emerged as global manufacturing and an innovation hub for various end-use industries, such as semiconductors, automotive, and consumer electronics. Therefore, it has immense potential for the production and sales of sensor-based devices. China is also the largest automotive manufacturer in the world. It is a leading producer of consumer devices and appliances. The developing economy of the country and the growing deployment of sensors in its most sectors are factors driving the growth of the IoT sensors market in China. The Internet Plus strategy of the country that aims to integrate its IoT initiatives, mobile Internet, cloud computing, and big data is expected to extensively promote the application of IoT and smart technologies.

Furthermore, as China is the major hub for semiconductor fabrication and manufacturing industries, its involvement in the implementation and development of IoT is crucial for the growth of these markets. China is a manufacturing hub and is the leading producer of manufactured goods such as textiles, electronic equipment, and agricultural products. In the production process, IoT is used to monitor the machinery, employees, and environmental conditions. The data can be further used to analyze, control, and prevent risks and avoid economic losses. End-to-end automation is a new concept gaining momentum in the current technology market in China.

IoT Technology Market by Region

IoT Technology Market by Region

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Key Market Players

Major vendors in the IoT technology companies include Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), among others.

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Scope of the Report

Report Metric	Details
Market Size Available for Years	2020–2029
Base Year	2023
Forecast Period	2024–2029
Units	Value (USD Million/USD Billion), Volume (Million Units)
Segments Covered	Platform, Node Component, Software Solution, Servies, End Use Application, and Region
Regions Covered	North America, Europe, Asia Pacific, Latin America, and RoW
Companies Covered	Intel Corporation (US), Qualcomm (US), Texas Instruments Incorporated (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM (US), STMicroelectronics (Switzerland), Microsoft, PTC Inc. (US), and Amazon Web Services (US), among others. A total of 25 players are profiled in the report.

IoT Technology Market Highlights

This report categorizes the IoT technology market based on platform, node component, software solution, servies, end use application, and region.

Segment	Subsegment
By Platform	Device Management Application Management Network Management
By Node Component	Processor Connectivity IC Sensor Memory Device Logic Device
By Services	Professional Services Managed Services
By Software Solution	Data Management Real-Time Streaming Analytics Network Bandwidth Management Remote Monitoring Security Solution
By End Use Application	Industrial Consumer
By Region	North America US Canada Latin America Mexico Brazil Columbia Rest of Latin America Europe Germany UK France Rest of Europe Asia Pacific China Japan South Korea Rest of Asia Pacific RoW Middle East Africa

Recent Developments

In January 2024, Texas Instruments (US) introduced new semiconductors designed to improve automotive safety and intelligence. The AWR2544 77GHz millimeter-wave radar sensor chip is the industry’s first for satellite radar architectures, enabling higher levels of autonomy by improving sensor fusion and decision-making in ADAS.
In October 2023, Sasken Technologies (India), announced a collaboration with Qualcomm Technologies (US), Inc through the Qualcomm® IoT Accelerator Program. This collaboration marks a significant milestone in the realm of Internet of Things (IoT) innovation and underscores both companies’ commitment to shaping the future of connected devices and services. This collaboration aims to address the challenges faced by various industries in their IoT endeavors, such as achieving seamless integration, scalability, and security.
In January 2023, Intel Corporation (US) announced its full Intel Core 14th Gen mobile and desktop processor lineup, including powerful new HX-series mobile processors and mainstream 65-watt and 35-watt desktop processors. Additionally, Intel introduced its new Intel Core mobile processor Series 1 family, led by the Intel Core 7 processor 150U, for performant mainstream thin-and-light mobile systems.

Frequently Asked Questions :

Which are the major companies in the IoT technology market? What are their primary strategies to strengthen their market presence?

Intel Corporation, Qualcomm, Texas Instruments Incorporated, Cisco Systems, Inc., Hewlett Packard Enterprise are among the leading players in the market. These companies have adopted organic and inorganic growth strategies such as product launches, partnerships and acquisitions, to gain a competitive advantage in the market.

Which is the potential market for the end-user application?

Consumer is end-user application industries with high growth opportunities owing to advancements in technology.

What are the opportunities for new market entrants?

Factors such as government incentives and aids for development of IoT technologies and increased potential for the incorporation of IoT in electric and hybrid vehicles are creating opportunities for the players in the market.

Which nodetype is expected to drive market growth in the next six years?

Logic devices are expected to remain the major technology driving IoT technology demand.

What are the major strategies adopted by IoT technology companies?

The IoT technology companies have adopted product launches, acquisitions, expansions, and contracts to strengthen their position in the IoT technology market.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 Introduction

1.1. Study Objectives

1.2. Market Definition and Scope

1.2.1. Inclusions and Exclusions

1.3. Study Scope

1.3.1. Markets Covered

1.3.2. Geographic Segmentation

1.3.3. Years Considered for the study

1.4. Currency

1.5. Limitations

1.6. Stakeholders

1.7. Summary of Changes

1.7.1. Recession Impact on 3D and 4D Technology Market

2 Research Methodology

2.1. Research Data

2.1.1. Secondary Data

2.1.1.1. Major Secondary Sources

2.1.1.2. Key Data from Secondary Sources

2.1.2. Primary Data

2.1.2.1. Primary Interviews with Experts

2.1.2.2. Key Data from Primary Sources

2.1.2.3. Key Industry Insights

2.1.2.4. Breakdown of Primaries

2.2. Market Size Estimation

2.2.1. Bottom-Up Approach

2.2.1.1. Approach for Capturing Market Share by Bottom-Up Analysis (Demand Side)

2.2.2. Top-Down Approach

2.2.2.1. Approach for Capturing Market Share by Top-Down Analysis (Supply Side)

2.3. Market Breakdown and Data Triangulation

2.4. Research Assumptions

2.5. Risk Assessment

2.6. Assumptions of Recession

2.7. Limitations of Research

3 Executive Summary

4 Premium Insights

5 Market Overview

5.1. Introduction

5.2. Market Dynamics

5.3. Trends/Disruptions Impacting Customer’s Business

5.4. Pricing Analysis

5.4.1. Average Selling Price Trend of Key Players, By Node Components

5.4.2. Average Selling Price Trend, By Region

5.5. Value Chain Analysis

5.6. Ecosystem Analysis

5.7. Investment and Funding Scenario

5.8. Funding, By Application

5.9. Technology Analysis

5.9.1. Key Technologies

5.9.1.1. Integration of Artificial Intelligence (AI) with IoT

5.9.1.2. Integration of Machine Learning (ML) with IoT

5.9.1.3. Stereoscopy or stereo imaging technology

5.9.2. Complementary Technology

5.9.2.1. Digital Twin

5.9.3. Adjacent Technologies

5.9.3.1. Edge Computing

5.9.3.2. Wi-Fi

5.9.3.3. Cloud Computing

5.9.3.4. Big Data Analytics

5.10. Patent Analysis

5.11. Trade Analysis

5.12. Key Conferences and Events (2023-2024)

5.13. Case Study Analysis

5.14. Tariff and Regulatory Landscape

5.14.1. MFN Tariff for IoT Solutions

5.14.2. Regulatory Bodies, Government Agencies, and Other Organizations

5.15. Porters Five Force Analysis

5.15.1. Threat from New Entrants

5.15.2. Threat of Substitutes

5.15.3. Bargaining Power of Suppliers

5.15.4. Bargaining Power of Buyers

5.15.5. Intensity of Competitive Rivalry

5.16. Key Stakeholders and Buying Criteria

5.16.1. Key Stakeholders in Buying Process

5.16.2. Buying Criteria

6 Internet of Things (IoT) Technology Market, By Node Component

6.1. Introduction

6.2. Processor

6.2.1. Microcontroller (MCU)

6.2.2. Microprocessor (MPU)

6.2.3. Digital Signal Processor (DSP)

6.2.4. Application Processor (AP)

6.3. Sensor

6.3.1. Accelerometer

6.3.2. Inertial Measurement Unit (IMU)

6.3.3. Heart Rate Sensor

6.3.4. Pressure Sensor

6.3.5. Temperature Sensor

6.3.6. Blood Glucose Sensor

6.3.7. Blood Oxygen Sensor

6.3.8. Electrocardiogram (ECG) Sensor

6.3.9. Humidity Sensor

6.3.10. Image Sensor

6.3.11. Ambient Light Sensor

6.3.12. Flow Sensor

6.3.13. Level Sensor

6.3.14. Chemical Sensor

6.3.15. Carbon Monoxide Sensor

6.3.16. Motion and Position Sensor

6.3.17. Camera Module

6.4. Connectivity IC

6.4.1. Wired

6.4.1.1. Ethernet/IP

6.4.1.2. Modbus

6.4.1.3. Profinet

6.4.1.4. Foundation Fieldbus (FF)

6.4.2. Wireless

6.4.2.1. ANT+

6.4.2.2. Bluetooth

6.4.2.3. Bluetooth Smart/Bluetooth Low Energy (BLE)

6.4.2.4. ZigBee

6.4.2.5. Wireless Fidelity (Wi-Fi)

6.4.2.6. Near-Field Communication (NFC)

6.4.2.7. Cellular Network

6.4.2.8. Wireless highway addressable remote transducer (WHART)

6.4.2.9. Global Positioning System (GPS)/Global Navigation Satellite System (GNSS) Module

6.4.2.10. ISA100

6.4.2.11. Bluetooth/WLAN

6.5. Memory Device

6.5.1. On-chip Memory

6.5.2. Off-chip Memory/External Memory

6.6. Logic Device

6.6.1. FPGA

7 Internet of Things (IoT) Technology Market, By Software Solution

7.1. Introduction

7.2. Real-time Streaming Analytics

7.3. Security Solution

7.4. Data Management

7.5. Remote Monitoring

7.6. Network Bandwidth Management

8 Internet of Things (IoT) Technology Market, By Platform

8.1. Introduction

8.2. Device Management

8.3. Application Management

8.4. Network Management

9 Internet of Things (IoT) Technology Market, By Service

9.1. Introduction

9.2. Professional Services

9.2.1. Deployment and Integration Service

9.2.2. Support and Maintenance

9.2.3. Consulting Service

9.3. Managed Services

10 Internet of Things (IoT) Technology Market, By End Use Application

10.1. Introduction

10.2. Industrial

10.2.1. Healthcare

10.2.1.1. Healthcare application: Products covered

10.2.1.1.1. Fitness and heart rate monitors

10.2.1.1.2. Blood pressure monitors

10.2.1.1.3. Blood glucose meters

10.2.1.1.4. Continuous Glucose monitors

10.2.1.1.5. Pulse oximeters

10.2.1.1.6. Automated external defibrillators

10.2.1.1.7. Programmable syringe pumps

10.2.1.1.8. Wearable injectors

10.2.1.1.9. Multiparameter monitors

10.2.1.1.10. Fall detectors

10.2.1.1.11. Smart pill dispensers

10.2.1.1.12. Gateways

10.2.2. Automotive & Transportation

10.2.2.1. Automotive & Transportation Application: Products covered

10.2.2.1.1. Connected Cars

10.2.2.1.1.1. Level 1-driver assistance

10.2.2.1.1.2. Level 2-partial automation

10.2.2.1.1.3. Level 3-conditional automation

10.2.2.1.1.4. Level 4-high automation

10.2.2.1.2. Ultrasonic Sensors

10.2.2.1.3. Cameras/image sensors

10.2.2.1.4. Radar

10.2.2.1.5. Lidar

10.2.2.1.6. Infrared (IR) detector

10.2.2.2. In-car infotainment

10.2.2.3. Traffic management

10.2.2.3.1. Vehicle detection sensor

10.2.2.3.2. Pedestrian presence sensor

10.2.2.3.3. Speed Sensor

10.2.2.3.4. Thermal Camera

10.2.2.3.5. Automated Incident Detection (AID) Camera

10.2.2.4. Public Transport/mass transit

10.2.2.5. E-tolls/E-highways

10.2.2.6. Gateways

10.2.3. Building Automation

10.2.3.1. Building automation application: Products covered

10.2.3.1.1. Occupancy sensors

10.2.3.1.2. Daylight sensors

10.2.3.1.3. Smart Thermostats

10.2.3.1.4. IP cameras

10.2.3.1.5. Smart Meters

10.2.3.1.6. Smart Locks

10.2.3.1.7. Smoke Detectors

10.2.3.1.8. Gateways

10.2.4. Manufacturing

10.2.4.1. Manufacturing application: Products covered

10.2.4.1.1. Temperature sensors

10.2.4.1.2. Pressure sensors

10.2.4.1.3. Level sensors

10.2.4.1.4. Flow sensors

10.2.4.1.5. Chemical sensors

10.2.4.1.6. Humidity sensors

10.2.4.1.7. Motion and position sensors

10.2.4.1.8. Image sensors

10.2.4.1.9. Gateways

10.2.5. Retail

10.2.5.1. Retail application: Products covered

10.2.5.1.1. Intelligent Vending Machines

10.2.5.1.2. Contactless checkout/POS

10.2.5.1.3. Smart mirror

10.2.5.1.4. Smart shopping cart

10.2.5.1.5. Digital signage

10.2.5.1.6. Smart tags

10.2.5.1.7. Wireless beacon

10.2.5.1.8. Gateways

10.2.6. BFSI

10.2.6.1. BFSI application: Products covered

10.2.6.1.1. Mobile point of sale (mPOS)

10.2.6.1.2. Smart kiosk/Interactive kiosk

10.2.6.1.3. Gateways

10.2.7. Oil & Gas

10.2.7.1. Oil & Gas application: Products covered

10.2.7.1.1. Temperature sensors

10.2.7.1.2. Pressure sensors

10.2.7.1.3. Level sensors

10.2.7.1.4. Flow sensors

10.2.7.1.5. Image sensors

10.2.7.1.6. Other sensors (humidity sensors, motion & position sensors, and chemical & gas sensors)

10.2.8. Agriculture

10.2.8.1. Agriculture application: Products covered

10.2.8.1.1. Climate Sensors

10.2.8.1.2. Soil moisture sensors

10.2.8.1.3. Level sensors

10.2.8.1.4. Gateways

10.2.9. Aerospace & Defense

10.2.9.1. Aerospace & Defense application: Products covered

10.2.9.1.1. Smart baggage tags

10.2.9.1.2. Smart beacons

10.2.9.1.3. ePassport gates

10.2.9.1.4. Drones/Unmanned Aerial Vehicles (UAVs)

10.2.9.1.5. Gateways

10.3. Consumer

10.3.1. Wearable Devices

10.3.1.1. Activity Monitors

10.3.1.2. Smart Watches

10.3.1.3. Smart Glasses

10.3.1.4. Body-worn cameras

10.3.1.5. Panic/SoS Buttons

10.3.1.6. Smart Locators

10.3.1.7. Smart Water Purifiers

10.3.1.8. Identity Authenticators

10.3.1.9. Thermal Bracelets

10.3.1.10. Safe Driving Ingestible Pills

10.3.2. Consumer Electronics

10.3.2.1. Smart Lighting

10.3.2.2. Smart TV

10.3.2.3. Smart Washing Machine

10.3.2.4. Smart Dryer

10.3.2.5. Smart Refrigerator

10.3.2.6. Smart oven

10.3.2.7. Smart cooktop

10.3.2.8. Smart cooker

10.3.2.9. Smart deep freezer

10.3.2.10. Smart dishwasher

10.3.2.11. Smart coffee maker

10.3.2.12. Smart kettle

10.3.2.13. Gateways

11 Internet of Things (IoT) Technology Market, By Region

11.1. Introduction

11.2. North America

11.2.1. Impact of Recession

11.2.2. US

11.2.3. Canada

11.2.4. Latin America

11.2.4.1. Mexico

11.2.4.2. Brazil

11.2.4.3. Colombia

11.2.4.4. Rest of Latin America

11.3. Europe

11.3.1. Impact of Recession

11.3.2. UK

11.3.3. Germany

11.3.4. France

11.3.5. Rest of Europe

11.4. Asia Pacific

11.4.1. Impact of Recession

11.4.2. China

11.4.3. Japan

11.4.4. South Korea

11.4.5. Rest of Asia Pacific

11.5. RoW

11.5.1. Impact of Recession

11.5.2. Middle East

11.5.3. Africa

12 Internet of Things (IoT) Technology Market, Competitive Landscape

12.1. Key Player Strategies/Right to Win

12.2. Revenue Analysis

12.3. Market Share Analysis

12.4. Company Valuation and Financial Metrics

12.5. Brand Comparison

12.6. Company Evaluation Matrix: Key Players, 2023

12.6.1. Stars

12.6.2. Emerging Leaders

12.6.3. Pervasive Players

12.6.4. Participants

12.6.5. Company Footprint: Key Players, 2023

12.6.5.1. Company Footprint

12.6.5.2. Region Footprint

12.6.5.3. Node Component Footprint

12.6.5.4. Software Solutions Footprint

12.6.5.5. Services Footprint

12.6.5.6. End Use Application Footprint

12.6.5.7. Region Footprint

12.7. Company Evaluation Matrix: Startups/SMEs, 2023

12.7.1. Progressive Companies

12.7.2. Responsive Companies

12.7.3. Dynamic Companies

12.7.4. Starting Blocks

12.7.5. Competitive Benchmarking: Startups/SMEs, 2023

12.7.5.1. Detailed List of Key Startups/SMEs

12.7.5.2. Competitive Benchmarking of Key Startups/SMEs

12.7.5.3. Competitive Situation and Trends

13 Internet of Things (IoT) Technology Market, Company Profiles

13.1. Key Players

13.1.1. Intel Corporation

13.1.2. Qualcomm Technologies

13.1.3. Texas Instruments Incorporated

13.1.4. STMicroelectronics

13.1.5. IBM

13.1.6. Hewlett Packard Enterprise (HPE)

13.1.7. Cisco Systems

13.1.8. Microsoft Corporation

13.1.9. PTC

13.1.10. Amazon Web Services (AWS)

13.2. Other Players

13.2.1. General Electric (GE)

13.2.2. Softeq Development Corporation

13.2.3. Sciencesoft

13.2.4. Oracle Corporation

13.2.5. Siemens

13.2.6. SAP

13.2.7. Bosch

13.2.8. Huawei Technologies Co., Ltd.

13.2.9. Schneider Electric

13.2.10. ARM Limited

13.2.11. NXP Semiconductors N.V.

13.2.12. TE Connectivity Ltd.

13.2.13. Software AG

13.2.14. Microchip Technology Inc.

13.2.15. Vates

13.2.16. Cellhire

13.2.17. ClearBlade

13.2.18. SoluLab Inc

13.2.19. Konstant Infosolutions

13.2.20. Binariks

14 Appendix

14.1. Discussion Guide

14.2. Knowledge Store: MarketsandMarkets’ Subscription Portal

14.3. Available Customizations

14.4. Related Reports

14.5. Author Details

The research process for this study included systematic gathering, recording, and analysis of data about customers and companies operating in the IoT technology market. This process involved the extensive use of secondary sources, directories, and databases (Factiva, Oanda, and OneSource) for identifying and collecting valuable information for the comprehensive, technical, market-oriented, and commercial study of the IoT technology market. In-depth interviews were conducted with primary respondents, including experts from core and related industries and preferred manufacturers, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects. Key players in the IoT technology market were identified through secondary research, and their market rankings were determined through primary and secondary research. This research included studying annual reports of top players and interviewing key industry experts such as CEOs, directors, and marketing executives.

Secondary Research

In the secondary research process, various secondary sources were referred to for identifying and collecting information important for this study. Secondary sources included corporate filings, such as annual reports, investor presentations, and financial statements; trade, business, and professional associations; white papers; IoT technology products-related journals; certified publications; articles by recognized authors; directories; and databases.

Secondary research was conducted to obtain key information about the industry supply chain, market value chain, key players, market classification and segmentation as per industry trends to the bottom-most level, geographic markets, and key developments from both market- and technology-oriented perspectives. Data from secondary research was collected and analyzed to determine the overall market size, which was further validated by primary research.

Primary Research

In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology & innovation directors, and key executives from major companies in the IoT technology market.

After going through market engineering (which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers obtained. Primary research was conducted to identify segmentation types, industry trends, key players, competitive landscape, and key market dynamics such as drivers, restraints, opportunities, and challenges, along with the key strategies adopted by players operating in the market.

IoT Technology Market
Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market size Estimation

In the complete market engineering process, both top-down and bottom-up approaches were used, along with several data triangulation methods, to estimate and forecast the size of the market and its segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were carried out on the complete market engineering process to list the key information/insights pertaining to the IoT technology market.

The key players in the market were identified through secondary research, and their rankings in the respective regions were determined through primary and secondary research. This entire procedure involved the study of the annual and financial reports of top players, as well as interviews with industry experts such as chief executive officers, vice presidents, directors, and marketing executives for quantitative and qualitative key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in this report.

IoT Technology Market: Bottom-up Approach

IoT Technology Market
Size, and Bottom-up Approach

IoT Technology Market: Top-Down Approach

IoT Technology Market
Size, and Top-Down Approach

Data Triangulation

After arriving at the overall size of the IoT technology market from the market size estimation process explained above, the total market was split into several segments and subsegments. Where applicable, the market breakdown and data triangulation procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using top-down and bottom-up approaches.

Market Definition

IoT is a key digital transformation technology, enabling businesses to increase their operational efficiency. Other technologies, such as edge computing, digital twin, Wi-Fi, and big data analytics, are spurring the demand for the digital transformation of businesses. Various application areas, such as retail, manufacturing, transportation, and healthcare, are undergoing digital transformation. Hence, the growing demand for IoT-based digital transformation of businesses is expected to provide growth opportunities for the IoT technology market during the forecast period.

Key Stakeholders

Original technology designers and suppliers
System integrators
Electronic hardware equipment manufacturers
Technical universities
Government research agencies and private research organizations
Research institutes and organizations
Market research and consulting firms
Sensor manufacturers
Technology standard organizations, forums, alliances, and associations
Raw material and manufacturing equipment suppliers
Semiconductor wafer vendors
Fabless players
EDA and IP core vendors
Foundry players
Original equipment manufacturers (OEMs)
Original design manufacturers (ODM) and OEM technology solution providers
Distributors and retailers
Technology investors
Operating system (OS) vendors
Content providers
Software providers

Report Objectives

To define and forecast the IoT technology market size, by node component, software solution, platform, service, and end-use application, in terms of value.
To describe and forecast the global IoT technology market, by node components, in terms of volume.
To describe and forecast the market size for various segments with regard to four main regions—North America, Latin America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value.
To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the market growth
To analyze the supply chain, trends/disruptions impacting customer business, market/ecosystem map, pricing analysis, and regulatory landscape pertaining to the IoT technology market.
To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the market
To describe in brief the value chain of IoT technology solutions.
To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
To profile key players and comprehensively analyze their market position in terms of their ranking and core competencies2, along with the detailed competitive landscape of the market.
To analyze competitive developments, such as product launches and developments, partnerships, agreements, expansions, acquisitions, contracts, alliances, and research & development (R&D), undertaken in the IoT technology market.
To benchmark market players using the proprietary ‘Company Evaluation Matrix,’ which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio.
To analyze the probable impact of the recession on the market.

Available customizations

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies.

Product analysis

Detailed analysis and profiling of additional market players

The following customization options are available for the report:

Market sizing and forecast for additional countries
Additional five companies profiling

Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.