IoT Technology Market

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

Report Code: SE 2509 Apr, 2024, by

[250 Pages Report] The global IoT technology market size 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 share 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 size based on node component, services, platform, software solution, end user application, and region.

IoT Technology Market

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 industry. 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 share 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 size . 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  and Statistics by Region

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Top IoT Technology Companies - 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.

IoT Technology Market Report Scope :

Report Metric


Estimated Market Size USD 945.6 billion in 2024
Projected Market Size
USD 1,377.8 billion by 2029
Growth Rate  CAGR of 7.8%

Market Size Available for Years


Base Year


Forecast Period



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.



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 IoT Technology Industry: 

  • 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 :

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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
           Major Secondary Sources
           Key Data from Secondary Sources
           2.1.2. Primary Data
           Primary Interviews with Experts
           Key Data from Primary Sources
           Key Industry Insights
           Breakdown of Primaries
    2.2. Market Size Estimation 
           2.2.1. Bottom-Up Approach 
           Approach for Capturing Market Share by Bottom-Up Analysis (Demand Side)
           2.2.2.  Top-Down Approach
           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
           Integration of Artificial Intelligence (AI) with IoT
           Integration of Machine Learning (ML) with IoT
           Stereoscopy or stereo imaging technology
           5.9.2. Complementary Technology
           Digital Twin
           5.9.3. Adjacent Technologies
           Edge Computing
           Cloud Computing
           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 
           Foundation Fieldbus (FF)
           6.4.2. Wireless 
           Bluetooth Smart/Bluetooth Low Energy (BLE)
           Wireless Fidelity (Wi-Fi)
           Near-Field Communication (NFC)
           Cellular Network
           Wireless highway addressable remote transducer (WHART)
           Global Positioning System (GPS)/Global Navigation Satellite System (GNSS) Module
    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 
                Healthcare application: Products covered
                             Fitness and heart rate monitors
                            Blood pressure monitors
                            Blood glucose meters
                            Continuous Glucose monitors
                            Pulse oximeters
                            Automated external defibrillators
                            Programmable syringe pumps
                            Wearable injectors
                            Multiparameter monitors
                            Fall detectors
                            Smart pill dispensers
             10.2.2. Automotive & Transportation
                Automotive & Transportation Application: Products covered
                             Connected Cars
                                           Level 1-driver assistance
                                           Level 2-partial automation
                                           Level 3-conditional automation
                                           Level 4-high automation
                            Ultrasonic Sensors
                            Cameras/image sensors
                            Infrared (IR) detector
               In-car infotainment
               Traffic management
                             Vehicle detection sensor
                            Pedestrian presence sensor
                            Speed Sensor
                            Thermal Camera
                            Automated Incident Detection (AID) Camera
               Public Transport/mass transit
             10.2.3. Building Automation
                Building automation application: Products covered
                            Occupancy sensors
                            Daylight sensors
                            Smart Thermostats
                            IP cameras
                            Smart Meters
                            Smart Locks
                            Smoke Detectors
             10.2.4. Manufacturing
                Manufacturing application: Products covered
                            Temperature sensors
                            Pressure sensors
                            Level sensors
                            Flow sensors
                            Chemical sensors
                            Humidity sensors
                            Motion and position sensors
                            Image sensors
             10.2.5. Retail
                Retail application: Products covered
                            Intelligent Vending Machines
                            Contactless checkout/POS
                            Smart mirror
                            Smart shopping cart
                            Digital signage
                            Smart tags
                            Wireless beacon
             10.2.6. BFSI
                BFSI application: Products covered
                             Mobile point of sale (mPOS)
                            Smart kiosk/Interactive kiosk
             10.2.7. Oil & Gas
                Oil & Gas application: Products covered
                             Temperature sensors
                            Pressure sensors
                            Level sensors
                            Flow sensors
                            Image sensors
                            Other sensors (humidity sensors, motion & position sensors, and chemical & gas sensors)
             10.2.8. Agriculture
                Agriculture application: Products covered
                            Climate Sensors
                            Soil moisture sensors
                            Level sensors
             10.2.9. Aerospace & Defense
                Aerospace & Defense application: Products covered
                            Smart baggage tags
                            Smart beacons
                            ePassport gates
                            Drones/Unmanned Aerial Vehicles (UAVs)
     10.3. Consumer 
             10.3.1.  Wearable Devices
                Activity Monitors
               Smart Watches
               Smart Glasses
               Body-worn cameras
               Panic/SoS Buttons
               Smart Locators
               Smart Water Purifiers
               Identity Authenticators
               Thermal Bracelets
               Safe Driving Ingestible Pills
             10.3.2. Consumer Electronics
               Smart Lighting
               Smart TV
               Smart Washing Machine
               Smart Dryer
               Smart Refrigerator
               Smart oven
               Smart cooktop
               Smart cooker
               Smart deep freezer
               Smart dishwasher
               Smart coffee maker
               Smart kettle
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
               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
               Company Footprint
               Region Footprint
               Node Component Footprint
               Software Solutions Footprint
               Services Footprint
               End Use Application Footprint
               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 
               Detailed List of Key Startups/SMEs
               Competitive Benchmarking of Key Startups/SMEs
               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.

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Report Code
SE 2509
Published ON
Apr, 2024
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