The size of the global market for Internet of Things (IoT) Connectivity is expected to reach USD 693.26 Billion by 2028, expanding at a compound annual growth rate (CAGR) of 20.33%.
.jpg "The Global Internet Of Things Iot Connectivity Market 2018-2028 (USD Billion)")
The factors such as need for secure, reliable, and high-speed network connectivity, growth in requirement for connected devices, and ability to incorporate non-standalone as well as standalone components of IoT ecosystem is responsible for the growth of IoT connectivity market growth. Furthermore, the evolution of Internet of Things (IoT) has also fueled the growth momentum of the industry with its various applications in the advancements of the interactive software platform. The industry players operating within the IoT connectivity market are investing significant resources to continuous product development in order to keep up with the market dynamics.
IoT connectivity comprises of four key components that include sensors/devices, data processing, connectivity, and user interface. However, an IoT system can combine these modules in various ways and can adopt different forms of connectivity as per requirement. The growing need to provide better consumer experience and increase in need to get insights on customer preferences & choices are also some of the essential factors boosting the adoption of Internet of Things (IoT) connectivity solutions. However, initial setup cost and skilled personnel are hampering the market growth. Furthermore, the advent of cloud-based analytics is expected to provide growth opportunities for the IoT Connectivity market in the forthcoming years.
Internet of Things (IoT) Connectivity Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | USD 693.26 Billion |
| Growth Rate | CAGR of 20.33 % during 2018-2028 |
| Segment Covered | By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | AT&T, Cisco, Verizon, Vodafone, Ericsson, Sierra Wireless, Orange Business Services, Telefónica, Telit. |
Key Segments of the Global Internet of Things (IoT) Connectivity Market
Component Overview (USD Billion)
- Platform
- Services
Organization Size Overview, (USD Billion)
- SMEs
- Large Enterprises
Application Overview, (USD Billion)
- Connected Health
- Smart Retail
- Smart Manufacturing
- Building and Home Automation
- Smart Transportation
- Smart Grid & Utilities
- Others
Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global IoT connectivity solution market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global IoT connectivity solution market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the IoT connectivity solution industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, organization size, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global IoT connectivity solution market. The report will benefit:
- Every stakeholder involved in the IoT connectivity solution market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global IoT connectivity solution market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global IoT connectivity solution market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market value of internet of things iot connectivity market in 2028 was USD 693.26 Billion
Asia Pacific dominated the market for internet of things iot connectivity market and accounted for the largest revenue share.
The base year for the report is 2023 in internet of things iot connectivity market
Internet of Things (IoT) Connectivity is gaining prominence across the industries. Key players allocating significant resources and investment to keep up with the fierce market corporations with continuous product development. The advancements in technologies such as Artificial Intelligence (AI), cloud computing, and Internet of Things (IoT) and its implementation across various business segment also paved the way for greater development of automation. Having recognized that the Internet of Things can enable radical improvement in functional efficacies, multiple organizations throughout the world are deploying predictive maintenance methods based on compatible software and smart sensors. The method can particularly enable in enhancing the safety factor while restricting the equipment downtime. Over the past years, there has been an upsurge in several technology trends in the fields of medical informatics, gene sequencing, big data analytics, home automation, and self-driving cars. The industries such as healthcare, retail/logistics, grid & utilities, and manufacturing services that utilize different IoT systems to provide real-time data on a large scale exhibit high growth potential for IoT connectivity. The advent of sophisticated technologies, such as big data, machine learning, and automated reasoning has long held the promise of providing more flexible customer experiences.
Component Segment
The global IoT connectivity solution market contains hardware, software, and service segment. In 2019, the platform segment is likely to hold a significant market share within the IoT connectivity market. The industry players engaged in offering IoT connectivity platforms have partnered with hardware, networking, and service providers with industry associations, and academic consortiums to develop informal and formal standards for IoT applications. On the contrary, the software segment is projected to gather the highest CAGR during the forecast period.
Organization Size Segment
Based on the organization size segment, the market is segmented into SMEs, and large enterprises. The market for large enterprises to possess the largest market share in 2019 owing to their high investment competences and early adoption of advanced technologies. Large organizations can leverage cloud services which need IoT connectivity, since they can manage a huge number of applications over the cloud network, hence, simplifying application management. However, the SMEs are anticipated to grow at a considerable rate over the forecast period.
Application Segment
Based on the application, the market is segmented into connected health, smart retail, smart manufacturing, building and home automation, smart transportation, smart grid & utilities, and others. The market for smart manufacturing is anticipated to possess a significant market share in 2019 since the IoT connectivity are used for planning and designing the stages of manufacturing procedures, hence, creating huge growth prospects. On the other hand, growing investments in the industrial automation is expected to fuel the industry growth in the next five years.
The global IoT connectivity solution industry is a wide range to North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific region is expected to be the prominent region with India as the largest IoT connectivity market. Countries such as Japan, China, and South Korea are anticipated to be at the forefront in the adoption of IoT connectivity owing to increased technological investment in the countries. Moreover, rising trend of cloud-based solution in medium and large industries propels the demand for IoT connectivity in the region.
-Connectivity-Market-2018-2025.png "North America Internet of Things (IoT) Connectivity Market 2018-2025")
The major players of the global IoT connectivity solution market are AT&T, Verizon, Vodafone, Cisco, Ericsson, Sierra Wireless, Telefónica, Huawei, Telit, Orange, Hologram, Particle, Aeris, Sigfox, and more. The IoT connectivity solution market is fragmented with the existence of well-known global and domestic players across the globe.