Internet of things (IoT) refers to physical objects or network solutions which offer a platform for communication and network infrastructure for interconnecting IoT devices. IoT depends upon a wide range of technologies, and use cases. Wi-Fi Connectivity is a largely used technology for wireless communication that provides internet services to smart devices such as smartphones, computers, laptops, speakers, tabs etc.
At a compound annual growth rate of 20.33%, the size of the worldwide IoT Connectivity market is projected to reach USD 693.26 Billion in 2028.
Covid-19 Impact & Market Status
Wuhan (China) originated a fatal virus named COVID-19 that influenced world economies adversely. A large number of populations lost livelihood over the global pandemic. The covid-19 epidemic restricted the growth and dynamics of various industries. It was due to the sudden outbreak of the covid-19 virus in 2020, the internet of things (IoT) Connectivity market witnessed a significant slowdown. the pandemic caused by coronavirus adversely influenced many industrial operations such as disruption in supply chains, prohibition on transportation, travel, and hospitality. This led to an unprecedented halt in almost all operations, change in consumer preferences & demands, decrease in individual expenditure. Moreover, many scheduled product launches and related developments were delayed due to the pandemic-led safety protocols. Therefore, to bounce back in the post-pandemic era, the major participants of the internet of things (IoT) Connectivity market started to focus more on maintaining and generating revenues, strategizing to keep up with the dynamic consumer demands and resuming the delayed jobs.
IoT managed services manage the entire IoT environment
The segment of managed services is anticipated to witness a significant CAGR in the IoT Connectivity market over the projection period. IoT managed service is a collection of financial investments such as bonds, stocks, ETMs etc that assists in controlling and managing the whole IoT environment. These services help businesses in laying down an efficient and accurate strategy for digital transformation. Moreover, it empowers enterprises to bring an authentic mix of IoT objects and solutions.
Aerospace & defence segment to exhibit a higher CAGR of IoT technology
The Aerospace&Defence end-user segment is anticipated to witness an exponential CAGR in the internet of things (IoT) Connectivity market over the projection period. IoT in the aerospace and defence segment in the industrial applications offer Connectivity &integration and equips the manufacturer with a wide-range interface for their operations. The aerospace and defence end-user application utilizes sensors to capture comprehensive machine data set. These sensors can also be used on key equipment, vehicles, machines etc. The IoT brings abundant opportunities to airlines for improving the management of baggage and monitoring of equipment.
Supremacy of the North American region in the IoT Connectivity Market
The North American regions dominate the global market for the Internet of Things (IoT) because of the Connectivity technology adoption rate. These Connectivity technologies include cellular-based solutions and unlicensed low-power wide-area networks (LPWAN). Moreover, sustainable and affluent economies are likely to contribute to the growth of the IoT Connectivity market during the forecast period by implementing enhanced techniques in performing their business operations.
The Global market for IoT Connectivity was valued at USD 81.2 billion in the year 2020 and is anticipated to reach approximately USD 580.3 billion over the projection period i, e 2028 with a growing CAGR of 14.51%.
The Internet of Things (IoT) is a network of internet-enabled interconnected physical objects which have IP addresses. The objects interact with one another over a network. IoT Connectivity is an ecosystem that consists of a network of inter-connected devices, animals/individuals having unique identifiers (UID), mechanical & digital machines, objects etc. IoT is a different type of network solution such as sensors, routers, applications, gateways, platforms, etc. IoT Connectivity finds applications in smart retail, smart manufacturing, smart transportation, smart grid and utilities, etc. presently, the widely used network is the Low Power Wide Area Network (LPWAN). It is used in rural, offshore and other locations where internet accessibility is low because this network is safe, credible and consumes lesser power.
Internet of Things (IoT) is developed by aggregating many technologies such as machine learning, sensor systems, real-time analytics, embedded systems etc. an IoT system is internally interrelated to mechanical &digital machines and digital devices with exclusive UID. With this system, one can transmit data over a network without human and machine interaction.
The growing demand for interconnected devices is expected to take the market of Internet of Things (IoT) Connectivity to the next level over the projection years. Moreover, the rising demand for credible, safe and high-speed Connectivity is another growth contributing factor. The requirement for merging the standalone and non-standalone components of the IoT ecosystem is certainly going to uplift the market for IoT Connectivity across the globe. However, the data security concerns and growing cybercrimes such as hacking, phishing, data vandalism& theft etc are likely to pose huge roadblocks in the development of the IoT Connectivity market over the forecast period.
Additionally, an open-source internet of things (IoT) platform provides competitive advantages over traditional Connectivity platforms. It is opening up new avenues for the IoT Connectivity market in the coming years with significant opportunities. But the high energy consumption, as well as frequency, is likely to challenge the growth prospects of the internet of things (IoT) Connectivity market in the meantime.
The major players covered in the internet of things (IoT) Connectivity market report are Cisco Systems, Inc., Huawei Technologies Co., Ltd., AT&T Intellectual Property, Telefónica S.A, Telefonaktiebolaget LM Ericsson, Vodafone Limited, Sierra Wireless., Verizon, Orange Business Services, Telit, Hologram, Particle, Aeris., Sigfox, EMNIFY GMBH, Moeco IoT Inc., Softdel, Arm Limited, Multi-Tech Systems, Inc. and Lantronix, among other domestic and global players.
Latest Innovations in the Global IoT Connectivity Market: A Snapshot
The robust technological innovations in end-use industries of the IoT Connectivity market, including smart manufacturing and smart retail, are expected to hike the demand for IoT Connectivity solutions during the forecast period (2021-2018).
The growing prominence and adoption of smartphones, laptops, tablets and computers etc, with easy accessibility to high-speed internet across various regions, are fuelling the growth of the global market for IoT connectivity.
IoT Connectivity Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 580.3 billion|
|Growth Rate||CAGR of 14.51 % during 2021-2028|
|Segment Covered||Component, Application, Organisation, End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Cisco Systems, Inc., Huawei Technologies Co., Ltd., AT&T Intellectual Property, Telefónica S.A, Telefonaktiebolaget LM Ericsson, Vodafone Limited, Sierra Wireless., Verizon, Orange Business Services, Telit, Hologram, Particle, Aeris., Sigfox, EMNIFY GMBH, Moeco IoT Inc., Softdel, Arm Limited, Multi-Tech Systems, Inc. and Lantronix, among other|
Key Segments of the Global IoT Connectivity Market
By Component, 2021-2028 (USD Billion)
By Organisation, 2021-2028 (USD Billion)
- Large Enterprises
- Small And Medium-Sized Enterprises
By Applications, 2021-2028 (USD Billion)
- Smart Retail
- Smart Manufacturing
- Connected Health
- Building and Home Automation
- Smart Transportation
- Smart Grid and Utilities
By End-Use, 2021-2028 (USD Billion)
- Retail And Consumer Goods
- Healthcare, Hospitality and Tourism
- IT And Telecom
- Aerospace & Défense
By Region, 2021-2028 (USD Billion)
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa