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IoT Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
In recent times, there has been a notable expansion in the IoT market size. This market is predicted to increase from $535.97 billion in 2024 to $629.5 billion in 2025, experiencing a compound annual growth rate (CAGR) of 17.5%.
The significant growth observed previously can be attributed to the spread of interconnected devices, data analysis, actionable insights, advancements in industrial automation, initiatives towards making smart cities, and transformations within the healthcare sector.
In the forthcoming years, a monumental growth is anticipated in the size of IoT market, projected to reach $1520.12 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 24.7%. The expansion during the predicted span could be traced back to multiple sources such as the proliferation of 5G network, the adoption of edge computing, growth of industrial IoT (iIoT), smart home and consumer IoT technologies, and an increased emphasis on sustainability and energy efficiency.
Significant trends during this period will include data integrity through blockchain, standards for interoperability, edge AI settings and inference, a shift towards environmentally-friendly IoT solutions, and the progression in the healthcare IoT sector.
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What Growth Drivers Are Responsible for Accelerating IoT Market Growth?
The growth of the IoT market is being propelled by its application in various industries, one of the notable ones being the automotive industry. IoT’s introduction into this sector has paved the way for novel opportunities for both automobile manufacturers and consumers across the globe.
The automotive industry has become a focal point for diverse multifunctional IoT applications, providing improved communication, control and data transmission at any point in the transportation process. Prominent companies such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc., are progressively investing in creating intelligent cars loaded with rich features, thus providing an improved, convenient, and enjoyable driving experience.
Based on predictions by UBS, autonomous taxi fleets will account for 12% of total car sales in 2030, with around 26 million driverless taxis operating worldwide.
Performance of Leading Segments in the IoT Global Market
The IoT market covered in this report is segmented –
1) By Platform: Device Management, Application Management, Network Management
2) By Application: Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Other Applications
3) By End Use Industry: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Manufacturing, Transportation, IT And Telecom, Other End-User Industries
Subsegments:
1) By Device Management: Device Provisioning, Device Configuration, Device Monitoring, Firmware Management
2) By Application Development: Application Development Platforms, Application Deployment, Application Integration, Application Analytics
3) By Network Management: Connectivity Management, Network Monitoring, Network Security, Data Management And Analytics
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What are the Key Trends Forecasted to Reshape the IoT Industry Structure?
Primary businesses in the multifamily housing green buildings industry are creating advanced technologies such as green transformation (GX) to boost sustainability, energy efficiency, and environmental performance in residential projects. Green transformation (GX) is the adoption of sustainable methods, technologies, and innovations aimed at reducing environmental harm and enhancing energy efficiency.
For instance, in September 2024, Hitachi Ltd., a multinational conglomerate based in Japan, introduced a new BuilMirai Building IoT solution model. This comprehensive platform is designed to improve the operational and management efficiency of small to medium-sized constructions.
It underscores green building principles, aligning with the global move towards sustainable construction and management. Hitachi Ltd. will offer these solutions via monthly subscription packages, enabling clients to select services based on their needs, thereby reducing their capital expenditure and advocating for green transformation (GX) and digital transformation (DX) in small to medium-sized buildings.
BuilMirai links different building facilities and systems, enabling better management and operational efficiency.
What Are the Regional Hotspots for IoT Market Growth?
Asia-Pacific was the largest region in the IoT market in 2024. North America was the second largest region in the global IoT market share.
The regions covered in the IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which Companies Hold the Largest Market Share in the IoT Industry?
Major companies operating in the IoT market include Google Inc., Microsoft Corporation, AT&T Inc., Dell Inc., Huawei Technologies Co. Ltd., Hitachi DataSystems Corporation, Amazon WebServices Inc., General Electric Company, Intel Corporation, International Business Machine Corporation, CiscoSystems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., Hewlett-Packard Enterprise Company, Bosch Software Innovation GmbH, Accenture plc, PTC Inc., Davra Networks Limited, Cumulocity GmbH, BlackBerry Limited, C3 IoT Inc., Exosite LLC, Device Insight GmbH, Concirrus Limited, EVRYTHNG Limited, Bright Wolf LLC, Connio Inc
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