Internet Of Things (IoT) Networks Market Size, Share, Growth And Industry Analysis By Type (Software Solution, Platform, And, Service) By Application (Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Internet Of Things (IoT) Networks Market REPORT OVERVIEW

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The global Internet of Things (IoT) networks market size was USD 34250 million in 2022 and market is projected to touch USD 103730.4 million by 2031 with a compound annual growth rate (CAGR) of 11.6% during the forecast period.

The internet of things (IoT) is a technology that can describe things with the help of sensors, softwares, processing abilities, and other technologies. All of these are connected and they help in exchanging data and information with other devices as well as systems over mediums such as internet or other communication networks. Internet of things network is always subject to new changes, and developments. Many new trends are always seen in the market. One of the major developments that has taken place in the market is the combined used of IoT networks and artificial intelligence. This is considered as the latest trend in the market.

Internet of Things provide automation and accuracy. Combination of Internet of Things network and cloud computing has created many remarkable changes in the market. All these factors are generating a robust growth in the market.

COVID-19 impact: Application of Internet of Things Network to Find Cure to Coronavirus Increased the Market Growth

The novel coronavirus changed the socio-economic conditions of all the countries all over the world. While there was an economic crisis, the death rates also increased from day to day. Doctors and healthcare specialists, worked harder than before o find cure to the infectious disease of coronavirus. Integrating technology with healthcare became the new revolution during the pandemic. Internet of things network also played an important role in providing assistance to the medical sector. With the use of IoT networks, artificial intelligence, and cloud computing cloud-based patient monitoring softwares were introduced. This helped the healthcare care specialists to efficiently manage the database of the patients. In this way, IoT network was of great assistance during the pandemic. This helped in the global Internet of Things (IoT) networks market growth.

LATEST TRENDS

"Combination of IoT with Artificial Intelligence to Increase the Market Growth"

One of the major developments that has taken place in the market is the combined used of IoT networks and artificial intelligence. AI models are data fed by IoT networks. These two factors can be very easily combined and complemented. Together these two technologies are called as AIoT. Usage of blockchain along with IoT networks is yet another improvement in the market. These are some noteworthy trends propelling the global Internet of Things (IoT) networks market share.

Internet Of Things (IoT) Networks Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Software solution, platform, and, service. The software solution segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Building and home automation, smart energy and utilities, smart manufacturing, connected logistics, smart retail, smart mobility and transportation. The building and home automation segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Growing Requirements of Data Centers Due to Cloud Platforms to Propel the Market Growth"

A cloud platform is basically a highly cost-efficient solution which removes the necessity of on-premises data centers. It is an easy-to-deploy solution. On the other hand, Internet of Things network is mainly concerned with storing, managing, transferring and analyzing data. Cloud and cloud-based platforms are used for storing the information stored and generated on IoT platforms. Due to the improvement of technology, there is an overload of data and hence data centers are gaining importance day by day. With the increase in the adoption of cloud-based computing and the increasing need for data centers has also, in turn, increased the market scope for the global Internet of Things network market.

"Efficient Operation Management and Optimum Utilization of Resources to Propel Market Growth "

IoT networks are being adopted everywhere as they are known for their efficiency. These networks are highly versatile and are adopted in many fields and sectors. Internet of Things provide automation and accuracy. IoT helps in interconnection of smart devices. They can have access to multiple operations area that include spare parts management, inventory management, shipping and tracking. They are also used for locating and finding goods. The interconnected sensors help in the optimum utilization of resources.  Improved power management, and water connection are some of the features that have driven the Internet of Things market share. 

RESTRAINING FACTOR

"Security Flaws of Internet of Things Network to Decrease the Market Growth"

Internet of Things have the substantial potential to become one of the emerging trends in the upcoming years. However, with all these superior features, there are certain disadvantages to IoT networks. These disadvantages can restrain the market growth. Security flaws are one of the biggest backdrops of IoT networks. Data leaks are some of the most common occurring incidents with IoT networks as there is no proper security system. The breach of personal information can adversely affect the global Internet of Things network market share.

Internet Of Things (IoT) Networks Market Regional Insights

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"Asia Pacific to Dominate Market Share in The Upcoming Years"

Asia Pacific predominantly dominates the market. Some of the important countries in Asia Pacific with a growing market are China, South Korea, and Japan. China alone has a greater market share than any other region. Many reasons have helped in the development of the market in Asia Pacific. Many countries in Asia Pacific have witnessed a very rapid growth in the technology sector. The evolution of highly advanced technology in this region has opened up many opportunities for the development of Internet of Things network, Artificial Intelligence, and computer clouding.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Cisco Systems, Inc. (U.S.)
• Microsoft Corporation (U.S.)
• Oracle Corporation (U.S.)
• IBM (U.S.)
• PTC Inc. (U.S.)
• Google Inc. (U.S.)

Report Coverage

The report provides insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with regional insights. Market dynamic forces during the forecast period have also been discussed for a better understanding of the market situations