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Internet of Things Market to Exhibit a Staggering CAGR of 24.3% Over 2024-2032; IoT Revolutionizes Communication and Services, Fueled by Population Growth and Urbanization: Fortune Business Insights™

March 08, 2024 | Information & Technology

The global Internet of Things market size was valued at USD 595.73 billion in 2023 and is projected to reach a valuation of USD 714.48 billion in 2024. The market is expected to reach USD 4,062.34 billion by 2032 with a CAGR of 24.3% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Internet of Things (IoT) Market Size, Share & Industry Analysis, By Component (Platform and Solution & Services), By End-use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and Regional Forecast, 2024-2032”.

Internet of Things (IoT) refers to the network where physical objects are inserted in software, sensors, and other mechanisms for the exchange and connection of data. The technology operates as a global infrastructure for information, modernized services, and evolving communication mechanisms.  The market’s growth is attributed to rise in the population and urbanization and, subsequently, a rise in the implementation of smart city solutions.

During the COVID-19 pandemic, the market was impacted positively. It made enterprises and governments reconsider their business actions and objectives, which proved to be a driving factor for innovation and technology.

Generative AI Revolutionizes Predictive Maintenance, Anomaly Detection, and Personalized Recommendations across Industries

Generative AI integration within IoT solutions can significantly enhance predictive maintenance by utilizing data collected from IoT sensors to train models for synthetic data generation, aiding in predictive analysis for upkeep. Beyond maintenance, generative AI finds applications in anomaly detection, fraud detection, personalized recommendations, energy optimization, and more, spanning various industries such as manufacturing, automotive, healthcare, and beyond.

Rockwell and PTC Extend Partnership to Enhance Sales of IoT and AR Software

In June 2023, Rockwell and PTC extended their partnership to boost the sales of PTC's IoT and augmented reality (AR) software. The extension aims to continue reselling PTC's ThingWorx IoT software by Rockwell Automation. The software includes Digital Performance Management (DPM), a manufacturing solution for both new and existing customers across process and discrete manufacturing sectors.

Adoption of Blockchain Technologies to Propel the Demand for Product

Adoption of blockchain technologies is set to drive the Internet of Things market growth. Blockchain-based infrastructure offers linked devices with minimal and decentralized security solutions. Freight and its movement are a complicated process involving numerous parties. An IoT-driven blockchain helps in recording arrival times, the status of shipping containers, temperatures, and position when in a movable state.

However, misuse of data due to rising dependency on connected devices as replication of design flows and the susceptibilities of connected devices can hamper market growth.  

Investments in Startups and Midscale Companies by Key Market Players to Progress Market Growth

Microsoft Corporation, Cisco Systems, Inc., Amazon Web Services, Inc., Siemens AG, PTC Inc., and others are the key market players in the global Internet of Things market. These market players have been making investments in startups and midscale companies to offer efficient solutions to sectors such as healthcare, manufacturing, retail, and others.

Key Industry Development

  • December 2022: AWS and Slalom extended their partnership to offer innovative, high-tech, and industry-specific solutions to the extended customer base by launching AWS|Shalom Launch Centers. These centers will aid organizations in upgrading their IT services and fast-track business renovations.

List of Key Players Profiled in the Market Report:

  • Amazon Web Services, Inc. (U.S.)

  • Intel Corporation (U.S.)

  • Microsoft Corporation (U.S.)

  • PTC Inc. (U.S.)

  • GE (U.S.)

  • Cisco Systems, Inc. (U.S.)

  • IBM Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • SAP SE (Germany)

  • Siemens AG (Germany)

Further Report Findings:

  • North America held the largest Internet of Things market share due to the rise in the adoption of 5G technology and cloud-based platforms. Adoption of cloud platforms is attributed to the expansion of IoT-enabled devices, rising R&D investments, and the presence of key market players. The market was valued at USD 195.48 billion in 2023.

  • Asia Pacific is set to have the highest CAGR during the study period due to a strong product portfolio of communication service providers and producers.

  • The platform segment is expected to register the highest CAGR during the study period due to a rise in the demand for effective platforms for downstream data servers and enterprise application connectivity. The platform is further categorized into network management, cloud platform, and device management.

  • On the basis of end-use industry, the market has been segmented into agriculture, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT & telecom, and others. Healthcare industry leads and held a share of 19.7% in 2023 with digital transformation through the adoption of the industrial Internet of Things, big data, and machine learning.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 24.3% from 2024 to 2032


Value (USD Billion)


By Component

  • Platform

    • Device Management 

    • Cloud Platform

    • Network Management

  • Solution & Services

    • Solution

      • Real-Time Streaming Analytics

      • Security

      • Data Management

      • Remote Monitoring

      • Network Band Management

    • Services          

By End-use Industry

  • Banking, Financial Services and Insurance (BFSI)

  • Retail

  • Government

  • Healthcare

  • Manufacturing

  • Agriculture

  • Sustainable Energy

  • Transportation

  • IT & Telecom

  • Others

By Region

  • North America (By Component, End-use Industry, and Country)

    • U.S. (By End-use Industry)

    • Canada (By End-use Industry)

    • Mexico (By End-use Industry)

  • Europe (By Component, End-use Industry, and Country)

    • Germany (By End-use Industry)

    • France (By End-use Industry)

    • U.K. (By End-use Industry)

    • Italy (By End-use Industry)

    • Spain (By End-use Industry)

    • Russia (By End-use Industry)

    • Benelux (By End-use Industry)

    • Nordics (By End-use Industry)

    • Rest of Europe

  • Asia Pacific (By Component, End-use Industry, and Country)

    • China (By End-use Industry)

    • Japan (By End-use Industry)

    • India (By End-use Industry)

    • South Korea (By End-use Industry)

    • ASEAN (By End-use Industry)

    • Oceania (By End-use Industry)

    • Rest of Asia Pacific

  • Middle East & Africa (By Component, End-use Industry, and Country)

    • Turkey (By End-use Industry)

    • Israel (By End-use Industry)

    • GCC (By End-use Industry)

    • North Africa (By End-use Industry)

    • South Africa (By End-use Industry)

    • Rest of the Middle East & Africa

  • South America (By Component, End-use Industry, and Country)

    • Brazil (By End-use Industry)

    • Argentina (By End-use Industry)

    • Rest of South America

Internet of Things (IoT) Market
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