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Internet of Things (IoT) Market to be Worth USD 3,352.97 Billion in 2030; Deloitte Launched Olympus with Amazon Web Services to Secure Competitive Edge

April 04, 2023 | Information & Technology

The global internet of things (IoT) market size stood at USD 544.38 billion in 2022. The market value is slated to rise from USD 662.21 billion in 2023 to USD 3,352.97 billion by 2030 at a CAGR of 26.1% during 2023-2030. Fortune Business Insights™ presents this information in its report titled “Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End-use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and Regional Forecast, 2023-2030”.

Rising Deployment of IoT to Combat Coronavirus Favored Industry Expansion Amid the Pandemic Period

The COVID-19 pandemic aimed the delivery of proper services for keeping citizens from being exposed and curing the infected people. The pandemic prompted governments and organizations to rethink their actions and objectives. Furthermore, the adjustments proved to a prominent driver for technology and innovation.

Cisco Upgrades IoT Portfolio to Help Service Providers and Users with a Simplified Way of Handling IoT Connectivity

In February 2022, Cisco upgraded its IoT portfolio for helping service providers and users with a simplified and flexible way of handling 4G/5G/LPWAN IoT connectivity for new applications. The solutions allow industries to develop digital tactics with a hybrid work culture.

Furthermore, it satisfies industry needs for mass IoT with secured and flexible connectivity management.

To get a detailed report summary and research scope of this market, click here:


Growth in Market Value Driven by an Increase in Smart City Initiatives

Many countries across the globe are commencing smart city projects and focusing on the adoption of smart city solutions for the effective management of resources. The devices help in the improvement of infrastructure efficiency and associated services. The internet of things market growth is further driven by the rising adoption of smart city solutions such as smart waste management, smart transportation, smart grids, and smart air quality controllers.

However, the industry expansion is likely to be hampered by the various limitations associated with data privacy, integrity, and security.

Major Players Ink Collaborative Agreements to Strengthen Industry Footing

Leading companies are focused on adopting a range of strategic initiatives for strengthening industry position. Some of these steps include merger agreements, acquisitions, and the rollout of new solutions. Besides, many companies are entering partnership agreements and forming alliances to strengthen industry foothold.

Key Players

  • 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)

Key Industry Development

  • December 2022 – Deloitte announced the rollout of Olympus with Amazon Web Services. The company is a worldwide investment fund for developing industry cloud solutions along with advanced technologies such as 5G, machine learning, AI, and IoT.

Further Report Findings

  • North America internet of things market share is anticipated to record considerable growth throughout the estimated period. The surge is propelled by the increasing customer base for cloud-based solutions.

  • The Europe market is slated to register commendable expansion over the projected period. The rise is due to a range of insights such as predictive analytics, prescriptive analytics, diagnostic analytics, and descriptive analytics.

  • The platforms segment is poised to depict substantial expansion over the estimated period. The rise is driven by the increasing demand for downstream data servers.

  • The manufacturing segment is anticipated to register a notable surge throughout the forecast period. The escalation is due to an upsurge in productivity, quality, and the reduction of downtime.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 26.1% from 2023 to 2030


Value (USD Billion)


Component; End-use Industry; and Region

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

  • The 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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  • 2019-2021
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