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IoT Market to Reach $1,854.76 Billion by 2028; Microsoft Collaborates with Cisco to Integrate Azure Platform and Strengthen Growth

September 14, 2021 | Information & Technology

The global Internet of Things (IoT) market size was USD 308.97 billion in 2020. The market is projected to grow from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period. This information is provided by Fortune Business Insights™ 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, Others), and Regional Forecast, 2021-2028.”

Key players are striving to offer radical services to their end-users in order to achieve maximum business output. For example, Cisco Systems, Inc. provides IoT solutions such as network connectivity, connectivity management, data control and exchange, and edge computing.

Internet of Things Technology is applied to Tackle COVID-19 Crisis

The global impacts of the novel coronavirus disease were noticed by nearly every sector in the first half of the year 2020.

The front-line emergency services are enforcing the usage of drones, telemedicine, as well as other gears to tackle the pandemic in a better way. For example, Spain and China positioned drones to trace inhabitants during the lockdown, whereas South Korea has fitted drones to assist with clean parts of Daegu, which is an outburst hotspot.

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


AT&T and Nokia Collaborate for Dependable IoT Connectivity

AT&T collaborated with Nokia to offer dependent connectivity for the Internet of Things (IoT) gadgets.  Moreover, Chris Penrose, the President of the IoT Solutions of AT&T, stated that the carrier’s enterprise consumers are subjected to profit from this collaboration through the simplified implementation of IoT gears and the refined capability of the networked worker to reply to the issues of its clients.

Additionally, the notice stated in its declaration that this merger allows AT&T to address precise business apprehensions of corporations utilizing the newest technologies involving 5G network slicing.

Associated Solutions to Supply Competitive Edge and Capability to Endure in Market

The data generated from associated gadgets are likely to be of attentiveness only if exposed to assessment, which drags data analytics into the limelight. Data analytics is a procedure used to examine large as well as small data sets with diverse data properties to gain appreciated consequences and actionable understandings. These outcomes stereotypically take the form of signs of progress, designs, and statistics that empower market enterprises to communicate proactively with data to enforce effective decision-making procedures.

Competitive Landscape

Procurements Commenced by Chief Players to Nurture Market Growth

The important leaders in the market are incessantly rooting for proficient tactics to enforce in order to extend their business. One such approach is to initiate collaboration, mergers, or even procure other companies to upsurge the financial yield.

Industry Development

  • March 2020: Microsoft Corporation joined its forces with Cisco Systems, Inc. in order to incorporate its Azure cloud solution with Cisco’s IoT platform. This partnership is focused on forming an IoT Hub, which is a solution that permits businesses to flawlessly incorporate and data flow in Azure IoT.

List of Key Players Covered in the IoT Market Report

  • Amazon Web Services, Inc. (Washington, U.S.)

  • AT&T, Inc. (Texas, U.S.)

  • Robert Bosch LLC (Gerlingen, Germany)

  • Cisco Systems, Inc. (California, U.S.)

  • IBM Corporation (New York, U.S.)

  • Oracle Corporation (California, U.S.)

  • SAP SE (Walldorf, Germany)

  • Siemens AG (Munich, Germany)

  • Broadcom, Inc. (California, U.S.)

  • Texas Instruments, Inc. (Texas, U.S.)

Further Findings

  • The network management segment holds a significant market share due to the rising need for remote monitoring systems and internet-enabled devices in organizations. The cloud platform segment generated 20.6% and 24.9% in terms of share in 2020 globally and in China.

  • Asia Pacific was responsible for the maximum internet of things (IoT) market share owing to the rising smart city programs by the government and cloud expenditure in the region. The region stood at USD 120.85 billion in 2020 in terms of revenue.

Table of Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD billion)


  Component; End-Use Industry; and Region

By Component

  • Platform

    • Device Management 

    • Cloud Platform

    • Network Management

  • Solution & Services

    • Real-Time Streaming Analytics

    • Security

    • Data Management

    • Remote Monitoring

    • Network Band Management

    • Solution

    • 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 Platform)

    • Canada (By Platform)

  • Europe (By Component; End Use Industry; and Country)

    • Germany (By Platform)

    • France (By Platform)

    • U.K. (By Platform)

    • Scandinavia (By Platform)

    • Austria (By Platform)

    • Switzerland (By Platform)

    • Rest of Europe

  • Asia Pacific (By Component; End-Use Industry; and Country)

    • China (By Platform)

    • Japan (By Platform)

    • India (By Platform)

    • Southeast Asia (By Platform)

    • Rest of Asia Pacific

  • The Middle East & Africa (By Component; End-Use Industry; and Country)

    • GCC (By Platform)

    • South Africa (By Platform)

    • Rest of the Middle East & Africa

  • Latin America (By Component; End-Use Industry; and Country)

    • Brazil (By Platform)

    • Mexico (By Platform)

    • Rest of Latin America

Internet of Things (IoT) Market
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