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The global Internet of Things (IoT) market size is projected to rise from USD 478.36 billion in 2022 to USD 2,465.26 billion by 2029. Expanding penetration of IoT solutions and services will prompt investments across the developing and developed economies. Moreover, the trend for smart cities and advanced vehicle solutions will augur well for the business outlook.
According to the latest research report by Fortune Business Insights™ titled, “Internet of Things (IoT) Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, Solution & Services), By End-use (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and Regional Forecast, 2022-2029,” the market garnered USD 384.70 billion in 2021. It is expected to witness a 26.4% CAGR during the assessment period.
Bullish Trend for IoT amid COVID-19 Pandemic to Augur Well
The COVID-19 pandemic has had a compelling impact on the global market, with the healthcare sector witnessing massive disruptions. State-of-the-art solutions and services have gained considerable traction as end-users continue to invest in artificial intelligence and cloud computing. To illustrate, in April 2020, GE Healthcare teamed up with Microsoft Corporation to roll out cloud-based patient monitoring software for COVID-19 wards. With bullish investments in the healthcare sector, stakeholders are likely to inject funds into IoT solutions and services.
Siemens Prioritizes NX Software with Investments in AI and Advanced Simulation Technologies
Well-established and emerging players have upped focus on cloud computing, AI and big data to tap markets. Given the shift in advanced technologies, leading companies are likely to gain prominence from the retail, manufacturing and healthcare sectors. For instance, in February 2022, Siemens announced the addition of intelligence-based design to the Xcelerator portfolio with the release of NX software. The company will cash in on simulation technologies and AI while investing in capability and productivity enhancements. With the trend for new tools and technologies, stakeholders expect the Internet of Things (IoT) market share to gain a notable uptick during the forecast period.
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Expansion of Smart City Projects to Usher in Innovations
Burgeoning urbanization and soaring population have compelled stakeholders to focus on smart city projects. So much so that connected devices, such as smart meters, smart light and sensors have set the trend globally. Millennials have exhibited a profound inclination for smart infrastructure and smart homes and buildings. According to July 2021 White & Case LLP report, Saudi Arabia is contemplating the construction of four big smart cities, the Red Sea Project, NEOM, Qiddiya, and Amaala. The penetration of Industry 4.0 across industry verticals will bode well for leading companies boosting Internet of Things (IoT) market growth. However, concerns regarding the privacy and security of data across connected devices may not augur well for the global outlook.
Major Players Invest in Product Launches to Expand Footfall
Industry participants are likely to infuse funds into mergers & acquisitions, geographical expansion, product launches and technological advancements. Moreover, stakeholders could prioritize R&D activities during the forecast period.
List of the Companies Profiled in the Global Market
Further Report Findings
Table of Segmentation
Value (USD billion)
Component; End-use Industry; and Region
By End-use Industry