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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
List of Key Players Profiled in the Market Report:
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 24.3% from 2024 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Component
By End-use Industry
By Region
|