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Internet of Things (IoT) Market to Exhibit 25.4% CAGR till 2028; Rising Usage of Connected Devices to Augment Growth

May 26, 2021 | Information & Technology

The global Internet of Things market size is projected to reach USD 1,854.76 billion by 2028. It is expected to gain impetus from the adoption of smart sensors for gaining more intelligent, accurate, and reliable solutions. The healthcare industry, for instance, uses smart sensors for the remote monitoring of patients. This information is given by Fortune Business Insights™ in a recent 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.” The report further mentions that the market stood at USD 308.97 billion in 2020. However, it is set to exhibit a CAGR of 25.4% during the forecast period between 2021 to 2028.

Cisco Introduces IoT Security Architecture to Deliver Enhanced Visibility

In January 2020, Cisco, a multinational technology conglomerate headquartered in California launched an IoT security architecture for providing improved visibility across both IoT and IT environments. It is capable of protecting the processes. It also offers the extraction and collection of information from the IoT edge so that the companies can surge their efficiencies to boost their digitization projects and make enhanced business decisions. The company’s latest security architecture includes the following features:

  • Simple internet of things cyber security solutions that can be efficiently managed from any gateway, routers, or switches.

  • Simplification of data extraction from the network edge.

  • Streamline of data delivery to on-premise and multi-cloud destinations for enhancing competitiveness of the organizations.

  • Cisco Talos’ threat intelligence to deliver real-time data about cyber security threats that can severely affect safety, productivity, and uptime.

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


Rising Development of Smart Cities to Skyrocket Demand

The total population worldwide living in the cities is expected to surge astonishingly. The infrastructural needs and environmental pressures are persistently giving rise to the demand for better quality of lives in the cities. Therefore, several countries have begun investing heavily in building smart cities. Such cities would eliminate the challenges that people are facing today. To build a smart city, advanced technologies, namely, connected devices, smartphones, and artificial intelligence (AI) are required. IoT plays an important role in the operation of connected devices. It would be able to provide real-time data and alerts. However, the increasing usage of connected devices is, in turn, raising the concerns regarding data privacy and security. This factor may hamper the IoT market growth in the near future.

Cisco Maintains Leading Position by Delivering Unique Solutions to End-users

Out of all the prominent companies present in the global market, Cisco is in the leading position stoked by its possession of an extensive product portfolio. It delivers unique solutions to a large number of industries, such as utilities, retail, transportation, and manufacturing. It is also investing hefty amounts of money on research activities to create technologically advanced solutions.

Fortune Business Insights™ lists out the names of all the IoT solution providers operating in the global market. They are as follows:

  • Amazon.com Inc. (US)

  • AT&T Inc. (US)

  • Bosch Software Innovations GmbH (Germany)

  • Cisco Systems, Inc. (US)

  • IBM Corporation (US)

  • Intel Corporation (US)

  • Oracle Corporation (US)

  • Microsoft Corporation (US)

  • SAP SE (Germany)

  • Siemens AG (Germany)

A Notable Industry Development-

  • March 2020: Modular capital, a private financial firm invested USD 200 K in Industrial IoT DesignX, based in India.  Through this investment, the company will build comprehensive IoT solutions with the focus on asset performance management with the help of edge solutions.

Further Report Findings-

Asia Pacific held USD 120.85 billion in 2020 and would lead the market on account of the increasing implementation of advanced technologies in several industries. In India, the government is planning to develop around 100 smart cities. It would also contribute to the market growth in this region.

  • North America is set to remain in the second position owing to the rising investment by the private venture capitalists and the governments of several countries in the deployment of internet of things solutions.

  • In terms of platform, the device management segment procured 35.6% IoT market share in 2020. This growth is attributable to the increasing adoption of connected devices by the organizations. Such platforms aid in offering real-time insights of these devices to the organizations.

The global market can be segmented in the following way:



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

  • BFSI

  • Retail

  • Government

  • Healthcare

  • Manufacturing

  • Agriculture

  • Sustainable Energy

  • Transportation

  • IT & Telecom

  • Others

By Region

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

    • The United States (By Platform)

    • Canada (By Platform)

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

    • Germany (By Platform)

    • France (By Platform)

    • UK (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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