Growing demand from the automotive and transport sectors and the development of the fuel market

Global IoT technology market

Dublin, May 27, 2024 (GLOBE NEWSWIRE) — “Global IoT Technology Market by Node Components (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solutions (Remote Monitoring, Data Management), Platform, Service, “End Use, Geography – Forecast to 2029” report added. ResearchAndMarkets.com offering.

The IoT technology market is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period.

The major factors driving the growth of the IoT technology market include the growing demand for data centers due to the increasing use of cloud platforms, increasing use of smart sensors and wireless networks, and wider adoption of IPv6. However, interoperability challenges and the lack of common standards will challenge the market in the future. The primary growth opportunities for market participants are the increased potential for IoT incorporation into electric and hybrid vehicles and the accelerated adoption of IoT in the healthcare sector.

The consumer segment market is expected to account for the largest share during the forecast period

The consumer segment of the IoT technology market is expected to account for the largest share during the forecast period. Consumer end uses include wearables and consumer electronics. With the evolution of a range of consumer devices that can be connected to the Internet and smartphones, the development of IoT technology in the consumer electronics segment is expected to accelerate.

The data management segment is expected to account for the largest share during the forecast period

The data management segment of the IoT technology market is expected to account for the largest share during the forecast period. As the number of connected devices increases, the amount of data generated increases. This data can be used to gain valuable insights and improve performance through analysis. Data is crucial in every sector and data management is of paramount importance to understand the pattern and develop logical information from it. IBM (US), SAP (Germany) and Oracle (US) are developing data management solutions to provide various sectors with easy access to information for future decisions.

Therefore, to manage this data, organizations need software solutions with an analytics feature that can easily handle this data and derive various useful patterns. A data management solution is the most important software solution in the IoT segment because IoT devices generate a huge amount of data that providers have to deal with. Organizations require data management solutions to manage structured and unstructured data to generate insights from vast amounts of data. Data mining, data management and data analysis techniques are used to make data useful and relevant.

North America had the largest market share among other regions in 2023

In 2023, North America had the largest share of the IoT technology market. The North American loT market is growing due to increasing Internet penetration in high-tech economies and the broader use of sensors and wireless networks in key end-use industries such as healthcare, retail, consumer electronics, industrial, automotive and transportation. The key factors driving market expansion in this region are the established IT infrastructure and early adoption of various IoT-enabled products across a range of end-use applications.

In determining and verifying the market size for several segments and sub-segments, gathered through extensive secondary research, primary interviews were conducted with key industry experts in the IoT technology market.

The report provides information on the following topics:

• Analysis of key drivers (emergence of 5G communications technology, growing demand for data centers due to the growing adoption of cloud platforms, growing use of smart sensors and wireless networks, and wider adoption of IPv6), constraints (data security and privacy concerns), opportunities (collaboration cross-domain, incentives and government assistance for the development of IoT technologies, accelerated adoption of IoT in the healthcare sector, increased potential for incorporating IoT into electric and hybrid vehicles, and increased development of smart cities) and challenges (interoperability challenges and lack of common standards, high power consumption via wireless sensor terminals/connected devices, lack of skills and technical knowledge related to IoT) affecting the development of the IoT technology market

• Product development/innovation: detailed information on upcoming technologies, research and development activities and the introduction of new products and services to the IoT technology market

• Market Development: Comprehensive information on lucrative markets – The report analyzes the IoT technology market in various regions

• Market diversification: comprehensive information on new products and services, untapped geographical locations, latest developments and investments in the IoT technology market

• Competitive Assessment: In-depth assessment of market shares, development strategies and product/service offerings of leading players such as Intel, Qualcomm, Texas Instruments Incorporated, Cisco Systems, Hewlett Packard Enterprise, IBM, STMicroelectronics, Microsoft, PTC and Amazon Web Services, among others. incl. in the IoT technology market.

Key Features:

Key topics covered:

Executive Summary

• The processor segment will have the largest market share in 2024

• The remote monitoring segment recorded the highest CAGR during the forecast period

• The consumer segment will have the largest market share in 2024–2029

• IoT Technology Market by Region, 2023

Premium insights

• Attractive opportunities for players in the IoT technology market – growing demand from the automotive and transport sectors to the development of the fuel market

• IoT technology market by managed services segment expected to dominate the market during the forecast period

• IoT Technology Market by End-Use – Aerospace and Defense segment recorded the highest CAGR during the forecast period

• North America IoT Technology Market by End-Use and Country – Automotive & Transportation and the United States accounted for the largest shares of the North American IoT market in 2023.

• IoT Technology Market by Country – China Will Dominate the Global IoT Technology Market in 2024-2029

Market dynamics

Drivers

• Global Internet penetration growth

• Growing use of cloud platforms

• The proliferation of wireless sensor networks

• Increasing use of IPv6

Limitations

Possibilities

• Increasing cross-domain collaboration

• Government funding for the development of IoT research projects

• The emergence of connected care in the healthcare sector

• Growing demand for HEV and EV vehicles

• Growing security concerns in the face of increasing urbanization

Challenges

• Interoperability challenges and lack of common standards

• High power consumption of wireless sensor terminals/connected devices

• Lack of qualified specialists

Case study analysis

• Solulab Inc. assisted Enmatrix in developing an IoT mobile application for smart buildings and yacht management

• Solulab Inc. helped Gearnetics develop advanced IoT fleet management solutions

• Sanxing and Telenor Connexion have made it easier for a leading Swedish energy supplier to implement an IoT-based metering solution to connect smart meters

• ISA minimized equipment failures with an IoT-enabled predictive maintenance solution

• Telenor assisted Stegon in implementing IoT-based climate control systems

Featured companies

• Intel

• Qualcomm technologies

• Texas Instruments

• Stmicroelectronics

• IBM

• Hewlett Packard Enterprise Development

• Cisco Systems, Inc.

• Microsoft

• PTC

• Amazon Web Services, Inc.

• General Electric Company

• Softeq Development Corp.

• Sciencesoft USA

• Oracle

• Siemens

• SAP SE

• Robert Bosch

• Huawei technologies

• Schneider Electric

• Arm limited liability company

• NXP semiconductors

• TE connectivity

• Software

• Microchip technology

• Vates

• Cell phone rental

• Bright blade

• Solulab

• Permanent information solutions

• Binarix

More information about this report can be found at https://www.researchandmarkets.com/r/dav0et

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