The global IoT market is expected to increase by USD 981 billion, at a compound annual growth rate (CAGR) of 22.4% from 2022 to 2028, according to the latest edition of the Global Internet of Things Market Report.

This industry report offers market estimates of the global market, followed by a detailed analysis of the component, application, and region. The global market data on IoT can be segmented by component: hardware, platform, services, software. The hardware segment is estimated to account for the largest share of the global IoT market. IoT market is further segmented by application: aerospace & defense, agriculture, automotive & transportation, healthcare, manufacturing, power & utilities, retail, smart cities & building automation, others. The smart cities & building automation segment held the largest revenue share in 2021. Based on region, the IoT market is segmented into: North America, Asia Pacific, Europe, Rest of the World (ROW). Globally, North America made up the largest share of the IoT market.

The platform market is further segmented into application-enablement platform, device-management platform, network-connectivity management platform. The application-enablement platform segment held the largest share of the global IoT market in 2021 and is anticipated to hold its share during the forecast period. Furthermore, the services market has been categorized into deployment and integration, professional and consulting services, support and maintenance. In 2021, the deployment and integration segment made up the largest share of revenue generated by the IoT market. The software market is further divided into data management, network bandwidth management, real-time streaming analytics, remote monitoring system, security solution. Among these, the data management segment was accounted for the highest revenue generator in 2021.

The global IoT market is highly competitive. The competitive landscape of the industry has also been examined along with the profiles of the key players Alphabet Inc., Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., IBM Corporation, Infineon Technologies AG, Intel Corporation, MediaTek Inc., Microsoft Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, Oracle Corporation, PTC Inc., Qualcomm Inc., Robert Bosch GmbH, SAP SE, STMicroelectronics N.V., TE Connectivity Ltd., Texas Instruments Inc.

The data-centric report focuses on market trends, status and outlook for segments. With comprehensive market assessment across the major geographies, the report is a valuable asset for the existing players, new entrants and the future investors.

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