market insights:
- Software segment revenue projected to reach over $ 85,239.2 Bn in 2032
- Services segment projected to be valued at well over $ 6,494.4 Bn in 2032
- Current trend of implementing Low-Power Wide-Area Network (LPWAN) technologies
- Development of related technologies such as semiconductor to further boost demand for Internet of things
These are some of the insights regarding the future of the global Internet of things market and other aspects and factors driving market growth currently, which were obtained during extensive study and analysis conducted by market research firm, Prudour.
Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, which enable transfer of data over a network without requiring human-to-human or human-to-computer interaction. Prudour analysis of various segments across markets in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa reveals that revenue from the global Internet of things market will increase at a Compound Annual Growth Rate (CAGR) of over 21%. Software component being the most preferred and in use, has emerged as the major revenue contributor and growth driver of the global market.
Going by an optimistic scenario, revenue from the global Internet of things market is projected to increase at a CAGR of 26.3 % and reach a value of $34,972.4 Bn in 2032, while likely and conservative scenarios indicate CAGR of 21.6% and value of $19,200.6 Bn, and CAGR of 20.8% and value of $17,246.2 Bn respectively for the same forecast period.
The market in North America has been estimated to account for highest revenue share of over $734.4 Bn in 2021, and is expected to register second-highest CAGR of over 20% over a nine-year period. This projected high revenue growth can be attributed to increasing adoption of smart grid sensors by power distribution companies to remotely monitor power network lines, transformers and other equipment in countries in this region. The US market is estimated to contribute major revenue share in North America market during the next nine years. This revenue contribution can be attributed to rising need for systematic and smooth functioning of healthcare sector in terms of storage and retrieval of patients’ data.
Asia Pacific is the second-largest market currently, and is estimated to account for revenue share of 34.2% in the global market in 2021. This is projected to increase at highest CAGR over the next nine years, attributed to increasing adoption of smart meters for monitoring electricity consumption in factories, residential, and commercial sectors. Increasing investments by government of India for building smart cities is further expected to drive growth of the Asia Pacific Internet of things market.
The market in Europe is also expected to witness significant revenue growth between 2021 and 2032, particularly driven by markets in Germany and UK. Increasing adoption of IoT-based systems such as sensors in transportation sector to avoid accidents, control traffic, public transport fleet and route management is expected to drive growth of the Internet of things market in Europe. In addition, increasing demand for various innovative systems and services such as connected cars with different categories of connected vehicle technologies such as V2V, V2I, and V2X is expected to fuel growth of the Internet of things market in Europe.
The market in the Middle East & Africa accounted for revenue share of 4.2% in the global Internet of things market in 2021, and was valued at over $43 Bn, which is further projected to reach a value of around $236.8 Bn in 2032. Increasing adoption of Internet of things in adaptive light systems, energy-harvested electric cars, in-vehicle behavioral analytics from automotive sector is expected to drive growth of the Internet of things market in Middle East region. In addition, increasing development of infrastructure with IoT-based systems and rapid development of smart cities by enabling smart management of resources such as smart parking, water management, waste management, etc. with help of sensors is expected to drive growth of the Internet of things market in the Gulf Cooperation Council (GCC) countries.
List of the Key Companies Profiled:
- Amazon Web Services, Inc. (Washington, U.S.) (Ticker: AMZN)
- Intel Corporation(California, U.S.) (Ticker: INTC)
- Microsoft Corporation (Washington, U.S.) (Ticker: MSFT)
- PTC Inc. (Massachusetts, U.S.) (Ticker:PTC)
- Robert Bosch GmbH (Gerlingen, Germany)
- Cisco Systems, Inc. (California, U.S.)
- IBM Corporation (New York, U.S.) (Ticker: IBM)
- Oracle Corporation(Texas, U.S.)
- SAP SE (Walldorf, Germany)
- Siemens AG (Munich, Germany)
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