In terms of revenue, the Global Iot Technology Market is expected to reach USD 555.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.4% from 2022 to 2028. The Global Iot Technology Market growth is attributed to the factors such as increasing adoption of industrial IoT solutions, growing demand for smart cities, and rising investments in IoT technologies. However, the high costs associated with Iot Technology implementation and lack of standardization among vendors pose significant challenges to the growth of the Iot Technology Market.
Key Highlights from the Report:
- The device management segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The market growth is attributed as it helps in provisioning, configuration, remote access, device monitoring, software management, and troubleshooting further propelling market growth.
- The retailer segment held a significant market share in 2021. Retailers are using IoT to reduce costs, increase operational efficiency, and provide a better shopping experience. IoT is helping them monitor cold chains, optimize inventories, and manage workers which are propelling the market growth.
- North America is the largest regional segment accounting for 36.20% in 2021. The increasing demand for smart devices has led to the increased adoption of IoT technologies in the U.S., Canada, and Mexico. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of the key players in the Global Iot Technology Market include Intel Corporation (US), Qualcomm Technologies (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), IBM (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft Corporation (US), PTC (US), Amazon Web Services (AWS) (US) and others.
Device management platforms help in managing, tracking, securing, and sustaining the devices. Businesses are investing in device management platforms to make sure that these devices are working properly. Device management platforms help in provisioning, configuration, remote access, device monitoring, software management, and troubleshooting. Benefits of using a device management system include faster device registration, simple device organization, quick locating of connected devices, and easy device management.
Retailers are using IoT solutions to improve operational efficiency and enhance the customer experience in order to gain competitive advantages. IoT is offering energy efficiency, and security coupled with surveillance to retailers. IoT is also enabling retailers to monitor their operations more efficiently and to manage their inventories more effectively. It also helps consumers to receive notifications about product availability.
North America is expected to emerge as a potential market for Iot Technology. This can be attributed to the high adoption rate of IoT technologies across various industries in this region. Also, the increasing demand for smart devices has led to the increased adoption of IoT technologies in the U.S., Canada, and Mexico. Moreover, the government initiatives taken by several countries in the region have helped in driving the growth of the Iot Technology Market in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.