Internet of Things Market to grow by USD 1,036.83 billion from 2022 to 2027; Growth Driven by a Rise in Industrial Automation- Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The "Internet Of Things market by application (industrial, retail, healthcare, ICT, and others), technology (RFID, sensors, NFC, cloud services, and others), and geography (APAC, North America, Europe, Middle East, and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the Internet of Things market from 2022 to 2027 is USD 1,036.83  billion, according to Technavio. The rise in industrial automation is a key factor driving market growth. Industries are undergoing revolutionary changes with the increasing automation of industrial processes. The combined use of physical and digital systems to enable advanced machine-to-machine (M2M) and human-machine interface (HMI) communication has grown significantly, with most regions developing developers deploying such systems. In addition, integrating physical and cyber systems in industrial manufacturing increases efficiency, predicts machine maintenance, enhances security, and increases profits. As a result, industries around the world are implementing Industry 4.0 to optimize material flows and detect defects early in the product lifecycle. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The lack of awareness of efficient management of IoT initiatives and investments is a significant challenge restricting market growth. Businesses are still facing major challenges in managing, securing, and optimizing their investment in the Internet of Things despite its increasing adoption by industry. The implementation of the Internet of Things in industrial installations is a major challenge for the industry. The next step will be to teach employees how to use the Internet of Things Platform so that they become more and more comfortable with it. The lack of qualified staff to handle the complexity of IoT systems is a major problem facing end-user industries. The capabilities of IoT can only be partially exploited without adequate training and knowledge of IoT systems. Hence, these factors are expected to restrict market growth during the forecast period.

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The Internet of Things market has been segmented by application (Industrial, Retail, Healthcare, ICT, and others), technology (RFID, sensors, NFC, cloud services, and others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth by the industrial segment will be significant during the forecast period. The industrial sector benefits from an increase in business productivity and competition regarding Internet of Things technologies. The software is connected to the Internet by means of machines and devices. To anticipate maintenance and optimizing performance at the plant floor, data generated, and information obtained in the manufacturing process shall be used. In addition, a higher level of expertise could be facilitated by favorable government policies and cooperation among various organizations operating in the Internet of Things sector. Hence, these factors are expected to drive segment growth during the forecast period.

• APAC is estimated to contribute 38% to the growth of the global market during the forecast period.

View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the internet of things market:

Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips NV, Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Wipro Ltd., and Thales Group

Related Reports:

The Internet Of Things Market In The Healthcare Sector size is estimated to grow at a CAGR of 20% between 2022 and 2027. The market size is forecast to increase by USD 161.6 billion.

The Hosting Infrastructure Services Market size is estimated to grow at a CAGR of 11.15% between 2022 and 2027. The market size is forecast to increase by USD 214.23 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio