Internet Of Things (IoT) Device And Service Market By Product (Processor, Sensor, Connectivity IC, Service), End-User Industry (Building & Home Automation, Energy & Utilities, Manufacturing, Connected Logistics, Banking, Financial Services and Insurance (BFSI), Transportation, Connected Health), & Region for 2024-2031

Internet Of Things (IoT) Device And Service Market Valuation – 2024-2031

The fast growth of smart devices and sensors, together with the introduction of new communication technologies like 5G, are fueling the Internet of Things (IoT) product and service market. According to the analyst from Market Research, the Internet Of Things (IoT) device and service market size is growing at a moderate pace with substantial growth rates over the last few years, and is estimated that the market will grow significantly in the forecasted period. i.e. 2024 to 2031.

The growing adoption of Internet of Things (IoT) technology also drives the growth of the smart appliance market.

Internet Of Things (IoT) Device And Service MarketDefinition/ Overview

The Internet of Things (IoT) device and service refers to a network of interconnected physical devices, sensors, and software applications that communicate and exchange data via the Internet, allowing for seamless connectivity and automation. These devices might vary from common household appliances and wearable gadgets to industrial gear and infrastructural components. IoT services enhance these devices by providing platforms, analytics, and management tools for data collecting, processing, and control.

Furthermore, IoT devices and services have a wide range of applications, encompassing industries such as healthcare, agriculture, manufacturing, transportation, and smart cities. For example, in healthcare, IoT devices such as wearable fitness trackers and remote patient monitoring systems allow for real-time health tracking and individualized treatment delivery. In manufacturing, IoT-enabled sensors and actuators improve operational efficiency by allowing for predictive maintenance, remote monitoring, and process optimization.

What are the Key Drivers that Boost the Demand for IoT Devices and Services?

The ongoing evolution and advancement of wireless networking technologies, such as 5G, Wi-Fi 6, and Low Power Wide Area Networks (LPWAN), has considerably boosted market expansion by lowering the cost and complexity of connecting devices via the Internet. These technologies provide faster bandwidth, lower latency, and the capacity to link a large number of devices seamlessly, allowing for more robust and efficient IoT systems.

Automation and smart solutions to improve efficiency, productivity, and safety are in high demand across a wide range of industries, including manufacturing, healthcare, agriculture, and smart cities. IoT devices play an important role in enabling these solutions by gathering and analyzing data in real time, allowing for predictive maintenance, optimizing operations, improving decision-making processes, and promoting market expansion.

Furthermore, governments around the world are realizing the Internet of Things’ potential to drive economic growth, improve public services, and solve societal concerns. As a result, they are initiating projects and offering assistance in the form of finance, infrastructure development, and laws to stimulate the use of IoT technologies. These activities not only speed up the implementation of IoT solutions in public sectors like transportation, utilities, and healthcare but also create a favorable climate for the expansion of the IoT device and service market.

What are the Challenges Hampering the Growth of the Market?

The potential attack surface for cyber threats grows in proportion to the number of IoT devices. IoT devices often collect sensitive data, making them ideal candidates for hackers and data breaches. Ensuring the security of these devices and the privacy of the data they manage presents a big challenge. Many IoT devices have been discovered to have vulnerabilities, and their networked nature allows threats to propagate fast across networks, limiting their market potential.

Furthermore, IoT network management gets harder as these networks get bigger and more complicated. Keeping IoT devices properly set up, updated, and maintained throughout their lives necessitates sophisticated management tools and platforms. Also, the huge volume of data generated by IoT devices presents considerable problems in terms of data storage, processing, and analysis, necessitating significant computational resources and advanced analytics skills, hence affecting market demand.

Category-Wise Acumens

What Factors Contribute to the Leadership of IoT Services in the Market?

According to analysis, the service segment is estimated to hold the largest market share during the forecast period. Manufacturing, healthcare, retail, and agriculture are all using IoT technologies to streamline operations, increase efficiency, and improve consumer experiences. These solutions frequently necessitate complicated integration, continuous management, and analysis, increasing the demand for a wide range of services such as consultation, implementation, and support. As organizations attempt to harness IoT technologies, the demand for these services increases, leading to the segment’s dominance.

Sensors, devices, connectivity solutions, platforms, and applications are all required for IoT solution deployment, and they must be smoothly integrated and maintained. Because of this complexity, expert services are required to ensure that IoT systems are deployed, integrated, and operated successfully. The demand for specialist talents in IoT architectural design, system integration, data analytics, and cybersecurity helps to explain the service segment’s substantial market share.

Furthermore, the IoT landscape is constantly changing, as new technology, standards, and laws emerge. Businesses have to handle this changing terrain to remain competitive and compliant. Service providers play an important role in assisting organizations in adopting cutting-edge IoT technologies, ensuring device and system interoperability, and meeting regulatory requirements. This ongoing demand for expertise and assistance promotes the expansion of the service segment in the IoT market.

What are the Key Driving Forces for the Dominance in the Manufacturing Industry?

The manufacturing segment is estimated to dominate the Internet Of Things (IoT) device and service market during the forecast period. IoT devices allow firms to monitor, regulate, and improve their manufacturing processes in real-time, greatly increasing operational efficiency and productivity. IoT devices can predict equipment breakdowns before they happen, reducing downtime and maintenance expenses. Also, IoT technologies enable the automation of repetitive processes, freeing up human resources to focus on more complicated and valuable activities.

IoT technologies provide manufacturers with unprecedented access to their supply chains, allowing for real-time tracking of materials, components, and final goods. This visibility enables more accurate inventory management, shorter lead times, and improved response to market needs or supply chain interruptions. The capacity to track and analyze supply chain data in real-time enables producers to make more informed decisions, minimize waste, and increase overall supply chain efficiency.

Furthermore, the Internet of Things enables manufacturers to deliver customized products more efficiently by increasing production process flexibility. Sensor-equipped devices can ensure that quality requirements are continuously followed throughout the manufacturing process, lowering the chance of faults and improving customer satisfaction. Data acquired from IoT devices also provides significant insights into client preferences and habits, allowing manufacturers to better customize their products and services to market demands.

Gain Access into Internet Of Things (IoT) Device And Service Market Report Methodology

Country/Region-wise Acumens

What Drivers Contribute to the Dominance of North America in this Market?

According to analyst, North America is estimated to dominate the Internet Of Things (IoT) device and service market during the forecast period. North America, particularly the United States, has a strong technological infrastructure, with ubiquitous high-speed internet access and a quickly increasing 5G network. This infrastructure lays the groundwork for IoT devices and services to operate efficiently and at scale. High connectivity rates, as well as modern technologies, make it easier to implement and integrate IoT solutions across multiple industries.

Furthermore, North America experienced early and extensive adoption of IoT technologies in critical areas such as manufacturing, healthcare, and automobiles. For example, in manufacturing, the Industrial Internet of Things (IIoT) is being utilized to enhance production processes, improve safety, and cut costs. In healthcare, IoT devices improve patient monitoring and treatment. The automobile sector is utilizing IoT to enable connected and autonomous vehicles. This early acceptance is driven not only by technological advancements but also by North American businesses and consumers’ desire to embrace new ideas, resulting in increased demand for IoT devices and services.

What are the Factors Leading to Substantial Share in the Asia Pacific Region?

The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. Many countries in the Asia-Pacific region are rapidly urbanizing, prompting the creation of smart city programs that primarily rely on IoT technology. Countries such as China, Japan, South Korea, and Singapore are pioneering smart city projects that use IoT for traffic control, energy saving, public safety, and efficient urban services. These activities necessitate the widespread adoption of IoT devices and services, resulting in significant market development.

Furthermore, governments in the Asia Pacific area are aggressively encouraging the adoption of IoT technologies through investments, policymaking, and the formation of innovation hubs. For example, China’s “Made in China 2025” plan and India’s “Digital India” program both have significant components focused on promoting IoT technology research and deployment. Such government measures create a solid foundation for the expansion of the IoT sector, encouraging both local startups and foreign corporations to invest in the region.

Competitive Landscape

The competitive landscape of the Internet Of Things (IoT) device and service market is marked by fierce competition among manufacturers seeking to innovate and gain market dominance. Furthermore, regulatory laws governing energy efficiency and data privacy shape competitiveness by influencing product design and compliance requirements.

Some of the prominent players operating in the Internet Of Things (IoT) Device And Service Market include

• Bosch
• Siemens
• Honeywell
• Samsung
• Apple
• Amazon
• Google
• Xiaomi
• STMicroelectronics
• Texas Instruments
• Microsoft
• Amazon Web Services
• Google Cloud Platform
• IBM
• Cisco
• Verizon
• AT&T
• Accenture
• Deloitte
• Capgemini

Latest Developments

• In March 2024, Microsoft Azure and Bosch announced a collaboration to develop and provide innovative cloud-based solutions for industrial IoT applications. This alliance seeks to simplify and improve data management and analytics for industrial users.
• In March 2024, AWS introduced new security enhancements for their IoT service offerings. These features focus on enhancing device authentication and authorization methods to reduce security concerns in connected devices.
• In February 2024, Samsung and Google announced initiatives to improve compatibility with their smart home platforms. This partnership aims to streamline the user experience and allow for greater integration of various smart home devices.

Report Scope

Internet Of Things (IoT) Device And Service Market, By Category

Product

• Processor
• Sensor
• Connectivity IC
• Service

End-User Industry

• Building and Home Automation
• Energy and Utilities
• Manufacturing
• Connected Logistics
• Banking, Financial Services and Insurance (BFSI)
• Transportation
• Connected Health

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.