Internet of Things (IoT) Market Size to reach USD 1,200 Billion By 2026 Growing at more than 10% CAGR | GlobalData Plc
LONDON, UK, November 24, 2022 /EINPresswire.com/ -- The global Internet of Things (IoT) market size reached more than USD 700 billion in 2021, according to a new report by GlobalData Plc. The increasing demand for mobile data connectivity at higher speeds, mainly driven by mobile video consumption, ultra-low latency communication services (e.g., gaming, AR, and VR), and the development of the mobile 5G, will support the adoption of IoT.
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Manufacturers are currently using IoT solutions to track assets in their factories, consolidate their control rooms, and increase their analytics functionality through predictive maintenance, subsequently creating demand for IoT products worldwide. Additionally, 5G wireless technology intends to deliver higher multi-Gbps peak data speeds, ultra-low latency, more reliability, massive network capacity, and increased availability required for widespread IoT adoption.
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IoT Market Report Highlights
The global IoT market is projected to witness a CAGR of more than 10% from 2021 to 2026, reaching a value exceeding $1,200 billion. An inclination towards using smart, connected products customized as per user requirements is spurring the success of IoT products worldwide.
In 2021, the IoT Hardware segment captured a significant share with a market size projected to exceed US$ 700 billion by 2026 at a CAGR of more than 11% from 2021 to 2026.
Further, as consumer IoT products, like wearables, are readily available in the market, they become popular choices of consumers with low wages.
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Government institutions, largely driven by the proliferation of smart cities worldwide, are expected to be the highest vertical category for the IoT market.
COVID-19, over the last two years had a massive impact on IoT demand. IoT technology, in particular, helped with tasks that required social distancing, remote working, or contact tracing
APAC, followed by North America, captured over 60% of the overall IoT demand in 2021.
The key IoT market players analyzed in this report include Microsoft, Alphabet, IBM, Samsung, Intel, Qualcomm, Apple, Amazon, and Cisco, among others.
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GlobalData Plc has segmented the IoT market report by type, product, vertical, enterprise size, and region:
IoT market Channel Type Outlook (Revenue, USD Million, 2019-2026)
IoT market Product Outlook (Revenue, USD Million, 2019-2026)
IoT market Vertical Outlook (Revenue, USD Million, 2019-2026)
Transport and Logistics
Travel and Leisure
IoT Regional Outlook (Revenue, USD Million, 2019-2026)
o The Netherlands
o Rest of Europe
o South Korea
o Rest of Asia Pacific
South & Central America
o Rest of South & Central America
Middle East & Africa
o United Arab Emirates (UAE)
o Kingdom of Saudi Arabia (KSA)
o South Africa
o Rest of Middle East & Africa
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GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
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