The internet of things market size is set to grow by USD 695.38 billion from 2020 to 2025, according to Technavio. However, the growth momentum is expected to decelerate at a CAGR of almost 14% during the forecast period.
Factors such as technological developments and the exponential growth of internet-connected and operated devices will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The internet of things market is fragmented, and the degree of fragmentation will decelerate during the forecast period.
The report covers the following areas:
- Internet of Things Market size
- Internet of Things Market trends
- Internet of Things Market industry analysis
Internet of Things Market 2021-2025: Segmentation
- End-user
- Industrial
- Retail
- Healthcare
- ICT
- Others
- Geography
- APAC
- North America
- Europe
- MEA
- South America
By end-user, the market witnessed maximum demand for IoT from the industrial end-user segment. The need for smoother manufacturing floor operations with limited number of workers is driving the adoption IoT among industrial end-users. In terms of region, APAC will present significant growth opportunities for market players during the forecast period. Increasing expenditure on infrastructure development by governments in countries such as India, China, and the Philippines and the proliferation of smart cities are contributing to the growth of IoT market in APAC.
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Internet of Things Market 2021-2025: Vendor Analysis and Scope
To help businesses improve their market position, the internet of things market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include Alphabet Inc., Cisco Systems Inc., Honeywell International Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., Robert Bosch GmbH, SAP SE, and Siemens AG.
The rise in industrial automation is likely to emerge as one of the primary drivers of the market. However, factors such as lack of awareness of efficient management of IoT initiatives and investments may threaten the growth of the market.
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Internet of Things Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist internet of things market growth during the next five years
- Estimation of the internet of things market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the internet of things market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the internet of things market vendors
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