Internet of Things (IoT) Market to Record CAGR of 24.3% Over 2024-2032; Growing Incorporation of Innovative Technologies into Door Locks to Impel Market Progress

The Internet of Things (IoT) market size was valued at USD 595.73 billion in 2023 and is predicted to reach USD 714.48 billion in 2024. The market is anticipated to touch USD 4,062.34 billion by 2032, recording a CAGR of 24.3% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Internet of Things (IoT) Market Size, Share & Industry Analysis, By Component (Platform and Solution & Services), By Deployment (On-premise and Cloud), By Enterprise Type (SMEs and Large), By Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Agriculture, Sustainable Energy, Transportation, IT & Telecom, and Others), and Regional Forecast, 2024-2032”.

The Internet of Things (IoT) is a network of physical objects embedded with software, sensors, and other mechanisms that enable data exchange and connectivity with other systems and devices over the Internet. This technology is expected to improve business efficiency, facilitate innovative business models, and transform how services are delivered across various sectors, ultimately driving market growth.

The COVID-19 pandemic had a significant impact on the IoT market growth. The outbreak prompted businesses and governments to reassess their operational strategies and goals. These adjustments catalyzed innovation and technological advancements.

Rockwell and PTC Partnered to Focus on Sales of PTC’s IoT and AR Software

Rockwell and PTC expanded their partnership to focus on the sales of PTC’s IoT and AR (Augmented Reality) software. As a part of this agreement, Rockwell Automation will continue to resell PTC's ThingWorx IoT software, which includes the DPM (Digital Performance Management) manufacturing solution, to both new and existing customers across process and discrete manufacturing sectors.

Generative AI Enhances IoT-Based Predictive Maintenance to Drive Market Growth

Generative AI can be leveraged in Internet of Things solutions to improve predictive maintenance. IoT sensors can collect vast amounts of machine health and performance data, which can then be utilized to train generative AI models. These models can generate synthetic data that aid in predictive analysis for maintenance purposes.

Increasing Use of Blockchain Technologies to Drive Market Growth

Internet-linked devices generate vast amounts of data and information, which can be vulnerable to security breaches due to the Internet of Things’ standard security access. The blockchain-based architecture offers a decentralized and minimal security solution for these devices. In freight transportation, the process involves multiple parties with varying priorities. An IoT-driven blockchain can track the arrival times, shipping container status, temperatures, and freight position in transit. Similarly, in component tracking and compliance, the IoT data stored in shared blockchain ledgers enables all parties to monitor component provenance throughout the product life cycle. As a result, the technology is being applied across various sectors.

However, the increased risks of breach of data security, integrity, and privacy due to rise in connected devices can hinder the Internet of Things (IoT) market growth.

Companies to Increase Investments in Leading Technologies and Emerging Companies to Stay Competitive

The leading companies operating in this market are increasing their focus on making major investments in innovative technologies, such as AI, cloud computing, and others. They are also increasing their investments in mid-sized organizations and startups to provide effective solutions to the end-use industries, such as manufacturing, healthcare, retail, and others.

Notable Industry Development:

• March 2023: Siemens launched the Connect Box, a smart IoT solution designed to manage small-sized buildings. This innovative solution allows users to perform crucial daily building management tasks from a single, cloud-driven interface without requiring additional software.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307

List of the Companies Profiled in the Report:

• Amazon Web Services, Inc. (U.S.)


• Intel Corporation (U.S.)


• Microsoft Corporation (U.S.)


• PTC Inc. (U.S.)


• GE (U.S.)


• Cisco Systems, Inc. (U.S.)


• IBM Corporation (U.S.)


• Oracle Corporation (U.S.)


• SAP SE (Germany)


• Siemens AG (Germany)

Further Report Findings

• North America dominated the market in 2023, driven by significant growth in the healthcare, industrial, and automotive sectors. This growth can also be attributed to customers' increasing demand for cloud-based platforms.


• Europe is expected to lead the market in the coming years by surpassing North America's Internet of Things (IoT) market share. The healthcare sector in Europe is projected to hold a substantial market share due to increased integration of IoT with large databases.


• Based on industry, the agriculture industry is expected to record a highest CAGR due to the increasing demand for advanced field-based equipment and sensors.

Table of Segmentation