Global IoT Market Report 2022 – Market Forecast, Trends And Strategies

The global IoT market size is expected grow from $326.90 billion in 2021 to $402.72 billion in 2022 at a compound annual growth rate (CAGR) of 23.2%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The Internet of Things market size is expected to reach $926.61 billion in 2026 at a CAGR of 23.3%.

What is the Global IoT Market?

The Internet of Things (IoT) market consists of sales of IoT and related services that are used in building and home automation, smart energy and utilities, connected logistics, smart retail, smart mobility, and transportation. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction.

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What drives the Global IoT Market?

The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.

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Global IoT Market Segments
The global IoT market is segmented:
By Platform: Device Management, Application Management, Network Management
By End-Use Industry: BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT and Telecom, Others
By Application: Building and Home Automation, Smart Energy and Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility and Transportation, Others
By Geography: The regions covered in the IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

IoT Global Market Report 2022provides market size and growth forecasts for the global IoT market, global IoT market share, IoT market segments and geographies, IoT market competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global IoT Industry Playersinclude Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, International Business Machine (IBM) Corporation, Google Inc., Hewlett-Packard Enterprise, Amazon Web Services Inc., Bosch Software Innovation GmbH, Huawei Technologies, Intel Corporation, AT & T Inc., Hitachi Data Systems, General Electric, Bright Wolf, C3 IoT, Carriots, Concirrus, Connio, Cumulocity, Davra Networks, Device Insight, EVRYTHNG, Exosite, Autodesk SeeControl, BlackBerry, Accenture PLC, Alcatel-Lucent, Fujitsu Ltd., Dell Inc., PTC Inc., and SAP SE. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.