IoT Services Market Report 2023

IoT Services Global Market Report 2023 – By Type (Professional Services, Managed Services), By Application (Smart Buildings, Smart Manufacturing, Smart Transport and Logistics, Smart Healthcare, Smart Retail, Smart Energy), By Vertical (Manufacturing, Retail, IT & Telecom, Transportation & Logistics, Utilities, Healthcare, Energy, Other Verticals) – Market Size, Trends, And Global Forecast 2023-2032

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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. IoT sensors are used in healthcare, automotive, transportation, manufacturing, and other industrial sectors.

The main type of IOT sensors are temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, inertial sensors, image sensors and others. Temperature sensors help in monitoring the temperature of a ship to log it automatically. The IOT sensors are applied across various areas such as building automation, industrial application, automotive application, healthcare application, retailing & logistics application, security application, agriculture application, other applications and used in healthcare, automotive and transportation, manufacturing/ industrial, others.

The global IoT sensors market is segmented -

1) By Product Type: Temperature sensors, Pressure sensors, Humidity sensors, Flow sensors, Accelerometers, Magnetometers, Gyroscopes, Inertial sensors, Image sensors, Other Product Types

2) By Application: Building Automation, Industrial Application, Automotive Application, Healthcare Application, Retailing & Logistics Application, Security Application, Agriculture Application, Other Applications

3) By End-user Industry: Healthcare, Automotive and Transportation, Manufacturing / Industrial, Other End-Users

The global IoT sensors market will grow from $6.2 billion in 2022 to $6.64 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size in global IoT sensors market is expected to grow to $8.67 billion in 2027 at a compound annual growth rate (CAGR) of 6.9%.

The application of IoT in automotive and transport sectors is a key factor driving the growth of the IoT sensors market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. With industrial and commercial use, 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. For instance, the 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. The driverless vehicles are likely to dominate the industry by 2030 according to NASDAQ estimates. Therefore, the application of IoT in automotive and transport industries is expected to drive the growth of the IoT sensors market.

Major players in the IoT sensors market are Texas Instruments, TE Connectivity, NXP Semiconductors, STMicroelectronics, TDK Corporation, Infineon Technologies, Omron, Honeywell, Sensata Technologies, and Broadcom.

The data security concerns are a key factor hampering the growth of the IoT sensors market. The rate of data intrusions is also increasingly growing with the rising technology. IoT systems are being newly built, and safety requirements are lacking, this serves as a major obstacle to the growth of the market for IoT sensors, since enterprise data protection is of great importance when designing analytical solutions for many vertical applications. For instance, a group of researchers from Ruhr University Bochum in Germany identified a security problem in the common messaging apps WhatsApp which could allow hackers to spy on private group chats. According to Forbes, in 2021, 97% of the firms are impacted by a cybersecurity breach in their supply chain and 93% of them suffered a direct cybersecurity breach. Therefore, the data security concerns are expected to limit the growth of the IoT sensors market.

The artificial intelligence is a key trend in the IoT sensors market. Artificial intelligence is the basic ingredient required to process the huge amount of data gathered these days, and to maximize its value for the company. AI will assist IoT data analysis in the following areas, such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). In 2020, based on their AI capabilities, the major cloud vendors, including Amazon, Microsoft and Google, are increasingly looking to succeed. Various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value from their ever-increasing data volumes.

In July 2021, Taoglas, an Ireland-based provider of advanced antennas and next-generation IoT solutions, acquired Smartsensor Technologies for an undisclosed amount. This acquisition allows Taoglas to expand their industrial and enterprise-level IoT services and accelerates their connected smart services growth objectives. Smartsensor Technologies is an Australia-based full-service Internet of Things company.

Asia-Pacific was the largest region in the IoT sensors market in 2022. North America was the second-largest region in the global IoT sensors market share. The regions covered in the global IoT sensors market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the IoT sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The internet of things (IoT) sensors market consists of sales of temperature sensors, pressure sensors, humidity sensors, flow sensors, accelerometers, magnetometers, gyroscopes, and other internet of things (IoT) sensors. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The IoT sensors market research report is one of a series of new reports from The Business Research Company that provides IoT sensors market statistics, including IoT sensors industry global market size, regional shares, competitors with a IoT sensors market share, detailed IoT sensors market segments, market trends and opportunities, and any further data you may need to thrive in the IoT sensors industry. This IoT sensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

    Table Of Contents

    1. Executive Summary

    2. IoT Services Market Characteristics

    3. IoT Services Market Trends And Strategies

    4. IoT Services Market – Macro Economic Scenario

    4.1 COVID-19 Impact On IoT Services Market

    4.2 Ukraine-Russia War Impact On IoT Services Market

    4.3 Impact Of High Inflation On IoT Services Market

    5. IoT Services Market Size And Growth

    5.1. Global IoT Services Historic Market, 2017-2022, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global IoT Services Forecast Market, 2022-2027F, 2032F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. IoT Services Market Segmentation

    6.1. Global IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Professional Services

    Managed Services

    6.2. Global IoT Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Manufacturing

    Retail

    IT & Telecom

    Transportation & Logistics

    Utilities

    Healthcare

    Energy

    Other Verticals

    6.3. Global IoT Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Smart Buildings

    Smart Manufacturing

    Smart Transport and Logistics

    Smart Healthcare

    Smart Retail

    Smart Energy

    7. IoT Services Market Regional And Country Analysis

    7.1. Global IoT Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    7.2. Global IoT Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    8. Asia-Pacific IoT Services Market

    8.1. Asia-Pacific IoT Services Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    9. China IoT Services Market

    9.1. China IoT Services Market Overview

    9.2. China IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

    10. India IoT Services Market

    10.1. India IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    11. Japan IoT Services Market

    11.1. Japan IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    12. Australia IoT Services Market

    12.1. Australia IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    13. Indonesia IoT Services Market

    13.1. Indonesia IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    14. South Korea IoT Services Market

    14.1. South Korea IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    15. Western Europe IoT Services Market

    15.1. Western Europe IoT Services Market Overview

    15.2. Western Europe IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    16. UK IoT Services Market

    16.1. UK IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    17. Germany IoT Services Market

    17.1. Germany IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    18. France IoT Services Market

    18.3. France IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    19. Eastern Europe IoT Services Market

    19.1. Eastern Europe IoT Services Market Overview

    19.2. Eastern Europe IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    20. Russia IoT Services Market

    20.1. Russia IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    21. North America IoT Services Market

    21.1. North America IoT Services Market Overview

    21.2. North America IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    22. USA IoT Services Market

    22.1. USA IoT Services Market Overview

    22.2. USA IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    23. South America IoT Services Market

    23.1. South America IoT Services Market Overview

    23.2. South America IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    24. Brazil IoT Services Market

    24.1. Brazil IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    25. Middle East IoT Services Market

    25.1. Middle East IoT Services Market Overview

    25.2. Middle East IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    26. Africa IoT Services Market

    26.1. Africa IoT Services Market Overview

    26.2. Africa IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    27. IoT Services Market Competitive Landscape And Company Profiles

    27.1. IoT Services Market Competitive Landscape

    27.2. IoT Services Market Company Profiles

    27.2.1. Cisco Systems

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Cognizant

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. Google

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. Infosys

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. Tieto Corporation

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    28. Key Mergers And Acquisitions In The IoT Services Market

    29. IoT Services Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Historic And Forecast Inflation Rates

    30.4. Research Inquiries

    30.5. The Business Research Company

    30.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Table 3: Global IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 4: Global IoT Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 5: Global IoT Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 6: Global IoT Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 7: Global IoT Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 8: Asia-Pacific, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 9: China, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 10: India, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 11: Japan, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 12: Australia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 13: Indonesia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 14: South Korea, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 15: Western Europe, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 16: UK, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 17: Germany, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 18: France, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 19: Eastern Europe, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 20: Russia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 21: North America, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 22: USA, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 23: South America, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 24: Brazil, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 25: Middle East, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 26: Africa, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 27: Cisco Systems Financial Performance
  • Table 28: Cognizant Financial Performance
  • Table 29: Google Financial Performance
  • Table 30: Infosys Financial Performance
  • Table 31: Tieto Corporation Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Figure 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Figure 3: Global IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 4: Global IoT Services Market, Segmentation By Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 5: Global IoT Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 6: Global IoT Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 7: Global IoT Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 8: Asia-Pacific, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 9: China, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 10: India, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 11: Japan, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 12: Australia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 13: Indonesia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 14: South Korea, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 15: Western Europe, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 16: UK, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 17: Germany, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 18: France, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 19: Eastern Europe, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 20: Russia, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 21: North America, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 22: USA, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 23: South America, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 24: Brazil, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 25: Middle East, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 26: Africa, IoT Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 27: Cisco Systems Financial Performance
  • Figure 28: Cognizant Financial Performance
  • Figure 29: Google Financial Performance
  • Figure 30: Infosys Financial Performance
  • Figure 31: Tieto Corporation Financial Performance
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