Utilization of Cloud Computing for Large-Scale Industrial IoT Solutions to drive Internet of Things (IoT) Market by 2028
The increasing demand of digital transformation and
growing adoption of cloud-based deployment models and low operating costs is
expected to drive the growth of the Global Internet of Things (IoT) Market in
the forecast period of 2024-2028.
According to TechSci
Research report, Internet of Things (IoT) Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Internet of
Things market is anticipated to register a robust growth during the forecast
period, 2024-2028. The Global Internet of Things Market is rising owing
to the increasing demand for digital transformation in industries, rising
penetration of internet and growing mobile devices adoption. Moreover, the
growing popularity of smart city technologies has encouraged stakeholders to
increase their penetration into undeveloped regions. The demand for smart
houses and buildings will further increase the popularity of smart meters,
smart lighting, and sensors. It is important to note that Industry 4.0 has
generated a wave of innovation in both developed and developing countries. Digital
industrial platforms require emerging technologies like IoT that play a crucial
role in making digital transformation solutions highly useful and user friendly.
Meaningful customer experience, more business efficiency, reduced operational
costs, improved employee productivity, scope for innovation is some of the
benefits of IoT enabling enterprise digital transformation solution. The
extensive use of IoT solutions in various sectors including private
organizations, government, retail, healthcare, BFSI, and others are anticipated
to act as a catalyst in the growth of the Global Internet of Things Market.
Moreover, adopting
the most recent technological developments like IIoT, AI, ML, and 5G
technologies to an industrial setting to enhance business operations is the
main goal of digital industrial platforms. Any industrial firm embarking on the
digital transformation must possess knowledge and proficiency in disciplines
including communication protocols, data storage, data processing, data
analytics, and application programming to name a few. The demand from
industries for the adoption of IIoT platforms from an end-user side and
better technology advances from a supplier side, both of which are driving market
growth, is being met by a modern, digital-native technical workforce that is
more skilled in these fields.
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The
Internet of Things Market is segmented into platform, component, application,
and region. By platform, it is categorized into network management, application
management and device management. The component market is bifurcated into
hardware, software, and services. In terms of hardware, the market is further
segmented into gateways and devices, whereas in terms of software, the market
is segmented into real time streaming analytics, security, data management,
remote monitoring, and network bandwidth management while for services the
market is segmented into professional services & managed services. The
application segment is further divided into consumer electronics, smart
mobility & transportation, building & home automation, connected
logistics, smart retail, and others.
By platform type the network management platform holds the largest
share in the market due to growing demand for remote monitoring systems and internet-enabled
devices in the business. The network management solutions are device
independence and offer a simple method to integrate hardware models and data
structures from different vendors into the workflow. Additionally, users must maintain firmware and
software upgrades, monitor device health, protect access to these devices, and
resolve problems remotely. These advantages are leading to growth in the network
management segment.
Based on component area, software segments holds the largest share in
the market. Software components enable business applications that enhance
operational efficiencies, develop new revenue generating opportunities and help
enrich customer experience. Software solutions offer a wide range of connecting
IoT devices technologies that assist businesses meet their objectives and
maintain a crucial competitive advantage. Moreover, software solutions offer
excellent visibility and control over assets from a remote location, thus
allowing for flexibility in decentralized locations.
Based on application, consumer electronics hold the largest share in
the market as cloud computing expansion and Industrial Internet of things
adoption will further automate the machinery as each device is connected to
sensors that gather the necessary data. For instance, home appliances being
powered by IoT may be helpful in lowering human efforts. The sensing,
actuation, preventive maintenance, product malfunction prediction capability
and enriching customer experience are enabling businesses to adopt IoT in
consumer electronic devices. Furthermore, the increasing use of smartphones
& tablets control IoT devices and advancement in IoT security drive the
consumer electronics application segment. Thus, enabling the demand for
internet of things in the market.
Key market
players in the global internet of things (IoT) market:
- International Business
Machines Corporation
- Cisco
Systems, Inc.
- Microsoft
Corporation
- Amazon
Web Services
- Intel
Corporation
- Huawei
Technologies Co. Ltd.
- SAP
SE
- Alphabet
Inc.
- Oracle
Corporation
- Hewlett Packard
Enterprise Development LP.
Recent
Development:
- On Sep
27, 2022: Amazon Web Services, Inc. announced the general availability of AWS
IoT FleetWise. The services help automotive companies efficiently collect,
transform and transfer vehicle data to the cloud in real time using the
services intelligent data-collection capabilities enabling improved vehicle quality
and autonomy.
- On Feb
27, 2022: Cisco System Inc, had made an announcement to advance its internet of
things (IoT) portfolio to help its service provider customers a more
straightforward method to manage LPWAN/4G/5G IoT connection for new and emerging
use cases. The company aims to reduce complexity in the customer's deployments,
leverage existing integrations and improve cost efficiency.
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“North America holds the
largest market share for Internet of Things in 2022. As early adopters of
cutting-edge technologies in a variety of industries, including manufacturing,
healthcare, and smart cities. North American businesses are eager to integrate
IoT technology into their processes as the region's early adoption of emerging
technologies like AI, big data, cloud computing, mobility, and IIoT.
Additionally, it is anticipated that the market for asset-centric applications
would rise as smart, secure, and connected technologies are increasingly being
adopted throughout the region. High-speed networks, consumer preference towards
smart devices, and the use of digitization in smart cities are anticipated to
fuel market expansion in North America.” said, Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Internet
of Things (IoT) Market Segmented By Platform
(Network Management, Application Management and Device Management), By
Component (Hardware (Device & Gateways), Software (Real Time Streaming
Analytics, Security, Data Management, Remote Monitoring, and Network Bandwidth
Management) and Services (Professional Services & Managed Services)), By
Application (Consumer Electronics, Smart Mobility & Transportation,
Building & Home Automation, Connected Logistics, Smart Retail, and Others) By
Region, Competition”
has
evaluated the future growth potential of Internet of Things market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Internet of Things (IoT) market.
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