IoT Market Size Analysis 2022 Insights, Technological Advancement and Growth Opportunities by 2030

The global IoT market size is forecast to reach US$ 4431.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.67% during the forecast period from 2022 to 2030.

New York , United States- Report Ocean published the latest research report on the IoT market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the IoT market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The global IoT market size was US$ 886.8 billion in 2021. The global IoT market size is forecast to reach US$ 4431.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.67% during the forecast period from 2022 to 2030.

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The Internet of Things consists of web-connected intelligent devices that ingest, analyze, and process data gathered from their surroundings by using embedded systems such as sensors, processors, and communication hardware. Across a wide range of industries, businesses are gradually shifting to IoT technology to improve performance and better understand consumers to improve customer service, improve decision-making, and increase value.

Factors Influencing Market Growth

Developments in wireless networking technologies, increased adoption of cloud platforms, and advances in advanced data analytics & data processing impact the growth of the global IoT market.

There are concerns about data security & privacy, and IoT devices are expensive to implement and maintain, which may slow down the global IoT market growth.

The reduction in the cost of connected devices and the traction of IoT among SMEs boost the overall market growth.

Impact Analysis of COVID-19

Since the outbreak of the COVID-19 pandemic, the IoT market has seen significant growth, with organizations shifting their business toward the digital platform. COVID-19 has disrupted normal life and resulted in significant changes in policies, priorities, and activities among individuals, organizations, and governments. These changes have proved to be a catalyst for innovation and technology development. In response to COVID-19 lockdown, remote working has become the norm for many companies, which positively impacts global market growth.

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Regional Insights

In 2021, North America held the largest market share for IoT. The region has adopted the technology extensively. This is due to a variety of factors, such as the presence of two major economies in the region, the US and Canada, large-scale internet penetration, and the presence of major IoT solution providers.

The Asia Pacific region is forecast to grow rapidly during the forecast period. Due to the rise of smart city programs offered by government agencies and cloud investments in the region. Communication service providers and producers in the Asia Pacific are expanding their product collection. These trends are fueling the growth of the IoT market in the region.

Leading Competitors

The leading prominent companies profiled in the global IoT market are:

Intel Corporation


Cisco Systems Incorporated

Microsoft Corporation

Oracle Corporation

IBM Corporation

Google LLC

Hewlett-Packard Enterprise

Amazon Web Services Incorporated

Bosch Software Innovation GmbH

Other Prominent Players

Scope of the Report

The global IoT market segmentation focuses on Component, Deployment Mode, Organization Size, Platform, Technology, Industry Vertical, and Region.

Segmentation based on Component


Real-time streaming analytics

Security Solution

Data Management

Remote Monitoring System

Network Bandwidth Management


Professional Service

Support & Maintenance

Consulting Service

Managed Service

Segmentation based on Deployment Mode



Segmentation based on Organization Size

Large Enterprises


Segmentation based on Platform

Device Management

Application Management

Network Management

Segmentation based on Technology

Radiofrequency Identification

Pressure Sensors

Network Communications

Data Processing

Near-field Communication

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Segmentation based on Industry Vertical



Energy & Utility


Transportation & Logistics

IT & Telecom



Segmentation based on Region

North America

The U.S.




Western Europe

The UK





Rest of Western Europe

Eastern Europe



Rest of Eastern Europe

Asia Pacific




Australia & New Zealand


Rest of Asia Pacific

Middle East & Africa (MEA)


Saudi Arabia

South Africa

Rest of MEA

South America



Rest of South America

What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.

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