What is the Size of the IoT Connectivity Market ? :
IMARC Group’s latest report, titled “IoT Connectivity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the IoT connectivity market future demand. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global IoT connectivity market size reached US$ 6.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.34% during 2023-2028.
IoT Connectivity Market Development:
Internet of things (IoT) device management is the collection of processes, tools, and technologies that help monitor, and maintain the growing sprawl of connected objects in the enterprise network. It includes critical monitoring and management tools to maintain the devices online, up-to-date, and optimized for specific application needs. It assists in finding devices with a combination of characteristics, including device ID, device state, and type. It enables fleet tracking and reduces the cost and effort of managing various IoT device operations. At present, the emerging trend of automation is driving the demand for IoT device management in manufacturing activities to optimize production performance, efficiency, and flexibility and allow the digital transformation of operational processes across the globe.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Aeris
- AT&T Inc
- Cisco Systems Inc
- Huawei Technologies Co. Ltd
- Orange, Sierra Wireless
- Sigfox
- Telefonaktiebolaget LM Ericsson
- Telefónica S.A
- Telit, Verizon Communications Inc
- Vodafone Group Plc
What is the Market Demand of IoT ? :
There is an increase in the adoption of IoT device management in small and medium-scale enterprises (SMEs) to enhance their productivity and create new business models and revenue streams. Along with this, the rising penetration of high-speed internet connectivity on account of rapid digitization and a considerable reliance on connected devices and smartphones represents one of the major factors strengthening the market growth around the world. Moreover, the rising number of e-commerce websites and growing preferences for online shopping are influencing the market positively. In addition, IoT device management finds applications in the transportation sector to transmit data about road conditions, traffic, vehicle diagnostics, driving behavior, fuel usage, and alerts for speeding. It also improves safety, enhances operational performance and customer experience, optimizes maintenance by reducing recurring complexities, and offers remote diagnosis and real-time monitoring. Apart from this, IoT device management is employed in the healthcare sector to record and maintain patient data. The increasing demand for remote patient monitoring (RPM) on account of the rising prevalence of medical disorders among the masses, is contributing to the growth of the market. Furthermore, initiatives undertaken by governments of numerous countries for developing smart cities to reduce energy consumption, improve building performance, and enhance urban space management are creating a positive outlook for the market.
Besides this, the launch of fifth-generation (5G) technology and Multi-access Edge Computing (MEC) in IoT device management to enhance device connectivity is facilitating the market growth. Additionally, the increasing adoption of IoT device management in the retail sector to minimize labor costs, avoid data breaches, monitor product status and customer traffic, and in-store Wi-Fi to detect return customers and encourage digital interaction is bolstering the growth of the market.
Key Market Segmentation:
Breakup by Component:
- Solutions
- Services
Breakup by Application:
- Buildings and Home Automation
- Smart Energy and Utility
- Smart Manufacturing
- Smart Retail
- Smart Transportation
- Others
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- BFSI
- Healthcare
- Travel and Hospitality
- Defense and Aerospace
- IT and Telecommunication
- Retail and E-Commerce
- Manufacturing
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Component, Application, Enterprise Size, End Use Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Aeris Communications India Pvt. Ltd, AT&T Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., Orange, Sierra Wireless, Sigfox, Telefonaktiebolaget LM Ericsson, Telefónica S.A., Telit IoT Platforms, LLC, Verizon Communications Inc. and Vodafone Group Plc |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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