Internet of Things - Worldwide

  • Worldwide
  • The IoT market is expected to witness a significant surge in revenue, reaching a staggering €878.60bn by 2024 worldwide.
  • Among various segments, Automotive IoT is projected to dominate the market, with a substantial market volume of €233.60bn in the same year.
  • Looking ahead, the market is anticipated to grow at an annual growth rate of 10.72% (CAGR 2024-2029), resulting in a remarkable market volume of €1,462.00bn by 2029.
  • In terms of global comparison, in China is expected to lead the pack, generating the highest revenue of €366.80bn in 2024.
  • This showcases the country's strong foothold and influence in the IoT market segment.
  • In the United States, the Internet of Things market is rapidly expanding, with companies investing heavily in smart home devices and connected cars.

Key regions: United States, Australia, Canada, China, India

 
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Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

Visión general

  • Revenue
  • Investment
  • Volume
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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