IoT Applications Market by Application (Smart Home, Industrial Automation, Smart cities, Precision Agriculture, and Others), and by Industry Vertical (BFSI, Automotive, Healthcare, Manufacturing, Transportation, Retail, and Others)- Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The IoT Applications Market size was valued at USD 99.45 billion in 2023 and is predicted to reach USD 285.63 billion by 2030 with a CAGR of 15.12% from 2024-2030. IoT applications refers to the utilization of Internet of Things (IoT) technology to enhance operational efficiency, productivity, and decision-making processes within various sectors. These applications involve connecting physical devices, sensors, and machinery to the internet, allowing them to collect, exchange, and analyze data in real-time. Industries leverage IoT applications to monitor equipment performance, track inventory, optimize supply chain logistics, and improve predictive maintenance. By harnessing IoT technology, businesses gain valuable insights, automate processes, and drive innovation to stay competitive in the interconnected world. 

Market Dynamics and Trends

The increasing popularity of smartphones, tablets, and other connected devices is fueling the demand for IoT applications. These applications play a vital role in integrating and managing these devices efficiently, enabling seamless connectivity and automation across different industries. The growing reliance on connected devices is driving the need for robust IoT solutions to support connectivity and automation in today's digital age. Also, technological advancements, particularly in wireless connectivity technologies such as 5G and Low-Power Wide-Area Network (LPWAN), are driving the adoption of IoT applications. These technologies offer faster data transmission, lower latency, and increased coverage, enabling more efficient IoT deployments.

Moreover, rising government initiatives towards the adoption of IoT technology and the development of smart cities are also driving the growth of the IoT applications market. According to the People's Republic of China as of July 2022, the government issued guidelines to encourage the adoption of environmentally friendly and smart home appliances, as a measure to support economic stability. Thus, this kind of initiatives play a significant role in fuelling the market growth for IoT applications.

However, IoT devices and applications can be vulnerable to cyberattacks, which can compromise the security of personal and sensitive data, thus restraining the growth of the market. On the other hand, the integration of AI into IoT applications boosts device capabilities by enabling real-time processing and analysis of large data volumes, enhancing efficiency and intelligence. This is expected to create significant growth opportunities for the market in the future.

Market Segmentation and Scope of Study

The global IoT applications market is segmented on the basis of application, industry vertical, and region. Based on the application, the market is segmented into smart home, industrial automation, smart cities, precision agriculture, and others. On the basis of industry vertical, the market is categorized into BFSI, automotive, healthcare, manufacturing, transportation, retail, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global IoT applications market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the developed healthcare industry along with the growing demand for smart healthcare devices such as smartwatches, fitness trackers, and other wearables. According to the National Centre of Biotechnology Information, around 30% of U.S. adults use wearable healthcare devices. Among the users, nearly half, 47.33% use the devices every day, with a majority, 82.38% willing to share the health data from wearables with their care providers.

Also, North American companies are taking various initiatives and investments heavily in research and development of IoT technology, which is driving the growth of the IoT applications market. For instance, in May 2023, Cisco partnered with NTT and Cisco to launch "IoT as a Service" for enterprise customers, offering a comprehensive IoT solution. This collaboration aims to provide businesses with end-to-end IoT capabilities, simplifying the adoption of Internet of Things technologies for various industries.

On the other hand, Europe shows substantial growth in the global IoT applications market owing to the increasing focus on sustainability, energy efficiency, and environmental conservation in Europe for smart energy management, environmental monitoring, and smart infrastructure projects. IoT solutions enable real-time monitoring and optimization of resource usage, contributing to sustainability goals and enhancing overall infrastructure efficiency.

Also, European governments are promoting the adoption of IoT technology in various industries including healthcare & manufacturing along with the development of smart cities, which is driving the growth of the IoT applications market in Europe. For instance, in March 2022, the government of the U.K. unveiled a substantial investment of USD 240 million aimed at facilitating improved access to NHS data through Trusted Research Environments and digital clinical trial services. This made crucial data more securely and quickly available for research, while offering the highest levels of privacy.  

Competitive Landscape

Various market players operating in the IoT applications market include Microsoft Corporation, Alphabet Inc., International Business Machines Corporation, Samsung Electronics Co., Ltd., Intel Corporation, Qualcomm Technologies, Inc., Siemens AG, Amazon.com, Inc., Huawei Technologies Co., Ltd., and Cisco Systems, Inc. These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global IoT applications market.

For instance, in January 2022, Intel launched its first performance-hybrid edge architecture, enhancing its presence in the IoT applications market with advanced computing capabilities at the edge. Intel's new performance-hybrid edge architecture integrates powerful computing capabilities closer to the data source, enabling real-time processing of data in IoT applications for faster insights and decision-making. Also, in March 2021, IBM Security launched new and enhanced services designed to help organizations to manage their cloud security strategy, policies, and controls across hybrid cloud environments. This launch aims to help organizations create a unified security approach across their cloud ecosystems. 

KEY BENEFITS

• The report provides quantitative analysis and estimations of the IoT applications market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the IoT applications market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the IoT applications market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Application

• Smart Home

• Industrial Automation

• Smart cities

• Precision Agriculture

• Others

By Industry Vertical 

• BFSI

• Automotive

• Healthcare

• Manufacturing

• Transportation

• Retail

• Others

By Region

• North America

  • The U.S

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Test