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The impact of Covid-19 on Internet of Things (IoT) Market By technology (software solution, platforms, and services), By vertical (Banking financial services and insurance, Healthcare, Retail, Transportation, Utilities and Government and defense) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Internet of Things (IoT) market size is expected to grow from USD 511.6 billion in 2021 to USD 3039.8 billion by 2030, at a CAGR of 21.90 % during the forecast period.
The global Internet of things (IoT) is a system of interrelated computing devices, objects, animals, mechanical and digital machines, or people that are provided with unique identifiers along with the ability to transfer data over a network without human interaction. An IoT ecosystem consists of web-enabled smart devices that use embedded systems to collect, send, and process data. They share data by connecting to an IoT gateway, where data is sent to the cloud to be analyzed. The technological advancements have led to the use of IoT in applications such as building and home automation, infrastructure, consumer smart home applications, environmental monitoring, medical and healthcare, etc. The growing demand for connected smart devices is driving the growth of the IoT market with a CAGR.
Internet of Things (IoT) market is expected to project a CAGR of 21.90% during the forecast period, 2021-2030
Factors such as an increased focus on remote monitoring, growing smart payments technology to minimize human interaction in cash payments and rising wearable devices demand to drive the market growth. With the outbreak of Covid-19, a majority of operations have been compromised which has forced organizations to function in a nonoptimized manner thus they are looking for innovative areas that can improve their revenue by a small percentage.
By technology
it can be classified into software segments, platforms, and services. The software segment is predicted to grow with the highest CAGR over the forecast period. The software segment is to hold the largest market as with the rising covid-19 IoT software solutions such as manufacturing and others have taken a big hit, but organizations are changing their priorities.
By Vertical
it can be further divided into Banking financial services and insurance, Healthcare, Retail, Transportation, Utilities, and Government and defense. It is estimated that the healthcare segment will record the highest investment and growth in the year 2020. It has become a major adapter of technology with the rising number of covid-19 cases as it had to quickly adapt to the solutions for high-quality service demand. The transportation sector is also rising amidst the coronavirus due to the usage of drones by companies to fulfill the needs of essential supplies and food deliveries.
Remote-based monitoring of the workforce will increase the market growth
Industries have shut down or are running at 25% capacity amidst this pandemic, the majority of the countries have provided work from the home facility for employees. To manage the employees companies are looking up to remote-based monitoring of the workforce which is a major driver of IoT solutions. This helps in bringing transparency, improving safety, providing real-time tracking, and ensuring meeting governments' compliance. The transportation sector is also rising amidst the coronavirus due to the usage of drones by companies to fulfill the needs of essential supplies and food deliveries which act as another driver of the market.
Customer expectations are a restrain in the IoT market
The major restraints in the internet of things market are meeting the expectations of the customer in terms of process optimization, keeping the IoT hardware updated, easing security concerns due to various connected networks, connectivity issues, and waiting for government regulations.
North America holds the largest market share of IoT due to various factors such as no initial lockdown in-country, a large number of immigrants, and the presence of a large number of virus carriers, but APAC may overtake it during the forecast period due to the increasing demand of IoT in developing countries such as India, Australia, and China. Covid-19 has slowed down the economies; however, digitalization and technological advancements in such countries will keep demand for IoT in verticals such as utility and healthcare.
Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Internet of Things (IoT) market size was estimated at USD 14.3 billion in 2021 and is expected to reach USD 50.3 Billion by 2030
Royal Phillips, IBM, Microsoft, Bosch, Happiest minds, Infosys, Google, Vodafone, Cisco, AWS, SAP
By technology and By Vertical are anticipated to hold the Internet of Things (IoT) market
Drivers. Remote-based monitoring of the workforce will increase the market growth
The global Internet of things (IoT) is a system of interrelated computing devices, objects, animals, mechanical and digital machines, or people that are provided with unique identifiers along with the ability to transfer data over a network without human interaction.
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