DUBLIN, Aug. 28, 2023 /PRNewswire/ — The “IoT Market Forecast to 2030 – COVID-19 Impact and Global Analysis by Component, Enterprise Size, Application” report has been added to ResearchAndMarkets.com's offering.
The global Internet of Things (IoT) market is poised for exceptional growth, projected to escalate from USD 483.28 billion in 2022 to a staggering USD 3.96 trillion by 2030. This remarkable surge is forecasted at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
e-Commerce Catalyzes IoT Adoption
e-Commerce is emerging as a catalyst for the adoption of IoT solutions. With retail consumer goods e-commerce holding an 18% share of total global retail sales in 2020 and expected to reach 22% by 2024, retailers are harnessing IoT to heighten operational efficiency, enrich customer experiences, and gain a competitive edge. The confluence of customer demand for superior shopping experiences, cost-efficient IoT sensors and connectivity, and the rise of smart payment solutions are driving IoT adoption in the e-commerce sector. The use of IoT also extends to security enhancement in warehouses and stores, combating network service disruptions. The demand for IoT in surveillance and security, supply chain optimization, energy optimization, inventory management, and workforce efficiency is witnessing a substantial upsurge.
Positive COVID-19 Impact on European IoT Market
The COVID-19 pandemic yielded varied impacts across Europe, notably influencing heightened usage of smart devices like wearables and cameras. This increased reliance on IoT-based devices underscored the importance of securing smart homes and buildings against cybersecurity threats. In the retail industry, IoT facilitated multichannel retail strategies and enhanced consumer experiences. Digitalization further streamlined production processes and supply chains across multiple industries, bolstering the adoption of IoT technology. The pandemic's influence positively affected the IoT market, fostering its growth in Europe.
European Dominance in the IoT Market
Europe commands a significant share of the global IoT market, driven by countries like Germany, the UK, and France. The region's inclination towards cloud-based IoT software, optimization of supply chains and customer relations, and advancements in industrial-grade digital solutions are key contributors to the IoT market's growth. Industries like manufacturing, healthcare, and BFSI are pivotal to Europe's IoT market expansion.
Government Initiatives Propel IoT Growth
European governments are actively promoting IoT and edge computing through initiatives like workshops and funding programs. The European Commission organized the “Fireside Chat” workshop to devise strategies for IoT and edge computing's future progress. The European Union's funding programs, such as Horizon Europe, are set to contribute significantly to research and innovation in IoT and edge computing technologies.
AI and Digital Twins as Growth Drivers
IoT's capacity to automate processes, reduce labor costs, and provide real-time insights into various aspects of business operations is bolstered by the adoption of Artificial Intelligence (AI) and digital twins. A substantial number of European organizations are aware of AI, edge computing, and digital twins, with Germany leading AI adoption. This amalgamation of technologies propels the growth of IoT in Europe.
Key Players in the Market
Prominent players in the IoT market landscape include Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., VMware, Inc., Google, LLC, Oracle Corporation, Cisco Systems, Inc., SAP SE, IBM Corporation, and Qualcomm Technologies, Inc., among others. These industry leaders play a pivotal role in shaping the dynamic IoT market and its ecosystem.
- Increase in Number of Smart City Projects
- Low Cost of Connected Devices and Increase in Investments in IoT
- Rise in Implementation of IoT in Automotive Sector
- Data Security and Interoperability Issues
- Progressive Deployment of 5G Networks
- Future Trends
- Massive Expansion of e-Commerce Industry
- Increase in Digitalization Across Industries
Key Topics Covered
2. Key Takeaways
3. Research Methodology
4. IoT Market Landscape
5. IoT Market – Key Market Dynamics
6. IoT Market – Global Market Analysis
7. IoT Market by Component
8. IoT Market by Enterprise Size
9. IoT Market by Application
10. IoT Market – Geographic Analysis
11. IoT Market – COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
A selection of companies mentioned in this report includes:
- Amazon Web Services Inc.
- Cisco Systems Inc.
- Google LLC
- Software AG
- International Business Machines Corp.
- Intel Corp.
- Microsoft Corp.
- Oracle Corp.
- Siemens AG
- SAP SE
For more information about this report visit https://www.researchandmarkets.com/r/7ykh0h
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