Internet of Things market size [2022-2029] Worth $2465.26 Billion

Fortune Business Insights

Fortune Business Insights

Companies profiled in the Internet of Things market research report are Amazon Web Services, Inc., Intel Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, Cisco Systems, Inc., IBM Corporation, Oracle Corporation , SAP SE, Siemens AG

Pune, India, April 04, 2022 (GLOBE NEWSWIRE) — The world Internet of Things market size stood at USD 384.70 billion in 2021. The market is expected to grow from USD 478.36 billion in 2022 to $2,465.26 billion by 2029 at a CAGR of 26.4% over the forecast period. Fortune Business Insights™ has taken this insight further in its latest research report, titled “Internet of Things (IoT) Market, 2022-2029”.

According to the study, the penetration of smart cities and the deployment of vehicle solutions bodes well for the global outlook. In evidence, blockchain technologies have set the trend, with end users showing increased traction for IoT. Investments in advanced technologies will help boost business models and streamline operations.

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Competitive landscape

Stakeholders emphasize strategic approaches to gain traction

Big companies are pouring money into product rollouts, technology advancements, and mergers and acquisitions. Stakeholders are also likely to focus on research and development activities, as well as geographic expansion.

Development of key industry

Report scope and segmentation

Report cover


Forecast period

2022 to 2029

Forecast Period 2022 to 2029 CAGR


2029 value projection

$478.36 billion

base year


Internet of Things market size in 2021

$384.70 billion

Historical data for

2018 to 2020

Number of pages


Segments Covered

Component, end-use industry and geography

Internet of Things Market Growth Drivers

Strong demand from healthcare industry to drive market growth

Increase smart home footfall to propel growth potentials

Bullish Cloud Adoption to Consolidate North American Market Position

Strong demand from healthcare industry to drive market growth

Although the COVID-19 pandemic has ravaged the global economy, IoT penetration has remained pronounced. The trend was mainly attributed to the healthcare sector which attracted cutting-edge technologies, including AI and cloud computing. Above all, governments have increased investment in the vertical industry. For example, Singapore announced an injection of USD 3.5 billion in 2020 for digitization to help recover from the pandemic. The prevailing trends suggest that stakeholders will continue to prioritize IoT over the next few years.

Click here for the short and long term impact of COVID-19 on this market:

Report cover

The report provides a comprehensive view of market share, size, volume, and revenue. He also went deep into SWOT analysis and Porters five forces analysis. The report has been prepared through qualitative and quantitative analysis to strengthen the strategic approach. Additionally, a multitude of primary interviews with key stakeholders and vendors reinforced the importance of the report. Primary data was collected through telephone conversations, questionnaires and emails. The report also includes secondary sources, including SEC filings, government websites, and press releases.


In terms of components, the market is segmented into solutions & services and platform. The platform is sub-segmented into cloud platform, device management, and network management. The solution of solution and services is sub-segmented into data management, network band management, remote monitoring, security and real-time flow analysis.

On the basis of end user, the industry is separated into IT and telecommunications, BFSI, healthcare, government, retail, agriculture, manufacturing, transportation, sustainable energy and others.

Based on region, the market covers Europe, North America, Asia-Pacific, South America, and Middle East & Africa.

Drivers and Constraints

Increase smart home footfall to propel growth potentials

The rising trend of smart city solutions has encouraged stakeholders to increase their penetration into untapped areas. The footfall of smart meters, smart light and sensors will gain further momentum thanks to the demand for smart homes and buildings. It should be noted that Industry 4.0 has created a wave of innovation in advanced and emerging economies. For example, Saudi Arabia stood out for its massive projects, developing four smart cities: Amaala, NEOM, the Red Sea project and Qiddiya. With the implementation of smart technologies, industry players predict that the Internet of Things (IoT) market share will grow in popularity.

Meanwhile, growing concerns over data privacy and security have challenged stakeholders preparing to expand their portfolios.

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Regional outlook

Bullish Cloud Adoption to Consolidate North American Market Position

The outlook for the North American market will be strong amid growing footfall for cloud-based platforms in the United States and Canada. In particular, IoT-enabled devices and R&D development activities will continue to accelerate in the BFSI, healthcare and sustainable energy sectors. Additionally, the presence of leading companies including IBM, Microsoft, Amazon Web Services, and Google has accelerated innovations in the United States.

Leading companies predict that the growth of the European Internet of Things (IoT) market will see a sizable gain following the demand from the healthcare industry. The booming healthcare industry and the development of smart technologies will increase the attendance of big data and IoT analytics. Predictive, descriptive and diagnostic analytics have become fashionable in the UK, France, Germany and Italy.

The Asia-Pacific market revenue will register a notable gain thanks to the booming smart city projects and investments in information technology and telecommunications. Notably, end users have increased their investment in smart devices to expand their presence in emerging countries. According to the GSMA Intelligence 2020 report, China accounts for 64% of the world’s 1.5 billion Internet of Things connections. Essentially, the BFSI and healthcare sectors will remain large consumers of IoT during the assessment period.

Key Players Profiled in the Market Report:

  • Amazon Web Services, Inc. (Washington, USA)

  • Intel Corporation (California, USA)

  • Microsoft Corporation (Washington, USA)

  • PTC Inc. (Massachusetts, USA)

  • Robert Bosch GmbH (Gerlingen, Germany)

  • Cisco Systems, Inc. (California, USA)

  • IBM Corporation (New York, USA)

  • Oracle Corporation (Texas, USA)

  • SAP SE (Walldorf, Germany)

  • Siemens AG (Munich, Germany)

Quick Buy – Internet of Things (IoT) Market Research Report:

Main table of contents:

  • Global Internet of Things (IoT) Market Size Estimates and Forecasts (Quantitative), by Segments, 2018-2029

  • North America Internet of Things (IoT) Market Size Estimates and Forecasts (Quantitative), by Segments, 2018-2029

TOC Continued…!

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