Internet of Things (IoT) market size projected to reach USD 1,200 billion by 2026 and grow at more than 10% CAGR | Global Data Plc | Wbactive

Global IoT Market Share by Product Type, 2019-2026 (%)

LONDON, United Kingdom, Nov. 24, 2022 / — The global Internet of Things (IoT) market size will reach more than US$700 billion in 2021, according to a new report from GlobalData Plc. Increasing demand for higher-speed mobile data connectivity, mainly driven by mobile video consumption, ultra-low-latency communication services (e.g. gaming, AR and VR) and the development of mobile 5G, will support the adoption of IoT.

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Manufacturers are currently using IoT solutions to track assets in their factories, consolidate their control rooms and extend their analytics functionality through predictive maintenance, subsequently creating global demand for IoT products. In addition, 5G wireless technology is expected to deliver higher peak data speeds of multiple Gbps, ultra-low latency, increased reliability, massive network capacity, and increased availability required for widespread IoT adoption.

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IoT Market Report Highlights

• The global IoT market is expected to register a CAGR of more than 10% from 2021 to 2026 and will be worth over US$1,200 billion. The propensity to use smart, connected products customized to user needs is driving the success of IoT products worldwide.
• In 2021, IoT hardware segment captured a significant share with market size expected to exceed $700 billion by 2026, at a CAGR of more than 11% from 2021-2026.
• Additionally, as consumer IoT products such as wearables are readily available in the marketplace, they are becoming a popular choice for low-wage consumers.

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• Government institutions, largely driven by the global proliferation of smart cities, are expected to represent the highest vertical category for the IoT market.
• COVID-19 has had a massive impact on IoT demand over the past two years. IoT technology in particular helped with tasks that required social distancing, remote work or contact tracing
• APAC, followed by North America, captured over 60% of total IoT demand in 2021.
• Major IoT market players analyzed in this report include Microsoft, Alphabet, IBM, Samsung, Intel, Qualcomm, Apple, Amazon and Cisco, among others.

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GlobalData Plc has segmented the IoT market report by type, product, industry vertical, company size, and region:

IoT Market Channel Type Outlook (Revenue, $M, 2019-2026)
• Consumer
• Company

Product Outlook for IoT Market (Revenue, $M, 2019-2026)
• IoT hardware
• IoT software
• IoT services

IoT Market Vertical Outlook (Revenue, USD Mn, 2019-2026)
• Government
• Utilities
• Manufacturing
• Transportation and logistics
• Energy
• Insurance
• Travel and Leisure
• Retail trade
• Healthcare
• Other

Regional IoT Outlook (Revenue, $M, 2019-2026)
• North America
oh USA
o Canada

• Europe
Oh Germany
o Great Britain
Oh Italy
Oh France
Oh Spain
O Netherlands
o Rest of Europe

• Asia Pacific
Oh China
Oh Japan
Oh India
Oh Australia
o Singapore
Oh South Korea
o Rest of Asia Pacific

• South and Central America
Oh Brazil
Oh Mexico
Oh Argentina
o Rest of South and Central America

• Middle East and Africa
o United Arab Emirates (UAE)
o Kingdom of Saudi Arabia (KSA)
o South Africa
o Rest of Middle East and Africa

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GlobalData is a leading provider of data, analytics and insights into the world’s largest industries. In an increasingly fast-moving, complex and uncertain world, it has never been more difficult for organizations and decision-makers to predict and control the future. GlobalData’s mission is to help our customers unlock the future and benefit from faster, more informed decisions. As a leading information services company, thousands of customers rely on us for trusted, timely, and actionable information. Our solutions are designed to give professionals in business, financial institutions, professional services and government agencies an everyday advantage.

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