The Internet of Things market is one of the most promising technology trends of our time and its possibilities have not yet been exhausted. Applications range from B2C smart home solutions to B2B solutions such as logistics tracking or energy grit management. Because of numerous use cases there is little concentration of market power within the overall IoT market, but some of the key players include Dell, Qualcomm, IBM and Cisco.
In 2023, the Internet of Things market generated a total revenue of US$947.42
billion worldwide. Accounting for 31% of the Internet of Things market, Automotive IoT was the
largest market in 2023, generating US$251 billion in revenues. In a global comparison, the United States produced the highest revenue in the
IoT market in 2023, generating US$303.6 billion. China came in second place with
approximately US$201 billion.
In such a diverse market, there are of course also many different trends that affect it. To provide fast communication between different IoT devices the deployment of the 5G communication standard is a game changer. Another important technology trend is the usage of edge computing instead of Cloud computing which makes processes even faster by performing data collection or analysis directly at the IoT device. Artificial Intelligence of Things (AIoT) integrated in IoT is reshaping business and providing a tool for precise decision-making. However, with the rapid growth of connected devices, there is a growing demand in the IoT market for security that protects the IoT system from threats and vulnerabilities.
Internet of Things
Overview
- Worldwide Internet of Things revenue
- Worldwide Internet of Things revenue by market
- Number of IoT connections
- Internet of Things revenue and forecast for United States, China, Germany, and Japan
Market methodologyMarket driversKey players- Company insights for the key players Cisco, IBM, Dell and Qualcomm
Trends- 5G
- IoT Security
- Artificial Intelligence of Things
- Edge computing
In the distinct markets:- Worldwide segment revenue and estimated development until 2029
- Regional comparison
- Country comparison
Appendix and imprint
