Internet Of Things Market size is set to grow by USD 1,036.83 billion from 2022-2027

The internet of things market size is estimated to increase by USD 1,036.83 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 15.12% during the forecast period. The substantial growth of the Internet of Things (IoT) market is driven by the rising trend of industrial automation.

Industries are undergoing a shift by integrating digital and physical systems, facilitating machine-to-machine (M2M) communication and enhancing human-machine interfaces (HMI). Advanced regions have extensively embraced these systems, leading to the emergence of Industry 4.0. In this phase, intelligent machines execute manufacturing tasks, robots cooperate with humans in product assembly, and autonomous driverless transport vehicles manage logistics. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027).

The industrial sector, valued at USD 168.54 billion in 2017 and growing until 2021, anticipates significant market share growth driven by IoT technology. This tech boosts productivity, offering a competitive edge globally. By connecting machines and devices, data insights aid in predictive maintenance and performance optimization. Challenges include investment needs, business model redesign, security, lack of standardization, and interoperability. Collaboration among IoT entities and government support aims to overcome these hurdles and enhance expertise levels.

By geography, the global Internet of Things market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global Internet of Things market.

During the forecast period, APAC is projected to contribute 38% to global market growth. Government infrastructure investments in India, China, and the Philippines, with Small and Medium-sized Enterprise (SME) modernization initiatives, are driving the adoption of IoT. APAC governments advocate embedded sensor deployment within smart city projects to improve urban governance and public services.