IoT Connectivity Market
IMARC Group’s latest report, titled “IoT Connectivity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, the global IoT connectivity market size reached US$ 8.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 48.8 Billion by 2032, exhibiting a growth rate (CAGR) of 21.67% during 2024-2032.
Internet of Things (IoT) connectivity refers to a network solution that provides a communication platform and network infrastructure for connecting IoT devices. It relies on a range of technologies, depending on the use cases.
IoT connectivity encompasses the network of interconnected devices that communicate and exchange data through the Internet of Things (IoT) ecosystem. This connectivity is achieved via various types of networks such as cellular, Wi-Fi, Low-Power Wide-Area Networks (LPWAN), and Bluetooth. Each type caters to different needs based on factors such as range, power consumption, and data transmission capabilities. IoT connectivity enables devices to interact and collaborate without human intervention, enhancing efficiency and functionality. The advantages of robust IoT connectivity include improved asset utilization, enhanced process efficiency, real-time data access, and predictive maintenance capabilities, which are pivotal for industries aiming to optimize operations and drive innovation.
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Competitive Landscape with Key Players:
• Aeris
• AT&T Inc
• Cisco Systems Inc
• Huawei Technologies Co. Ltd
• Orange, Sierra Wireless
• Sigfox
• Telefonaktiebolaget LM Ericsson
• Telefónica S.A
• Telit, Verizon Communications Inc
• Vodafone Group Plc
IoT Connectivity Market Trends:
The global market is experiencing substantial growth driven by the widespread adoption of smart devices and the increasing demand for real-time operations across various sectors, including healthcare, manufacturing, and transportation. This growth is further fueled by advancements in wireless networking technologies and the expansion of 5G infrastructure, which offers higher speed and reduced latency, enabling more efficient and scalable IoT deployments. Additionally, the growing emphasis on smart city initiatives and industrial automation demands robust IoT ecosystems, thereby enhancing connectivity solutions. In addition, the trend towards IoT platform integration with artificial intelligence and machine learning is enhancing analytical capabilities, driving predictive insights, and facilitating decision-making processes. These factors, combined with regulatory support and investment in IoT infrastructure development, are propelling the market forward, highlighting its critical role in the digital transformation of industries worldwide. Some of the other factors driving the market include rapid digitization and changing consumer preferences.
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Key Market Segmentation:
Breakup by Component:
• Solutions
• Services
Breakup by Application:
• Buildings and Home Automation
• Smart Energy and Utility
• Smart Manufacturing
• Smart Retail
• Smart Transportation
• Others
Breakup by Enterprise Size:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by End Use Industry:
• BFSI
• Healthcare
• Travel and Hospitality
• Defense and Aerospace
• IT and Telecommunication
• Retail and E-Commerce
• Manufacturing
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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