Global IoT connectivity market to grow at CAGR of 19.4% between 2023 and 2030
According to a new report by Research and Markets, the global IoT connectivity market is expected to grow at a CAGR of 19.4% from 2023 to 2030. As the adoption of IoT continues to expand across various sectors, the global IoT connectivity market may witness substantial growth in the coming years. This comprehensive report provides a valuable resource for industry professionals and stakeholders seeking to capitalize on the opportunities presented by this rapidly evolving market.
The report, titled ‘IoT Connectivity Market: Global Market Size, Forecast, Insights, Segmentation, and Competitive Landscape with Impact of COVID-19 & Russia-Ukraine War,’ provides a comprehensive analysis of the market’s current and future trends.
Drivers for the growth of the global IoT connectivity market include:
- The increasing demand for connected devices.
- Rising automation trends across various industries.
- The ongoing digitization of processes.
However, data and privacy threats must be addressed for the market to reach its full potential.
IoT global market resources and segments
The report segments the market by application, component, industry, organization, and region. The market is segmented by application into smart retail, smart manufacturing, connected health, building and home automation, smart transportation, smart grid and utilities, and others. By component, the market is segmented into platforms and services.
The market is segmented by industry into IT & telecom, consumer electronics, energy & utilities, healthcare, manufacturing, retail, BFSI, and others. By organization, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). By region, the market is segmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.
The report also provides a competitive landscape of the market, including the major players’ market share and strategies. The major players in the market include AT&T Inc., Hologram Inc., Huawei Technologies Co., Ltd., Jasper Technologies, Inc., Orange S.A., Sierra Wireless, Telefonaktiebolaget LM Ericsson, Telefonica, SA, Telit, and Vodafone Group Plc.
The historical period covered in the report spans from 2018 to 2022, with the base year being 2022. The forecast period extends from 2023 to 2030.
The report concludes with a SWOT analysis of the market. The report also provides a value chain analysis of the market.
Key points from the report:
- The global IoT connectivity market is expected to grow at a CAGR of 19.4% from 2023 to 2030.
- The increasing demand for connected devices, industry automation trends, and digitization drive the market.
- Data and privacy threats restrain the market.
- The major players in the market are AT&T Inc., Hologram Inc., Huawei Technologies Co., Ltd., Jasper Technologies, Inc., Orange S.A., Sierra Wireless, Telefonaktiebolaget LM Ericsson, Telefonica, SA, Telit, and Vodafone Group Plc.
- The market is expected to grow significantly in the coming years due to the increasing adoption of IoT devices and applications in various industries.
- The increasing demand for smart homes, smart cities, and connected cars is expected to drive the market.
- The market is expected to be restrained by the high cost of IoT devices and the lack of awareness about IoT technology.
