As per the latest report by IMARC Group titled, “IoT Connectivity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global IoT connectivity market is expected to grow at 24.80% during 2022-2027. Internet of things (IoT) connectivity refers to the connection between the points in the IoT ecosystem, such as sensors, routers, applications, gateways, platforms, and other systems. It relies on various network solutions, depending on the range, bandwidth and power consumption. For instance, a Wi-Fi system is a widely utilized wireless communication technology that provides internet services to numerous devices like smartphones, computers and laptops.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global IoT Connectivity Market Trends:
The market is primarily driven by the widespread adoption of IoT technology in the commercial sector to derive data-driven insights, boost productivity and efficiency, create new business models and revenue streams, and expand business globally. In addition, the emerging automation trend in industrial processes is escalating the demand for IoT connectivity to continuously monitor products and address quality defects in real-time. Besides this, the market is favored by the growing adoption of IoT wearables in the healthcare industry as they are utilized to remotely monitor a patient. Along with this, IoT devices are employed to track the health and safety of workers working in hazardous conditions. Moreover, the increasing sales of luxury cars are driving the demand for IoT connectivity to aid device-to-device communication. Furthermore, the increasing investments by governments of different countries in developing smart cities are also creating a positive market outlook.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the application, the market has been classified into buildings and home automation, smart energy and utility, smart manufacturing, smart retail, smart transportation, and others.
- The market has been segmented based on the enterprise size into small and medium, and large enterprises.
- Based on the end-use industry, the market has been segregated into BFSI, healthcare, travel and hospitality, defense and aerospace, IT and telecommunication, retail and e-commerce, manufacturing, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being Aeris Communications India Pvt. Ltd, AT&T Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., Orange, Sierra Wireless, Sigfox, Telefonaktiebolaget LM Ericsson, Telefónica S.A., Telit IoT Platforms, LLC, Verizon Communications Inc. and Vodafone Group Plc.
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