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IoT Technology Market Share

Report ID: GMI9667
Published Date: May 2024
Report Format: PDF

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IoT Technology Market Share

IBM Corporation and Microsoft Corporation, Intel Corporation hold a significant share of over 35% in the IoT technology industry. IBM Corporation, with its extensive portfolio of IoT solutions and services, leverages its expertise in data analytics, cloud computing, and artificial intelligence to deliver end-to-end IoT solutions for businesses across various sectors. Its Watson IoT platform provides organizations with robust tools for device management, data analysis, and predictive maintenance, enabling them to derive actionable insights and drive operational efficiencies.

Microsoft Corporation, known for its Azure IoT platform, offers a comprehensive suite of tools and services for IoT application development, deployment, and management. Azure IoT provides scalable and secure infrastructure, integrated analytics, and seamless integration with other Microsoft services, empowering businesses to build innovative IoT solutions and accelerate digital transformation initiatives. Intel Corporation, a leader in semiconductor technology, provides essential components for IoT devices, including processors, sensors, and connectivity solutions. Its expertise in edge computing and hardware optimization enables Intel to deliver high-performance, energy-efficient solutions for IoT deployments, catering to diverse industry needs such as smart manufacturing, automotive, and healthcare.

IoT Technology Market Companies

Major companies operating in the IoT technology industry are:

Cisco Systems, Inc.
IBM Corporation
Microsoft Corporation
Intel Corporation
Google LLC
Amazon Web Services, Inc. (AWS)
Siemens AG

Authors: Suraj Gujar, Sayali Pawar

Frequently Asked Questions (FAQ) :

The market size of IoT technology reached USD 900 million in 2023 and is set to witness 8% CAGR from 2024 to 2032, due to the increasing adoption of IoT devices across multiple sectors.

The software component segment is estimated to register over 9% CAGR between 2024 and 2032, owing to the increasing need for specialist software solutions to handle, evaluate, and comprehend the enormous volumes of data produced by IoT devices.

The cellular connectivity segment in the IoT technology industry recorded over 40% share in 2023, as it provides wide coverage and dependability, allowing IoT devices to maintain connectivity.

North America market is anticipated to record more than 38% share in 2023, attributed to the highly developed infrastructure, such as advanced telecommunications networks and widespread internet access.