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IoT Technology Market Trends

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

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IoT Technology Market Trends

There are several notable developments in the IoT technology sector that are influencing its future direction. Increasingly, AI and ML are being included into Internet of Things systems, which is a significant development. Through improved data analytics, predictive maintenance, and self-governing decision-making processes, AI and ML augment the capabilities of IoT devices. These kinds of IoT solutions—like smart manufacturing systems that anticipate equipment breakdowns before they happen or smart home devices that can pick up on user preferences and adjust accordingly—are made possible by this integration.

IoT, AI, and ML working together to drive innovation across industries is increasing the overall value of IoT investments and developing more advanced applications. In February 2024, Indian generative AI startup Sarvam AI has announced a collaboration with Microsoft to make its Indic voice large language model (LLM) available on Azure. This partnership underscores Microsoft’s dedication to fostering AI-driven growth and innovation in India. In May 2024, IBM unveiled the next chapter of watsonx with open source, product & ecosystem innovations to drive enterprise ai at scale. Also, IBM released a family of granite models into open source and launched InstructLab, a first-of-its-kind capability, in collaboration with Red Hat.

The rapid adoption and deployment of 5G networks is transforming the IoT technology market. 5G technology offers significantly faster data transmission speeds, reduced latency, and improved connectivity compared to previous mobile networks. This enhanced network capability supports a much larger number of IoT devices and enables real-time communication and processing. The impact of 5G on IoT is evident in areas such as autonomous vehicles, smart cities, and industrial IoT, where reliable and fast connectivity is crucial. As 5G networks expand globally, they are expected to accelerate the growth and development of IoT applications, making them more efficient, responsive, and widespread.

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.