Massive IoT Market Expected to Reach $521.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Massive IoT Market," The massive iot market size was valued at $71.12 billion in 2021, and is estimated to reach $521.2 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.

Massive IoT is a term used to describe the deployment of a large number of interconnected devices and sensors that are designed to collect and transmit data over the internet. These devices can be deployed in a wide range of applications, including smart cities, agriculture, and healthcare, and can be used to monitor and optimize systems, improve safety, and enable new services and applications. Moreover, there are several wireless technologies that can be utilized for IoT connectivity, but only 4G/5G cellular technology can link IoT gadgets at this scale with an incredibly dependable, completely secured connection, anywhere in the globe, further drive the market growth.

Furthermore, rising popularity of NB-IoT (Narrowband-IoT) and LTE-M technologies and rapid advancement of 5G technology are driving the growth of the market. In addition, the growing demand for industrial automation is fueling the growth of the massive IoT market. However, interoperability issues between number of IoT devices and high cost associated with implementation and maintenance of IoT platform limits the growth of this market. Conversely, the increasing rate in development of smart city initiatives are anticipated to provide numerous opportunities for the expansion of the market during the forecast period. 

Depending on the component, the hardware segment dominated the massive IoT market analysis in 2021 and is expected to continue this trend during the forecast period, owing to the increasing demand for end-to-end IoT solutions that provide connectivity, device management, data analytics, and security, which helps in expanding the growth outlook of the solution segment. However, the services segment is expected to witness the highest growth in the upcoming years, owing to the , which drives the segment growth worldwide.

Region-wise, the massive IoT market forecast was dominated by North America in 2021 and is expected to retain its position during the forecast period, as it is considered as home to many large technology companies that are heavily involved in IoT development and deployment, such as Microsoft, Amazon, and Google, these companies have significant resources and expertise to invest in the massive IoT industry, which is the driving factor in the region. However, Asia Pacific is expected to witness significant growth during the forecast period, as the region is experiencing rapid economic development, with many countries in the region rapidly industrializing and urbanizing. Thus, these factors are expected to witness considerable growth during the forecast period. 

The global COVID-19 pandemic significantly impacted massive IoT industry adoption in 2020, owing to the spread of novel coronavirus has created new opportunities for massive IoT applications. For instance, IoT-enabled devices have been used to monitor and track the spread of the virus, such as by tracking the movement of infected individuals or monitoring the temperature and humidity levels in public spaces. In addition, as more people were forced to work from home due to lockdowns and social distancing measures. Whereas, massive IoT technology has been used to support remote working and learning, as well as to enable new forms of virtual communication and collaboration. IoT devices such as smart cameras, smart speakers, and other connected devices were used for video conferencing, online meetings, and virtual collaboration. Further, such factors have positively impacted the adoption of massive IoT technology globally. Overall, the economic impact of massive IoT is expected to be significant, as it provides new business opportunities to the organizations and helps to improve customer experience.

KEY FINDINGS OF THE STUDY

• By component, the hardware segment accounted for the largest massive IoT market share in 2021.
• Region-wise, North America generated the highest revenue in 2021.
• On the basis of organization size, the large enterprises segment generated the highest revenue in 2021.

The global massive IoT market is dominated by key players such as Cisco Systems, Inc., Ericsson, Google LLC (Alphabet), Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Qualcomm Technologies Inc., SAP SE, Verizon Communications Inc., ScienceSoft USA Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. For instance, in June 2021, To showcase the advantages of Industry 4.0 digitalization, Intel created a 5G smart factory in collaboration with EXOR International, JMA Wireless, and Telecom Italia (TIM). The 4.0 technology integrates cloud and edge computing, 5G, AI, IoT, AR/VR, and 5G. Intel Atom and Xeon Scalable CPUs, Intel FPGAs, and the Edge Controls for Industrial and Edge Insights for Industrial software comprise the foundation of the plant. The factory will help 5G's potential to offer advantages, including enhancing communication in a highly engineered production environment, using industrial robots to provide peer-to-peer connectivity, effecting wireless versus wired connectivity in edge computing clusters.