The Global IoT Market is Expected to Reach US$1463.19 Billion by 2027

Analytics Insight predicts the global IoT market to reach a value of US$1463.19 Billion by 2027 from US$761.4 Billion in 2020 at a CAGR of 24.9% during the forecast period (2021-2026). The phase of the Covid-19 pandemic witnessed the collaboration of the market vendors with several organizations to offer emerging technology-enabled solutions to the healthcare organizations to help them overcome the crisis effectively.

For instance, at the end of January, the Shanghai Public Health Clinical Center (SPHCC) has used the California-based connected health start-up VivaLNK's continuous temperature measuring device to monitor COVID-19 patients, which therefore reduces the risks of healthcare providers being exposed to the virus. The emergence of advanced data analytics, increase in the adoption of cloud platforms, development of wireless networking, etc are also steering the growth of the IoT market at a positive rate.

The big tech giants in the global Internet of Things market are Amazon.com Inc., AT&T Inc, Bosch Software Innovations GmbH, Cisco Systems, Inc., IBM Corporation, Intel Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Siemens AG. Other areas that saw significant increases in spending include cloud infrastructure for IoT deployments and IoT software applications.

All types of industrial sectors and consumer markets use IoT devices, with the consumer segment accounting for the largest share of the IoT devices market with approximately 35 percent of the total IoT device market in 2020.

Smartphones are the most commonly used devices in the IoT consumer internet and media devices segment, acting as connectors between many smart devices. Connected vehicles, payment terminals, smart grid, building automation, CCTV, and security and fire alarms are other IoT use cases catering to the growth of IoT revenue worldwide.