IoT Connectivity Market 2023-2028: Compound Annual Growth Rate of 25.34%, Top Companies and Business Opportunities

Published February 16, 2023

What is the Size of the IoT Connectivity Market ? : 

IMARC Group’s latest report, titled “IoT Connectivity Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global IoT connectivity market size reached US$ 6.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.4 Billion by 2028, exhibiting a growth rate (CAGR) of 25.34% during 2023-2028.

Internet of Things or IoT connectivity represents to network solutions that offer a network infrastructure and communication platform to connect IoT devices. They consist of various networking technologies, such as low power wide area network (LPWAN), cellular, Wi-Fi, etc. IoT connectivity solutions allow IoT devices to communicate with applications, servers, routers, gateways, and other devices. They facilitate seamless communication, transmission, and receiving of data thereby enabling IoT devices to adequately perform the functions they were designed for. Consequently, IoT connectivity services find extensive utilization across numerous sectors, including banking, healthcare, travel and hospitality, defense and aerospace, information technology (IT), telecommunication, retail, e-commerce, manufacturing, etc.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

  • Aeris
  • AT&T Inc
  • Cisco Systems Inc
  • Huawei Technologies Co. Ltd
  • Orange, Sierra Wireless
  • Sigfox
  • Telefonaktiebolaget LM Ericsson
  • Telefónica S.A
  • Telit, Verizon Communications Inc
  • Vodafone Group Plc

Why is Connectivity Important in IoT ? :

The growing reliance of companies across the globe on IoT technology to boost productivity, derive data-driven insights, create new business models and revenue streams, etc., is among the key factors driving the IoT connectivity market. In addition to this, the emerging trend of automation in industrial processes for monitoring products in real-time and addressing quality defects is acting as another significant growth-inducing factor. Apart from this, the escalating adoption of IoT wearables in the healthcare industry that provide continuous health analytics to monitor a patient remotely and track the health and safety of medical workers is also positively influencing the global market. Moreover, the rising sales of connected cars that enable device-to-device communication is further stimulating the market growth. Besides this, the inflating investments by government bodies across countries to develop smart cities to reduce energy consumption and improve waste management, urban space management, outdoor air quality, and road safety are expected to propel the IoT connectivity market over the forecasted period.

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Key Market Segmentation:

Breakup by Component:

  • Solutions
  • Services

Breakup by Application:

  • Buildings and Home Automation
  • Smart Energy and Utility
  • Smart Manufacturing
  • Smart Retail
  • Smart Transportation
  • Others

Breakup by Enterprise Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Breakup by End Use Industry:

  • BFSI
  • Healthcare
  • Travel and Hospitality
  • Defense and Aerospace
  • IT and Telecommunication
  • Retail and E-Commerce
  • Manufacturing
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other) 

Key Highlights of the Report: 

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape 

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. 

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About Us: 

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. 

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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