Iot infrastructure enables connectivity of physical devices, vehicles and appliances through embedded technologies. Key components include hardware, software, connectivity and services. Hardware include sensors, RFID tags, actuators and nodes while software comprise platforms to deploy and integrate connected devices. Connectivity enables wired and wireless communication between devices. Service providers offer services related to remote monitoring, data analytics and subscription management. The increasing need for remote monitoring and data insights is driving adoption of Iot infrastructure across industries.
The Global Iot Infrastructure Market is estimated to be valued at US$ 4755.88 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the Iot Infrastructure market are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co.
Iot infrastructure Iot Infrastructure Market Demand is growing across industries such as manufacturing, healthcare, transportation and utilities due to need for remote monitoring and predictive maintenance. Manufacturing companies are using sensors and gateways to monitor assets, track inventory and optimize operations.
Technological advancement: Emergence of low power wide area networks, 5G connectivity and edge/fog computing are allowing miniaturization of physical devices. Adoption of blockchian and AI is enabling higher levels of security, reliability and process automation using Iot infrastructure.
Market Trends
Increasing connectivity: There is a growing trend of integrating various communication protocols in Iot infrastructure to provide seamless connectivity. Hybrid networks combining low power and cellular technologies are becoming popular.
Edge computing and storage: To reduce latency and network traffic, more processing is getting decentralised at the edge with capabilities for local analytics and storage. Edge nodes integrated with 5G are allowing real-time insights.
Market Opportunities
Predictive maintenance: Iot Infrastructure Market Challenges And Opportunities enables remote monitoring of physical assets to predict failures and maintenance needs through sensor data analysis. This helps optimize maintenance cycles and reduce downtime.
Smart cities: Iot infrastructure can empower smart street lighting, traffic management, waste collection through integration of sensors in city infrastructure. This presents an opportunity for improved efficiencies.
Impact of COVID-19 on Iot Infrastructure Market Growth
The COVID-19 pandemic has significantly impacted the growth of Iot infrastructure market. During the initial phases of lockdown imposed across various regions, the companies have faced operational challenges due to disrupted supply chains and workforce availability issues. This led to postponed deployments of Iot infrastructure projects. However, with the increased remote working culture and growing demand for remote health monitoring solutions during the pandemic, the Iot infrastructure witnessed a surge in demand post lockdowns. Various industries accelerated their digital transformation initiatives using Iot to enable remote asset monitoring, supply chain management and workforce safety. The healthcare sector widely adopted Iot solutions for telemedicine, contactless patient monitoring and vaccine management. Going forward, the focus on replacing legacy systems with advanced Iot infrastructure offering enhanced security, interoperability and real-time analytics is expected to drive higher adoption across industries in the post pandemic era.
Geographical Regions with Highest Iot Infrastructure Market Value
North America region holds the highest share of Iot infrastructure market in terms of value. The large presence of technological giants offering innovative Iot platforms and solutions along with early adoption across various industries including automotive, healthcare, manufacturing has attributed to its leading position. Moreover, supportive government initiatives for Smart City projects further encourage Iot deployments. Europe is also among the top regions concentrting major market value led by countries such as Germany, UK and France adopting Iot at a significant pace. Asia Pacific region is witnessed as the fastest growing market for Iot infrastructure with China and India being the key focus countries. This is attributed to increasing investments in digital transformation projects and growing industrial automation.
Fastest Growing Geographical Region for Iot Infrastructure Market
Asia Pacific region is expected to witness the fastest growth in Iot infrastructure market during the forecast period between 2024 to 2031. The major factors influencing rapid adoption in Asia Pacific region includes huge population base resulting in increasing demand for smart connected devices, growing investments in digital infrastructure by governments, and presence of manufacturing hubs triggering industrial automation adoption. Moreover, countries like China and India are aggressively working towards enhancing connectivity capabilities to support advanced Iot applications through initiatives like Digital India and Made in China 2025. This in turn is expected to accelerate the deployments of Iot infrastructure solutions including sensors, network infrastructure and other hardware components, making Asia Pacific the fastest growing market geography during the forecast period.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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