Internet of Things (IoT) Market Size, Share Global Analysis Report, 2021–2028

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Internet of Things (IoT) Market By Software Solution (Data Management, Security Solution, Network Bandwidth Management, Remote Monitoring System, and Real-Time Streaming Analytics), By Platform (Network Management, Application Management, and Device Management), By Service (Consulting service, Support and maintenance, Deployment and integration, Managed service, and Professional service), By Application (Smart Manufacturing, Smart Energy & Utilities, Smart Mobility & Transportation, Building & Home Automation, Smart retail, Connected Logistics, and Others), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2021–2028

Industry Insights

According to Facts and Factors, the report on the Global Internet of Things (IoT) Market size was valued at approximately USD 310 billion in 2020. The market is anticipated to reach around USD 1,842 billion by 2028, at a CAGR of 24.5% during the forecast period 2021-2028.

logoReport Overview

This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the global Internet of Things (IoT) industry. The report analyzes and declares the historical and current trends analysis of the global IoT industry and subsequently recommends the projected trends anticipated to be observed in the global IoT market during the upcoming years.

The global Internet of Things (IoT) Market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire global Internet of Things (IoT) market. The historical and past insights are provided for 2017 to 2019 whereas projected trends are delivered for 2021 to 2028. The quantitative and numerical data is represented in terms of value (USD Billion) from 2017 – 2028.

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the global Internet of Things industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

logoIndustry Growth Factors

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the global Internet of Things (IoT) industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the global IoT market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the global Internet of Things industry. The global IoT market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the global Internet of Things sector. Key strategic developments in the global IoT market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the global Internet of Things market are appropriately highlighted in the report.

Internet of Things (IoT) is a system of interconnected devices dedicated to performing a single or a set of functions. Networking technology connects various devices embedded via software, electronics, sensors, and wireless chips, within a system. IoT plays a vital role in building smart communication environments like smart homes, smart transportation, smart healthcare, smart shopping, and so on.

Internet of Things (IoT) Market

logoSegmentation Analysis

The global Internet of Things (IoT) market research report delivers an acute valuation and taxonomy of the global IoT industry by practically splitting the market on the basis of different software solutions, platforms, services, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for 2021 to 2028.

The global Internet of Things (IoT) market is segmented based on the software solution, platform, service, application, and region. On the basis of software solutions, the global market is categorized into data management, security solution, network bandwidth management, remote monitoring system, and real-time streaming analytics. By platform, the industry is zoned into network management, application management, and device management. Based on the service, the global IoT market is bifurcated into consulting service, support & maintenance, deployment & integration, managed service, and professional service. Application-wise, the market is classified into smart manufacturing, smart energy & utilities, smart mobility & transportation, building & home automation, smart retail, connected logistics, and others.

logoReport Scope

Report Attribute


Market Size in 2020

USD 310 Billion

Projected Market Size in 2028

USD 1,842 Billion

CAGR Growth Rate

24.5% CAGR

Base Year


Forecast Years


Key Market Players

General Electronics, Microsoft Corporation, Amazon Web Services, International Business Machine (IBM) Corporation, Google Inc., Cisco Systems Inc., Hewlett Packard Enterprise, SAP SE, Bosch Software Innovation GmBH, Intel Corporation, PTC Inc., and Oracle Corporation, and others.

Key Segment

By Software Solution, By Platform, By Service, By Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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logoRegional Analysis

The regional segmentation of the global Internet of Things industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the global IoT industry is provided for the leading economies of the world.

North America will take the lead, supported by rising government spending. Due to increased government smart city plans and cloud investment in the region, North America accounted for the largest market share. The North American industry's communication service providers and producers are expanding their product offerings.

logoCompetitive Players

Some of the essential players operating in the global Internet of Things (IoT) market, but not restricted to include General Electronics, Microsoft Corporation, Amazon Web Services, International Business Machine (IBM) Corporation, Google Inc., Cisco Systems Inc., Hewlett Packard Enterprise, SAP SE, Bosch Software Innovation GmBH, Intel Corporation, PTC Inc., and Oracle Corporation, among others.

The taxonomy of the global Internet of Things (IoT) industry segmentation is as follows:

logoSoftware Solution Segmentation Analysis

  • Data management
  • Security solution
  • Network bandwidth management
  • Remote monitoring system
  • Real-time Streaming Analytics

logoPlatform Segmentation Analysis

  • Network management
  • Application management
  • Device management

logoService Segmentation Analysis

  • Consulting service
  • Support and maintenance
  • Deployment and integration
  • Managed service
  • Professional service

logoApplication Segmentation Analysis

  • Smart manufacturing
  • Smart energy and utilities
  • Smart mobility and transportation
  • Building and home automation
  • Smart retail
  • Connected logistics
  • Others

logoRegional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa


Internet of Things (IoT) Market

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Industry Major Market Players

  •  General Electronics
  •  Microsoft Corporation
  •  Amazon Web Services
  •  International Business Machine (IBM) Corporation
  •  Google Inc.
  •  Cisco Systems Inc.
  •  Hewlett Packard Enterprise
  •  SAP SE
  •  Bosch Software Innovation GmBH
  •  Intel Corporation
  •  PTC Inc.
  •  Oracle Corporation

Frequently Asked Questions

Strict enforcement of laws by government authorities mandating Internet of Things (IoT) Market.
According to Facts and Factors research report, the global Internet of Things (IoT) Market accrued earnings worth approximately XX (USD Billion) in 2020 and is predicted to gain revenue of about XX(USD Billion) by 2028, is set to record a CAGR of nearly XX% over the period from 2021 to 2028.
North America will contribute lucratively towards the global market value over the estimated timeline. The regional market surge is subject to large-scale presence of giant participants in countries such as the U.S. Apart from this, favorable compensation policies along with high acceptance of new Internet of Things (IoT) Market will drive regional market trends. With regional governments enforcing strict laws pertaining to drug abuse, the market for Internet of Things (IoT) Market in North America is set to witness exponential growth over years to come. Legalization of cannabis in countries such as Canada and U.S. through passing of acts in parliament is likely to enlarge scope of Internet of Things (IoT) Market in North America over coming decade.
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