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Explore the latest trends and actionable insights on the Internet of Things market to inform business strategy and pinpoint opportunities and risks

Global Market Size of Internet of Things (2019 – 2021, $ Billion)

Industry: IT Infrastructure Equipment
Current: Thematic Indicators

Internet of Things, or IoT, enables data exchange between two physical devices through the internet
Asset Tracking, telematics, advanced automation, and environmental monitoring are a few more examples of IoT applications
The global market size of IoT grew at a CAGR of 10.9% between 2019 and 2021

The advent of the Internet of Things is one of the most significant developments in the information and communication technology sector. The Internet of Things, or IoT, is the ability of everyday physical objects (such as fridges, watches, and cars) to connect with other physical objects through the internet, enabling them to exchange data.

IoT Applications

The concept of the Internet of Things has numerous applications. For instance, if a vehicle is connected to a network, individuals can track the vehicular movements and monitor its operation efficiently. Similarly, in healthcare IoT, attaching wearable medical devices to an IoT cloud can assist in developing the patient's health plan. Asset Tracking, telematics, advanced automation, and environmental monitoring are a few more examples of IoT applications. The global market size of the IoT grew at a CAGR of 10.9% between 2019 and 2021.

IoT Enables Digitalization

IoT enables digital transformation. IoT can lead to enhanced operational efficiency, reduced costs, improved decision-making, and better customer experience when combined with other emerging technologies, such as Artificial Intelligence (AI), 5G, and cloud computing.

Below are a few examples of major companies deploying IoT technology to gain a competitive advantage across industries:

Ocado, a UK-based grocery delivery service, has developed a smart IoT-based warehouse with high levels of automation that uses robotics. The UK-based grocer gains advantage of its IoT solution and sells the solution to other retailers.
Bank of America: The bank has extended contactless payment capabilities to numerous devices, providing customers with more payment options. The bank ensures that the manufacturers of IoT and wearable devices add contactless payment capabilities to the bank’s product.
BMW was one of the first carmakers that brought to market some of the most innovative connected vehicle technology features, such as Here maps that provided real-time traffic information.

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