The Internet of Things, or IoT, describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. Use cases include the automated home, the connected car, wearable technology, the automated home, smart cities, and predictive maintenance for industrial machinery.

Scope

This report provides an overview of the Internet of Things (IoT) theme.

It identifies the key trends impacting growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.

It contains a comprehensive industry analysis, including market size and growth forecasts for both enterprise and consumer IoT, details of M&A deals driven by the IoT theme, and analysis of patent trends.

The detailed value chain shows comprises five layers: devices, connectivity, data, apps, and services. Leading and challenging vendors are identified across each of the five layers.

Key Highlights

For IoT technology to become truly pervasive, two things need to happen: latency levels need to drop to allow real-time decision making, and IoT deployments need to operate more autonomously. Advances in data center technology are already pushing more intelligence to the edge of data networks, reducing latency, while Artificial Intelligence of Things (AIoT) technology is gradually reducing the role of human decision-making in many IoT ecosystems.

Pervasive IoT will become closer to reality as AIoT and edge computing – both nascent technologies – mature, perhaps in a decade or so for markets such as autonomous trucks.

From a wearable fitness tracker to a smart speaker at home, from a connected car to a smart building, and from advanced automation to asset tracking, IoT plays a role in every aspect of life in every industry. COVID-19 has highlighted the crucial role the IoT has come to play in our lives. Many traditional use-cases like smart city projects were put on hold as businesses coped with the pandemic-driven economic slowdown and governments reprioritized budgets in response to the health crisis. By contrast, several IoT use cases saw growing adoption during the pandemic, such as using connected thermal cameras to detect potential COVID-19 infections and sensors for monitoring office occupancy levels. The demand for technologies that can help the workforce get safely back to work is rising and will likely continue to grow. IoT applications such as contact tracing devices and health-monitoring wearables provide critical data to help fight the pandemic.

Historically, much of the actual value of IoT came from industrial applications. This is not the flashy multicolored world of the automated home. It’s the domain of grimy factory machines. Currently, the consumer IoT market is beginning to take off. More than 5 billion consumers own a smartphone. We expect spending on wearable technology to increase from $59bn in 2020 to $156bn by 2024. Penetration of automated home technology is rising too, with our forecasts for spending on the automated home rising from $66bn in 2020 to $93bn by 2024.

The next phase of IoT has the potential to transform how we live and work. As IoT penetration extends to the point of being pervasive, entirely new business models will emerge. IoT networks will even do business with one another, providing services resulting from autonomous, or near-autonomous, collaboration. IoT enabled factories could operate with far greater efficiency and flexibility. Farms could increase productivity and improve sustainability. Cities could optimize their use of resources and offer residents all kinds of new services at a lower cost. To make these new IoT ecosystems more intelligent and communicative and reduce the human-machine gap, connected things will be embedded with AI capabilities.

Reasons to Buy

We forecast the global IoT market to reach $1.1 trillion in revenue by 2024. Enterprise IoT will account for 73% of market revenue by 2024, down from 76% in 2020, while the consumer segment will make up 27% in 2024, up from 24% in 2020, with significant growth coming from wearables. In a post-COVID-19 world, we expect a new wave of digital transformation to fuel higher growth across all IoT markets.

This report includes a comprehensive technology briefing, which identifies five major IoT markets (automated home, connected car, wearable technology, smart cities, and Industrial Internet). It also discusses key enabling technologies for IoT, including AI, cloud computing, 5G, and cybersecurity, and analyzes the four stages of IoT development.

As well as market forecasts for the global IoT market, this report also includes forecasts to 2024 for consumer and enterprise IoT, and the five major IoT markets.

The value chain identifies leading vendors and notable challengers across all layers, including devices, connectivity, data, and apps.

Key Players

  • AAC Technologies

    Accenture

    Accton

    Actifio

    ADT

    Akamai

    Alarm.com

    Alibaba

    Alphabet

    Alps Electric

    Alteryx

    Altibase

    Amazon

    Ambarella

    AMD

    AMS

    Analog Devices

    Apple

    Arcadia Data

    Arista Networks

    Arm

    Armis

    Arup

    AT&T

    Atkins

    Atos

    Attivio

    Audi

    BAE Systems

    Baidu

    Bentley Systems

    Bharti Airtel

    BigPanda

    Black & Veatch

    BMC Software

    BMW

    Boeing

    Bosch

    Broadcom

    BT Group

    C3.ai

    Canon

    Capgemini

    Celestica

    Check Point Software

    Chicony

    China Mobile

    China Telecom

    China Unicom

    Ciena

    Cisco

    Citrix Systems

    Cloudera

    Cognex

    Cognizant

    Comcast

    Continental

    Control4

    Couchbase

    CrowdStrike

    Daimler

    Darktrace

    Dassault Systèmes

    Data Virtuality

    Dataiku

    Datameer

    DataRobot

    DataStax

    DataTorrent

    DataVirtuality

    Dell Technologies

    Deloitte

    Delphix

    Denodo Technologies

    Denso

    Deutsche Telekom

    Didi Chuxing

    DJI

    Domo

    Dundas

    DXC Technologies

    EnterpriseDB

    Equinix

    Ericsson

    Exago

    Exasol

    Exeros Technologies

    Extreme Networks

    F5 Networks

    Facebook

    FICO

    FireEye

    Floow

    Fortinet

    Fujifilm

    Fujitsu

    Gafcon

    Garmin

    GE

    Geely

    Genpact

    Geotab

    Goertek

    Google

    GoPro

    HCL Technologies

    Here Technologies

    Hikvision

    Hitachi

    Hitachi Vantara

    Holitech Technology

    HollySys

    Honeywell

    HPE

    HTC

    Huawei

    IBM

    iFlytek

    InetSoft

    Infineon

    Infor

    Informatica

    Information Builders

    Infosys

    INRIX

    Inspur

    Intel

    JD.com

    Juniper Networks

    Kakao

    Kanematsu

    KDDI

    Keboola

    Keyence

    KNIME

    Knowles

    Konica Minolta

    KT

    Kyvos

    Largan Precision

    Leadspace

    Lenovo

    LG Electronics

    LG Innotek

    Libelium

    Link Labs

    Lite-On

    Lockheed Martin

    Lumen Technologies

    Lytx

    MapR (HPE)

    MarkLogic

    McAfee

    McKinsey

    MediaTek

    Microchip

    Microsoft

    MicroStrategy

    MiTAC

    Mix Telematics

    Mobileye

    Mobvoi

    MongoDB

    Mott McDonald

    Murata

    Naver

    NetApp

    Netgear

    Nikon

    Nippon Ceramic

    Nokia

    Northrop Grumman

    NTT

    Nutanix

    Nvidia

    NXP

    Okta

    OnStar

    OpenText

    Oracle

    Orange

    Palantir

    Palo Alto Networks

    Panasonic

    Panoply

    Percona

    Plantronics

    PostgreSQL

    Precisely

    Progress Software

    PTC

    Pure Storage

    PwC

    Pyramid Analytics

    Qlik

    Qorvo

    Q-Tech

    Qualcomm

    Quanta Cloud Technology

    Rackspace Technologies

    Rakuten

    Rapid Insight

    RapidMiner

    Redis Labs

    Renesas

    Ricoh

    Rockwell Automation

    Rohm

    Rokid

    Rstudio

    SAIC Motors

    Salesforce

    Samsara

    Samsung Electronics

    SAP

    SAS

    Scality

    Schneider Electric

    Securonix

    Seiko Epson

    Sensata

    Siemens

    Simility (PayPal)

    SingTel

    Sisense

    SK Telekom

    Skyworks

    Snowflake

    Softbank

    Software AG

    Sonos

    Sony

    Splunk

    STMicroelectronics

    Sunny Optical

    Surbana Jurong

    Talend

    Tata Communicationss

    Tata Motors

    TCS

    TDK

    TE Connectivity

    Telefónica

    Telstra

    Tencent

    Teradata

    Tesla

    Texas Instruments

    Thales

    ThoughtSpot

    TIBCO

    Toshiba

    Toyota

    Trend Micro

    Tsinghua Unigroup

    TSMC

    Uber

    Ubiquiti

    Under Armor

    Vdoo

    Verizon

    VMware

    Vodafone

    VoltDB

    Vuzix

    VW

    Webfleet Solutions

    Wipro

    Workato

    Xiaomi

    Xilinx

    Yandex

    ZTE

Table of Contents

Executive summary

Players

Technology briefing

Trends

Industry analysis

Value chain

Companies

Sector scorecards

Glossary

Further reading

Thematic methodology

Frequently Asked Questions

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