The impact of Covid-19 on Internet of Things (IoT) Market By technology (software solution, platforms, and services), By vertical (Banking financial services and insurance, Healthcare, Retail, Transportation, Utilities and Government and defense) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030

Product overview

Global Internet of things (IoT) is a system of interrelated computing devices, objects, animals, mechanical and digital machines, or people that are provided with unique identifiers along with the ability to transfer data over a network without human interaction. An IoT ecosystem consists of web-enabled smart devices that use embedded systems to collect, send, and process data. They share data by connecting to an IoT gateway, where data is sent to the cloud to be analyzed. The technological advancements have led the use of IoT in applications such as building and home automation, infrastructure, consumer smart home applications, environmental monitoring, medical and healthcare, etc. The growing demand for connected smart devices is driving the growth of the IoT market with a CAGR of around 17.56%.

Market Highlights

Global impact of COVID-19 on the Internet of Things (IoT) market size is expected to grow from USD 150 billion in 2019 to USD XXX billion by 2030, at a Compound Annual Growth Rate of XX% during the forecast period. Factors such as an increased focus on remote monitoring, growing smart payments technology in order to minimize human interaction in cash payments and rising wearable devices demand to drive the market growth. With the outbreak of Covid-19, a majority of operations have been compromised which has forced organizations to function in a nonoptimized manner thus they are looking for innovative areas that can improve their revenue by a small percentage.

Source: Fatpos Global

Recent Highlights in Global Internet of Things Market

• Shenzhen-based startup Pudu Technology aimed to reduce cross-infection by implementing home delivery of drugs and meals via drones and robots

Global Internet of Things Market: Segments

Global Internet of Things Market can be segmented on the basis of component, vertical, and region.

By technology, it can be classified into software segments, platforms, and services. The software segment is predicted to grow with the highest CAGR of 20.24% over the forecast period. The software segment is to hold the largest market as with the rising covid-19 IoT software solutions such as manufacturing and others have taken a big hit, but organizations are changing their priorities.

By Vertical it can be further divided into Banking financial services and insurance, Healthcare, Retail, Transportation, Utilities, and Government and defense. It is estimated that the healthcare segment will record the highest investment and growth in the year 2020. It has become a major adapter of technology with the rising number of covid-19 cases as it had to quickly adapt to the solutions for high-quality service demand.  The transportation sector is also rising amidst the coronavirus due to the usage of drones by companies in order to fulfill the needs of essential supplies and food deliveries.

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

Global Internet of Things Market: Drivers and Restraints

Remote-based monitoring of workforce will increase the market growth

Industries have shut down or are running at 25% capacity amidst this pandemic, the majority of the countries have provided work from the home facility for employees. To manage the employee's companies are looking up to remote-based monitoring of the workforce which is a major driver of IoT solutions. This helps in bringing transparency, improve safety, provide real-time tracking, and ensure meeting governments' compliance. The transportation sector is also rising amidst the coronavirus due to the usage of drones by companies in order to fulfill the needs of essential supplies and food deliveries which act as another driver of the market.

Customer expectations are a restrain in the IoT market

The major restraints in the internet of things market are meeting the expectations of the customer in terms of process optimization, keeping the IoT hardware updated, easing security concerns due to various connected networks, connectivity issues, waiting for government regulations.

Global Internet of Things Market: Regions

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

North America holds the largest market share of IoT due to various factors such as no initial lockdown in-country, a large number of immigrants and presence of a large number of virus carriers, but APAC may overtake it during the forecast period due to the increasing demand of IoT in developing countries such as India, Australia, and China. Covid-19 has slowed down the economies; however, digitalization and technological advancements in such countries will keep demand for IoT in verticals such as utility and healthcare.

Source: Fatpos Global

Global Internet of Things Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – the United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Internet of Things Market: Key players

• Royal Phillips
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• IBM
• Microsoft
• Bosch
• Happiest minds
• Infosys
• Google
• Vodafone
• Cisco
• AWS
• SAP

Global Internet of Things Market report also contains analysis on:

• Global Internet of Things Market segments:-
• By technology :
  • Software
  • Platform
  • Services
• By vertical :
  • Banking financial services and insurance
  • Healthcare
  • Retail
  • Transportation
  • Utilities
  • Government and defense
• Global Internet of Things Market dynamics
• Global Internet of Things Market size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

FAQs on the Internet of things Market

• Which segment is anticipated to hold the largest market share?
• At what CAGR is the market anticipated to grow between 2020 and 2030?
• Who are the key players in Global Internet of Things Market?
• What could be the challenging factors for the growth of Global Internet of Things Market?
• What are the growth drivers for the Internet of things Market?