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Predictions and Growth Opportunities for the Global Internet of Things (IoT) Market, 2022–2023
Companies Resuming Investments and Adopting New Technologies Enable Quick Market Recovery from the Pandemic’s Aftereffects
04-Apr-2022
Global
Market Research
K61E-01-00-00-00
IT04495-GL-MR_26401
The COVID-19 pandemic significantly impacted enterprises’ IoT strategies. As digital transformation came to the forefront, priorities and demand for IoT solutions accelerated. To measure the impact, Frost & Sullivan updated its IoT market forecast for 2022 to 2023 based on conversations with market participants and results of end-user surveys from late 2021.
The total IoT market in 2021—comprising professional and managed services, hardware, platforms and software, and connectivity services—accounted for $190.26 billion in revenue. In 2021, revenue growth rates indicated a market recovery compared to 2020, when the pandemic hit harder, canceling or postponing several large IoT projects. Although the rising demand for hardware, platforms, and software for IoT solutions push the market forward, revenue growth rates are forecast to slow down in 2023 (20%) compared to the previous year (28%).
In this study, Frost & Sullivan provides a revenue forecast of the IoT market with a base year (2021) and a forecast period (2022 to 2023). The technological segmentation of the IoT market considers IoT components: professional and managed services, hardware, platforms and software, and connectivity services. The study also covers a revenue forecast by region: Asia-Pacific (APAC); Europe, the Middle East, and Africa (EMEA); North America (NA); and Latin America (LA). Lastly, the market forecast comprises an IoT connectivity segmentation by technology [machine-to-machine (M2M) (2G, 3G, 4G, and 5G), cellular LPWAN (NB-IoT and LTE-M), and LPWAN (unlicensed)].
We offer stakeholders vital insights on IoT growth opportunities, including multi-access edge computing (MEC), blockchain, cybersecurity, and ambient intelligence (Aml).
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the IoT Market
Growth Opportunities Fuel the Growth Pipeline Engine™
Summary
Summary (continued)
Research Objectives and Methodology
Companies in Various Stages of IoT Adoption by 2021
C-level Executives—Vital Decision Makers Procuring IoT Software and Services
Security and Process Automation—Main Applications Related to IoT Projects
Operations and Production—The Most-used IoT Business Processes
Automation, Improved Customer Services, and Optimized Operations—Top Benefits of IoT
Security—The Main Challenge for IoT initiatives
Companies to Use Cellular Networks for IoT Solutions
Companies to Require Network Availability for IoT Projects
Most Businesses to Manage IoT Devices and Connectivity on a Platform
On-Premises Data Center to Provide Primary Infrastructure for the IoT
AI/ML—Part of Most IoT Solutions
Hardware Dominating Expense Among IoT Components
Scope of Analysis
Key Growth Metrics
Growth Drivers
Growth Restraints
Revenue Forecast
Revenue Forecast by Region
Long-range Connections Forecast by Technology
Revenue and Connections—Forecast Analysis
Growth Opportunity 1: 5G and MEC Support Connected/Autonomous Vehicles for More Efficient and Safer Transportation
Growth Opportunity 1: 5G and MEC Support Connected/Autonomous Vehicles for More Efficient and Safer Transportation (continued)
Growth Opportunity 1: 5G and MEC Support Connected/Autonomous Vehicles for More Efficient and Safer Transportation (continued)
Growth Opportunity 1: 5G and MEC Support Connected/Autonomous Vehicles for More Efficient and Safer Transportation (continued)
Growth Opportunity 2: A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Collaborate
Growth Opportunity 2: A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Collaborate (continued)
Growth Opportunity 2: A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Collaborate (continued)
Growth Opportunity 3: Cybersecurity and Cyber Compliance for Blockchain-based Cryptocurrency Fraud Prevention
Growth Opportunity 3: Cybersecurity and Cyber Compliance for Blockchain-based Cryptocurrency Fraud Prevention (continued)
Growth Opportunity 3: Cybersecurity and Cyber Compliance for Blockchain-based Cryptocurrency Fraud Prevention (continued)
Growth Opportunity 4: AmI Combines with LPWAN for Smart Home Applications
Growth Opportunity 4: AmI Combines with LPWAN for Smart Home Applications (continued)
Growth Opportunity 4: AmI Combines with LPWAN for Smart Home Applications (continued)
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Where Organizations are Evaluating or Deploying IoT Solutions, Global, 2021
- Vital Decision Makers Procuring Iot Software and Services, Global, 2021
- Main Applications Related to IoT Projects in Organizations, Global, 2021
- IoT Business Processes and Plans Utilizing IoT Solutions, Global, 2021
- Top 3 IoT Implementation Benefits, Global, 2021
- Level of Challenge of Aspects while Implementing IoT Initiatives, Global, 2021
- Network Connection Types in IoT solutions, Global, 2021
- Main Connectivity Characteristics Necessary for IoT Projects, Global, 2021
- Platforms for Managing IoT Devices and Connectivity, Global, 2021
- Platform Types for Managing IoT Devices and Connectivity, Global, 2021
- Infrastructure Options for Compute and Storage Related to IoT, Global, 2021
- AI/ML in IoT Solutions, Global, 2021–2023
- Reasons for Not Implementing AI/ML in the Near Future, Global, 2021–2023
- Investment Percentage (%) in IoT Components, Global, 2021
- IoT Market: Key Growth Metrics, Global, 2021
- IoT Market: Growth Drivers, Global, 2022–2023
- IoT Market: Growth Restraints, Global, 2022–2023
- IoT Market: Revenue Forecast, Global, 2021–2023
- IoT Market: Revenue Forecast by Region, Global, 2021–2023
- IoT Market: Cumulative Long-range IoT Devices Forecast by Technology, Global, 2021–2023
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