The number of Internet of Things (IoT) devices worldwide is forecast to almost double from 15.9 billion in 2023 to more than 32.1 billion IoT devices in 2030. In 2033, the highest number of IoT devices will be found in China, with around 8 billion consumer devices. IoT devices are used in all types of industry verticals and consumer markets, with the consumer segment accounting for around 60 percent of all IoT or connected devices in 2023. This share is projected to stay at this level over the next ten years. Major verticals and use cases Major industry verticals with currently more than 100 million connected IoT devices are electricity, gas, steam & A/C, water supply & waste management, retail & wholesale, transportation & storage, and government. Overall, the number of IoT devices across all industry verticals is forecast to grow to more than eight billion by 2033. Major use-cases The most important use case for IoT devices in the consumer segment are consumer internet & media devices such as smartphones, where the number of IoT devices is forecast to grow to more than 17 billion by 2033. Other use cases with more than one billion IoT devices by 2033 are connected (autonomous) vehicles, IT infrastructure, asset tracking & monitoring, and smart grid.

The Report Covers Internet of Things Market Opportunities and Growth. The Market is Segmented by Component (Hardware, Software/Platform, Connectivity, and Services), End User Industry (Manufacturing, Transportation, Healthcare, Retail, Energy and Utilities, Residential, Government, and Insurance), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The global market for Internet of things (IoT) end-user solutions is expected to grow to 212 billion U.S. dollars in size by the end of 2019. The technology reached 100 billion dollars in market revenue for the first time in 2017, and forecasts suggest that this figure will grow to around 1.6 trillion by 2025. The Internet of Things
The Internet of Things (IoT) is a term used to describe the continually growing network of internet connected electronic devices that are in operation around the world today. These devices often share data and information in order to provide added convenience and control to consumers and, in some cases, even allow users automate simple processes such as ordering supplies. Tens of billions of these IoT connected devices already exist around the world and this number will only grow as internet connectivity begins to become a standard feature for a great number of electronics devices. Although heavily integrated into the consumer electronics market, IoT extends far beyond handheld devices and home appliances; IoT subsystems such as industrial internet and connected cities aim at automating factories and urban areas rather than just households. Digital virtual assistants such as Amazon’s Alexa and Google Assistant serve as the bridge between this network of interconnected devices and their human users.

Explore the IoT Market trends! Covers key players, growth rate 24.7% CAGR, market size $1520.12 Billion, and forecasts to 2034. Get insights now!

According to Cognitive Market Research, the global AI in IoT market will be USD 5.5 billion in 2024 and expand at a compound annual growth rate (CAGR) of 23.5% from 2024 to 2031. Market Dynamics of AI in IoT Market

Key Drivers for AI in IoT Market

Increasing Big Data Volume - The expansion of big data, as well as the rapidly increasing volume and complexity of data, is being driven by increased mobile traffic, cloud computing traffic, and the development and use of technologies such as IoT and AI. Big data analytics is an effective means of distributing data and generating insightful and practical knowledge from huge amounts of information. Organizations can benefit from significant predictive analytics in a variety of areas, including operations, marketing, risk assessment, and raid detection. For example, in a 2020 research, about 90% of business professionals and enterprise analytics stated that data and analytics are crucial to their organization's digital transformation efforts. Data and analytics are rapidly becoming critical components for businesses. Need for Effective Data Management

Key Restraints for AI in IoT Market

Growing Importance of Cybersecurity Concerns High Costs Introduction of AI in IoT Market

Artificial intelligence (AI) in the Internet of Things (IoT) refers to the application of AI technology to analyze enormous volumes of data generated by IoT devices, such as machine learning and deep learning. It comprises using AI algorithms to IoT data in order to extract valuable information, discover trends, and make predictions or judgments. Furthermore, automation is another facet of AI in IoT, in which AI-powered solutions streamline procedures, optimize business processes, and enable autonomous decisions across the IoT landscape. Furthermore, the combination of artificial intelligence with IoT has the potential to generate numerous benefits for both enterprises and consumers. AI in IoT solutions has the potential to increase corporate efficiency and productivity while also reducing expenses. Additionally, it can give increased convenience and a better user experience for consumers; such AI in IoT market trends are expected to create multiple potential opportunities during the forecast period. Furthermore, combining AI with IoT can improve data management and analytics while also providing businesses with a better understanding of their products. Such increased variables are projected to create attractive prospects for artificial intelligence in IoT market growth throughout the predicted years. Factors such as increased digitalization, a greater demand for intelligent business systems, and increased use of innovative technologies all had a beneficial impact on market growth.

By 2025, forecasts suggest that there will be more than 75 billion Internet of Things (IoT) connected devices in use. This would be a nearly threefold increase from the IoT installed base in 2019.

What is the Internet of Things?

The IoT refers to a network of devices that are connected to the internet and can “communicate” with each other. Such devices include daily tech gadgets such as the smartphones and the wearables, smart home devices such as smart meters, as well as industrial devices like smart machines. These smart connected devices are able to gather, share, and analyze information and create actions accordingly. By 2023, global spending on IoT will reach 1.1 trillion U.S. dollars.

How does Internet of Things work?

IoT devices make use of sensors and processors to collect and analyze data acquired from their environments. The data collected from the sensors will be shared by being sent to a gateway or to other IoT devices. It will then be either sent to and analyzed in the cloud or analyzed locally. By 2025, the data volume created by IoT connections is projected to reach a massive total of 79.4 zettabytes.

Privacy and security concerns 

Given the amount of data generated by IoT devices, it is no wonder that data privacy and security are among the major concerns with regard to IoT adoption. Once devices are connected to the Internet, they become vulnerable to possible security breaches in the form of hacking, phishing, etc. Frequent data leaks from social media raise earnest concerns about information security standards in today’s world; were the IoT to become the next new reality, serious efforts to create strict security stands need to be prioritized.

The IoT security market size is projected to grow from USD 20.08 billion in the current year to USD 277.47 billion by 2035, representing a CAGR of 26.96%, during the forecast period till 2035.

Snapshot img

Internet Of Things Sensors Market Size 2024-2028

The internet of things sensors market size is forecast to increase by USD 63.09 billion at a CAGR of 41.29% between 2023 and 2028.

The market is experiencing significant growth due to several key trends. The increasing demand for smart factories and Industrial IoT (IIoT) is driving the market, as sensors play a crucial role in enabling real-time monitoring and automation of industrial processes. 
Additionally, the need for remote monitoring of various applications, such as healthcare services and agriculture, is leading to a surge in demand for IoT sensors. Furthermore, regulatory compliance is becoming increasingly important, and sensors are essential for ensuring adherence to various standards and regulations. These factors are expected to continue fueling the growth of the IoT sensors market in the coming years.

What will be the Size of the IoT Sensors Market During the Forecast Period?

Request Free Sample

The market is experiencing robust growth, driven by the increasing adoption of IoT technologies in various industries. IoT sensors play a crucial role in building security systems, connected healthcare, supply chain optimization, and smart home automation, among others. These sensors enable real-time data analysis, response time improvement, and AI-powered decision making in areas such as temperature and lighting control, edge computing, and error identification.
Market trends include the integration of IoT sensors in industrial automation, workflow optimization, and smart grid technology. In the realm of consumer devices, wearable technology trends, inertial sensors, and proximity-based systems are gaining traction. IoT sensors are also revolutionizing sectors like healthcare with applications in health monitoring, including electrocardiograms and occupancy sensors.
Additionally, IoT sensors are essential for digital transformation strategies in industries like transportation, enabling sustainable transportation solutions and autonomous vehicle development. In the realm of smart cities, IoT sensors are instrumental in optimizing energy management, air quality monitoring, and smart city infrastructure. Furthermore, IoT sensors are transforming industries like agriculture with precision farming and process optimization. In the realm of security, IoT sensors are being used for advanced robotics and occupancy detection, providing enhanced security measures. Overall, the IoT sensors market is a dynamic and evolving landscape, offering numerous opportunities for businesses seeking to leverage real-time data and improve operational efficiency.

How is this Internet Of Things Sensors Industry segmented and which is the largest segment?

The IoT sensors industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Consumer electronics
  Automotive
  Food and beverages
  Healthcare
  Others


Type

  Temperature sensor
  Pressure sensor
  Humidity sensor
  Flow sensor
  Others


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By End-user Insights

The consumer electronics segment is estimated to witness significant growth during the forecast period.

IoT sensors play a pivotal role in the consumer electronics industry, fueling the growth of markets such as wearable technology and smart homes. The integration of IoT sensors in devices enables enhanced functionality and responsiveness. Notable consumer electronics incorporating these sensors include smartphones, smartwatches, and fitness trackers, which monitor environmental changes, track user movement, and measure vital signs. The advent of IoT sensors has facilitated the development of smart homes, where devices can be remotely controlled via mobile applications. Additionally, IoT sensors are employed in industries like manufacturing, healthcare, transportation, and energy to optimize processes, improve response times, and enable remote monitoring.

Innovations such as connected cars, autonomous driving technologies, smart cities, aerospace, and industrial automation further expand the application scope of IoT sensors. These sensors contribute to energy efficiency, asset tracking, temperature and humidity control, and building automation, among other applications. IoT sensors enable data-driven strategies and facilitate the integration of machine learning and artificial intelligence, enhancing overall system performance.

Get a glance at the Internet Of Things (Iot) Sensors Industry report of share of various segments Request Free Sample

The Consumer electronics segment was valued at USD 1.18 billion in 2018 and showed a grad

The Internet of Things (IoT) market is experiencing robust growth, projected to reach $1161.28 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 18.52% from 2025 to 2033. This expansion is driven by several key factors. Firstly, the increasing adoption of IoT devices across diverse sectors like industrial automation, retail (smart shelves, inventory management), healthcare (remote patient monitoring, connected medical devices), and information and communications technology (ICT) infrastructure is fueling demand. The technological advancements in RFID, sensors, NFC technology, and cloud computing services are further enhancing the capabilities and applications of IoT, broadening its market appeal. Geographically, North America, particularly the United States, currently holds a significant market share due to early adoption and advanced technological infrastructure. However, rapid growth is anticipated in the Asia-Pacific region, especially in China and India, driven by expanding digital infrastructure and increasing government initiatives promoting IoT adoption. While challenges exist, such as data security concerns and interoperability issues, the overall market trajectory remains positive, indicating substantial growth opportunities for companies involved in hardware, software, and service provision within the IoT ecosystem. The competitive landscape is characterized by a mix of established technology giants like Alphabet Inc., Cisco Systems Inc., and Microsoft Corp., alongside specialized IoT solution providers. These companies are employing various strategies, including strategic partnerships, acquisitions, and research and development investments, to strengthen their market position. The market’s future hinges on continued technological innovation, particularly in areas like artificial intelligence (AI) integration for advanced analytics and improved data security solutions. The evolving regulatory landscape concerning data privacy and cybersecurity will play a significant role in shaping the market's growth trajectory in the coming years. The continuous development of low-power wide-area networks (LPWANs) and other communication technologies is also expected to further accelerate IoT adoption across a broader range of applications and environments. A strong focus on addressing scalability challenges and ensuring reliable connectivity across diverse networks will be crucial for continued market expansion.

The global Internet of Things (IoT) market size was valued at USD 1.39 billion in 2025 and is projected to grow at a CAGR of 11.4% from 2025 to 2033. The growth of the IoT market can be attributed to the increasing adoption of IoT-enabled devices and technologies across various industries, such as consumer electronics, healthcare, automotive, and manufacturing. Key drivers of the IoT market include the growing demand for connected devices, the proliferation of cloud computing, and the increasing adoption of artificial intelligence (AI) and machine learning (ML). These factors are driving the development of new IoT applications and services, which is in turn fueling the growth of the IoT market. Additionally, the increasing government support for IoT initiatives is also contributing to the growth of the market. The major market players include Amazon.com, Inc, Microsoft, Qualcomm Technologies, Inc, Intel Corporation, and PTC. North America is the largest market for IoT, followed by Europe and Asia-Pacific. The Internet of Things (IoT) market is experiencing rapid growth due to the proliferation of connected devices and the increasing adoption of IoT technologies across various industries. This market is characterized by a high level of innovation and intense competition among leading players. Recent developments include: In June 2024, Cisco Systems, Inc. launched an Intelligent Industrial IoT Network as a foundation for Artificial Intelligence (AI) and Machine Learning (ML) applications. This network enhances various aspects of industrial operations, such as uptime, yield, security, and revenue generation. , In January 2023, PTC completed the acquisition of ServiceMax, a provider of service management solutions. The acquisition enhances PTC’s IoT offerings by combining field service management with advanced IoT analytics and AR for improved service operations and customer support. .

According to Cognitive Market Research, the global 5G IoT Market size will be USD 67.9 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 37.8% from 2024 to 2031. Market Dynamics of 5G IoT Market

Key Drivers for 5G IoT Market

Technological Advancements Propel Growth of 5G IoT Market—One key driver in the 5G IoT Market is technological advancements. Advancements in 5G and IoT technologies, including improved network infrastructure, enhanced device capabilities, and optimized protocols, catalyze the growth of the market. These developments enable faster data transmission, reduced latency, and improved reliability, paving the way for innovative applications and services across diverse industries. Increasing Demand for Enhanced Connectivity Drives 5G IoT Adoption

Key Restraints for 5G IoT Market

Security Concerns and Privacy Risks in 5G IoT Deployments Challenges in Standardization and Interoperability for 5G IoT Solutions Introduction of the 5G IoT Market

The 5G IoT market represents the convergence of fifth-generation (5G) wireless technology and the Internet of Things (IoT), ushering in an era of unprecedented connectivity and innovation. 5G IoT leverages ultra-fast, low-latency networks to enable seamless communication and data exchange between interconnected devices, revolutionizing industries such as healthcare, manufacturing, transportation, and smart cities. This synergy between 5G and IoT promises transformative possibilities, empowering businesses to unlock new efficiencies and deliver enhanced services while improving the quality of life for consumers worldwide.

The global internet of things (IOT) in healthcare market size reached USD 369.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 1,176.5 Billion by 2033, exhibiting a growth rate (CAGR) of 13.73% during 2025-2033. Increasing adoption of the Internet of Things (IoT) devices by healthcare providers, growing demand for real-time health monitoring, advancements in sensor technology and data analytics, rising prevalence of chronic diseases, government initiatives promoting digital healthcare infrastructure, and focus on preventive healthcare are fostering the market growth.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on the component, connectivity technology, application, and end user.

Supply Chain IoT Market size was valued at USD 21.36 Billion in 2024 and is projected to reach USD 55.58 Billion by 2031, growing at a CAGR of 12.70% during the forecast period 2024-2031.

Global Supply Chain IoT Market Drivers

The market drivers for the Supply Chain IoT Market can be influenced by various factors. These may include:

Enhanced Productivity and Cost Savings: Internet of Things (IoT) technologies provide real-time tracking, monitoring, and optimisation of supply chain activities, resulting in enhanced productivity and cost savings in transportation, logistics, and inventory management.

Demand for Transparency and Traceability: As customer demand for sustainability and transparency grows, IoT enables businesses to offer end-to-end supply chain visibility, guaranteeing product traceability from point of origin to final destination. This is especially important for the food, pharmaceutical, and electronics industries.

Growing Usage of Sensors and RFID: Because of lowering costs, advancing technology, and regulatory requirements, supply chain management is adopting RFID (Radio-Frequency Identification) tags, sensors, and other Internet of Things (IoT) devices at a rapid rate.

Emergence of Industry 4.0 and Smart Manufacturing: Industry 4.0 initiatives are encouraging the use of IoT solutions to establish intelligent, interconnected supply chains. These initiatives centre on the integration of digital technology into manufacturing and supply chain activities.

Growing Adoption of Edge and Cloud Computing: As these technologies proliferate, it becomes easier to store, analyse, and analyse vast amounts of IoT data produced by supply chain devices, allowing for real-time insights and action.

Globalisation and Complex Supply Chains: To manage the flow of goods, information, and funds across numerous regions, suppliers, and partners, there is an increasing need for IoT solutions. This is because supply chains are becoming more and more globalised and complex.

Risk management and compliance with regulations: IoT solutions for compliance monitoring and risk mitigation inside supply chains are becoming more and more popular as a result of regulatory requirements pertaining to product safety, quality, and security.

COVID-19 Pandemic and the Sturdiness of the Supply Chain: The COVID-19 pandemic’s interruptions have brought attention to how crucial supply chain agility and resilience are. IoT technologies are thought to be essential for creating supply networks that are more resilient, able to adjust to shifting circumstances and lessen potential disruptions.

The Report Covers Global Consumer IoT Market Growth & Forecast and it is segmented by Type (Hardware, Solutions, Services), Application (Home Automation, Consumer Wearables, Consumer electronics, Healthcare, Automotive), and Geography. The market size and forecasts are provided in terms of value (USD) for all the above segments.

The Internet of Things (IoT) market is experiencing explosive growth, projected to reach $39.72 billion in 2025 and maintain a robust Compound Annual Growth Rate (CAGR) of 22.8% from 2025 to 2033. This expansion is driven by several key factors. Firstly, the increasing adoption of smart devices across various sectors, including consumer electronics, healthcare, industrial automation, and transportation, fuels demand for interconnected solutions. Secondly, advancements in technologies like RFID, sensors, NFC, and cloud services are enabling more sophisticated and efficient IoT applications. The convergence of these technologies allows for seamless data collection, analysis, and integration, leading to improved operational efficiency, enhanced decision-making, and innovative service offerings. Furthermore, the decreasing cost of hardware and increasing availability of reliable internet connectivity are further accelerating IoT adoption globally. While data security and privacy concerns remain a restraint, the development of robust security protocols and regulations are mitigating these risks, paving the way for continued market growth. Regional variations exist, with APAC (particularly China and Japan), North America (especially the US), and Europe (Germany and the UK) showing significant market penetration and expected future growth. The competitive landscape is dynamic, with a mix of established tech giants like Alphabet, Amazon, Cisco, and IBM alongside specialized IoT solution providers like Allerin Tech and Ayla Networks. These companies are employing diverse competitive strategies, including strategic partnerships, acquisitions, and the development of innovative IoT platforms. The market is segmented by technology, with RFID, sensors, NFC, and cloud services driving substantial revenue streams. The forecast period of 2025-2033 presents immense opportunities for market players to capitalize on emerging trends like AI-powered IoT applications, edge computing, and the expanding industrial IoT (IIoT) sector. However, companies must navigate challenges like ensuring interoperability across different IoT devices and platforms, addressing data privacy concerns, and managing the complexities of supply chain logistics to achieve sustainable growth in this rapidly evolving market.

As per Cognitive Market Research's latest published report, the Global Internet of Things in Warehouse Management market size was $9.82 Billion in 2022 and it is forecasted to reach $55.24 Billion by 2030. Internet of Things in Warehouse Management Industry's Compound Annual Growth Rate will be 27.9% from 2023 to 2030. Factors Impacting on Internet of Things in Warehouse Management Market

The growing expansion of the e-commerce industry:

Increasing economic and social activities have turned to digital solutions. Therefore, to sustain in the competitive market, market players have to adopt new technologies. E-commerce is a vastly growing industry due to ease of use and hassle-free shopping and returns, especially among the youth generation. Therefore, a rapidly growing number of online shoppers increases the need to implement smart warehouse management systems. Automated WMS helps manufacturers to handle goods stocks, tracking products and their locations, their order picking, and delivery status more efficiently. E-commerce giants such as Amazon, Alibaba, Zappos, and Coca-cola have adopted smart WMS solutions.

Restraining Factor:

Poor operational efficiency and lack of advancement in communication technology in emerging economies:

The major factors responsible for the successful functioning of the IoT are better operational efficiency and technological advancement. Several regions such as Latin America, the Middle East & Africa, and Asia Pacific have less adoption of technologies due to less literacy rates and low budgets. Though entrepreneurs and governments of many countries in these regions are aware of these technologies like IoT, because of high initial investment is poising its adoption which is expected to hinder the market growth to some extent.

However, the vast expansion of the e-commerce industry is expected to drive market growth in the coming future.

Current Trends on Internet of Things in Warehouse Management:

Integration of Artificial Intelligence (AI) in warehouse management system:

AI plays a vital role in transforming warehouse management systems. The warehouse is dependent on a continuous stream of data. AI helps to track complete data of order picking and stock away. It reduces human efforts by eye keeping 24/7. AI solution provides tools that help to ease the interaction between warehouse equipment and employees. AI helps to maintain the same speed and monitor the quality of operations, packing, picking, and moving different sizes of packages in the warehouses.

Furthermore, handling hazardous products by labours in confined spaces is very dangerous. Unnecessary movements by labours can cause collisions or other injuries. Therefore, automation in warehouses is Programmed to transport fragile products with high levels of precision.

Impact of the COVID-19 pandemic on the Internet of Things in Warehouse Management Market:

The outbreak of Covid-19 had a positive impact on the global IoT in the warehouse management market. As governments of several nations announced lockdown and social distancing regulations, the market has gained traction speedily due to certain regulations implemented by governments across the globe.

Before the pandemic, many manufacturers adopted lean manufacturing for inventory cost down flowed by utilization of more space efficiently. However, the pandemic hit, many manufacturers experienced shortages with this lean manufacturing strategy and some manufacturers also stopped their production. Therefore, to overcome these issues manufacturers have adopted an automated warehouse system, as it helps them to deliver the products within the shortest time period to the customers, helps to keep track of picking and packing goods, and also creates a better environment to follow operations smoothly.

Post-pandemic, increased demand for products has led to more storage locations with more capacity. Therefore, to manage warehouse operations by following safety measures, they have adopted IoT based warehouse management system. Introduction of Internet of Things in Warehouse Management

Economic development across the globe has pushed various sectors like manufacturing, retail, and healthcare to achieve highly efficient operations in order to increase productivity and fulfill customer demand. Therefore, logistics companies are continuously striving to meet customer growing demand. Therefore, aut...

In Italy, the Internet of Things (IoT) market grew rapidly between 2015 and 2020, recording the highest growth rate, 40 percent, in 2016. After decreasing in 2020, it increased again, registering a growth of 13 percent in 2022.

The global Internet of Things (IoT) market is experiencing robust growth, driven by increasing connectivity, the proliferation of smart devices, and the expanding adoption of cloud computing and data analytics. The market's expansion is fueled by several key factors, including the rising demand for efficient automation across various sectors – from manufacturing and logistics to healthcare and smart homes. The convergence of technologies like 5G, artificial intelligence (AI), and edge computing is further accelerating IoT adoption, creating opportunities for innovative applications and services. While challenges remain, such as data security concerns and interoperability issues, the overall market trajectory indicates a strong and sustained growth pattern over the forecast period. We estimate the 2025 market size to be around $500 billion, based on typical growth rates observed in emerging technology markets and extrapolating from known data points. A Compound Annual Growth Rate (CAGR) of 15% is a reasonable estimate, projecting a substantial increase in market value by 2033. Significant regional variations exist, with North America and Europe currently holding substantial market shares, but Asia-Pacific is expected to witness the most significant growth due to its large and rapidly developing economies. Segmentation by device type (sensors, actuators, gateways) and application (smart homes, industrial IoT, wearables) reveals diverse market opportunities and evolving technology preferences. The competitive landscape is dynamic, with established technology giants alongside emerging specialized companies vying for market share. The key restraints to growth include concerns surrounding data privacy and security, the high initial investment costs involved in implementing IoT solutions, and the lack of standardization across various IoT platforms and protocols. However, the increasing awareness of security risks is spurring innovations in data protection technologies, mitigating this constraint to some degree. Furthermore, the decreasing cost of hardware and the improvement of connectivity infrastructure are making IoT solutions more accessible to businesses and individuals. The ongoing advancements in AI and machine learning are enhancing the capabilities of IoT systems, enabling more sophisticated data analysis and automation, contributing further to market expansion. Over the next decade, the focus will likely shift towards enhancing the security and reliability of IoT networks, expanding the range of applications, and developing more sophisticated data analytics capabilities.

The fast growth of smart devices and sensors, together with the introduction of new communication technologies like 5G, are fueling the Internet of Things (IoT) product and service market. According to the analyst from Verified Market Research, the Internet Of Things (IoT) device and service market size is growing at a moderate pace with substantial growth rates over the last few years, and is estimated that the market will grow significantly in the forecasted period. i.e. 2024 to 2031.

The growing adoption of Internet of Things (IoT) technology also drives the growth of the smart appliance market.

The Internet of Things (IoT) device and service refers to a network of interconnected physical devices, sensors, and software applications that communicate and exchange data via the Internet, allowing for seamless connectivity and automation. These devices might vary from common household appliances and wearable gadgets to industrial gear and infrastructural components. IoT services enhance these devices by providing platforms, analytics, and management tools for data collecting, processing, and control.

Furthermore, IoT devices and services have a wide range of applications, encompassing industries such as healthcare, agriculture, manufacturing, transportation, and smart cities. For example, in healthcare, IoT devices such as wearable fitness trackers and remote patient monitoring systems allow for real-time health tracking and individualized treatment delivery. In manufacturing, IoT-enabled sensors and actuators improve operational efficiency by allowing for predictive maintenance, remote monitoring, and process optimization.

[404 pages Report] The global Internet of Things (IoT) Security Product market is estimated to grow from USD 12 Billion in 2017 to USD 48 Billion by 2027, expanding at a CAGR of 14.9% from 2017 to 2027.