2024 IoT Connectivity Market Size, Share | Trends, Type, Application, Drivers | Competitive Landscape, Future Plans
According to a research report “IoT Connectivity Market by Component (Platform, Services), Organization Size, Application Areas (Building &Home Automation, Smart Energy & Utility, Smart Manufacturing, Connected Health, Smart Retail, Smart Transportation), Region – Global Forecast to 2024“, MarketsandMarkets expects the IoT Connectivity market to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. Major factors expected to drive the growth of the IoT connectivity market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity; and ability to integrate the standalone and non-standalone components of IoT ecosystem.
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By organization size, the large enterprises to constitute a larger market size during the forecast period
Based on organization size, the global IoT connectivity market is segmented into SMEs and large enterprises. The segmentation has been carried out based on the number of employees in the organizations. The large enterprise segment is expected to have the largest market size in the market, due to their early adoption of IoT connectivity platform and high investment capabilities.
Large enterprises can benefit from the cloud services which require IoT connectivity, as they can host their large number of applications in the cloud network, which eases application management. With the cloud, enterprises can achieve improved collaboration, along with faster performance, quick responsiveness, and greater agility, without having to operate a server infrastructure. On the other hand, the SMEs segment is expected to experience moderate growth in the adoption of IoT connectivity platform and associated services.
The managed services segment to grow at a higher CAGR during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their IoT connectivity operations from consultancy to deployment and maintenance. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
Managed services assist clients in outsourcing the IoT connectivity to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the IoT connectivity platforms. The managed service providers handle end-to-end deployment and after-sales services for the platform.
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North America to account for the largest market size during the forecast period.
The geographic analysis of the IoT connectivity market includes five major regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA). North America is expected to hold the largest share of the global market and comprises the US and Canada, which are early adopters of connectivity technologies such as cellular-based and unlicensed low-power wide-area network (LPWAN).
US and Canada have sustainable and well-established economies, which empower them to actively invest in R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies, such as IoT, cloud, AI, big data, and mobility, organizations are keen to integrate IoT technologies into their processes. The advent of SMEs and increasing digitalization in manufacturing by large organizations have also aided the growth of the North American IoT connectivity platform space.
Key Market Players
Key and emerging market players include AT&T (US), Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless (Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy), Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany), and Moeco (US). These players have adopted various strategies to grow in the IoT connectivity market. The companies are focused on inorganic growth strategies to strengthen their market position.
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