by The global IoT Infrastructure Market is estimated to be valued at US$ 611.00 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT infrastructure enables devices to connect and share information with other physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and network connectivity which enables these things to connect, interact and exchange data. IoT infrastructure helps in integrating different verticals of various industries and improves operational efficiency.
Market key trends:
One of the key trends in IoT Infrastructure Market is the rising adoption of edge computing. Edge computing is an emerging technology which enables processing of data at or near to the source of data generation instead of sending the data to centralized computing servers or cloud computing platforms for processing. This reduces latency issues and ensures privacy and security of data. Edge computing provides real-time analysis of IoT generated data locally which aids in faster decision making and helps improve operational efficiency across various industries adopting IoT.
SWOT Analysis
Strength: Iot infrastructure enables real-time data collection and connectivity across devices which helps companies make faster operational decisions. It allows for remote monitoring and management of devices.
Weakness: Privacy and security concerns around collected user data pose challenges for widespread adoption of IoT infrastructure. Device connectivity issues and high initial investment costs are also weaknesses.
Opportunity: Growing adoption of cloud computing and edge computing creates huge opportunities for IoT infrastructure providers to deliver advanced solutions. Expanding IoT applications in industries like manufacturing, healthcare, transportation also presents opportunities.
Threats: Interoperability issues between different platforms pose threats. Changing technology landscape could make existing infrastructure obsolete quickly. Rise of open-source platforms is also a threat.
Key Takeaways
The Global Iot Infrastructure Market Size is expected to witness high growth, exhibiting CAGR of 30% over the forecast period, due to increasing demand for advanced cloud-based analytics solutions. The shift towards edge computing is further driving the need for IoT infrastructure across organizations.
Regional analysis – North America currently dominates the IoT infrastructure market owing to large presence of IoT vendors and rapid technology adoption in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, Japan and India among the major markets. Increasing infrastructure development and manufacturing activities in the region will boost the regional market.
Key players operating in the Iot Infrastructure market are CISCO Systems, INC., Amazon Web Services Inc., Accenture PLC, IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Intel Corporation, PTC Inc., and AT&T Inc. Cisco and Microsoft have led the market and are focusing on developing edge computing solutions to further strengthen their position. Newer players are engaging in strategic partnerships and acquisitions to gain share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
