Massive IoT Market is Predicted to Reach USD 521.2 billion at a CAGR of 22.5% by 2031

The industrial vertical segment is expected to experience significant growth in the coming years

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 4, 2024 /EINPresswire.com/ -- Rising popularity of Narrowband-IoT (NB-IoT) and LTE-M technologies and the rapid advancement of 5G technology are driving the growth of the global 𝐌𝐚𝐬𝐬𝐢𝐯𝐞 𝐈𝐨𝐓 𝐌𝐚𝐫𝐤𝐞𝐭. In addition, the growing demand for industrial automation has supplemented the market growth. However, interoperability issues between a number of IoT devices and the high cost associated with the implementation and maintenance of IoT platforms are hampering the massive IoT market growth. On the contrary, the rise in the initiatives toward smart city initiatives is expected to offer remunerative opportunities in the industry. The global Massive IoT Market size was valued at $71.1 billion in 2021, and is projected to reach $521.2 billion by 2031, growing at a CAGR of 22.5% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 353 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A74430

Massive IoT is a term used to describe the deployment of a large number of interconnected devices and sensors that are designed to collect and transmit data over the internet. These devices can be deployed in a wide range of applications, including smart cities, agriculture, and healthcare, and can be used to monitor and optimize systems, improve safety, and enable new services and applications. Moreover, there are several wireless technologies that can be utilized for IoT connectivity, but only 4G/5G cellular technology can link IoT gadgets at this scale with an incredibly dependable, completely secured connection, anywhere in the globe, further drive the market growth.

Region-wise, the massive IoT market forecast was dominated by North America in 2021 and is expected to retain its position during the forecast period, as it is considered as home to many large technology companies that are heavily involved in IoT development and deployment, such as Microsoft, Amazon, and Google, these companies have significant resources and expertise to invest in the massive IoT industry, which is the driving factor in the region. However, Asia Pacific is expected to witness significant growth during the forecast period, as the region is experiencing rapid economic development, with many countries in the region rapidly industrializing and urbanizing. Thus, these factors are expected to witness considerable growth during the forecast period.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/massive-iot-market/purchase-options

Based on platform, the network management segment accounted for the largest share in 2021, contributing to nearly half of the global massive IoT market revenue, as the integration of networking management solutions is expected to grow to comprehensively monitor real-time network communications, which in turn, is aiding in the segment growth. However, the application management segment is expected to portray the largest CAGR of 24.6% from 2022 to 2031 and is projected to maintain its lead position during the forecast period, due to a rising focus on reducing operational time and cost.

Based on components, the hardware segment held the highest market share in 2021, accounting for nearly two-fifths of the global massive IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing demand for hardware solutions such as low-power wide-area networks (LPWANs) and rise in the proliferation of low-cost IoT devices. However, the services segment is projected to manifest the highest CAGR of 24.8% from 2022 to 2031, due to the surge in demand for cloud-based IoT services across developed and emerging markets.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐕𝐞𝐫𝐢𝐳𝐨𝐧 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐈𝐧𝐜., 𝐒𝐜𝐢𝐞𝐧𝐜𝐞𝐒𝐨𝐟𝐭 𝐔𝐒𝐀 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐇𝐮𝐚𝐰𝐞𝐢 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨., 𝐋𝐭𝐝., 𝐂𝐢𝐬𝐜𝐨 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐈𝐧𝐜., 𝐄𝐫𝐢𝐜𝐬𝐬𝐨𝐧, 𝐈𝐧𝐭𝐞𝐥 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐐𝐮𝐚𝐥𝐜𝐨𝐦𝐦 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐈𝐧𝐜., 𝐈𝐁𝐌 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐌𝐢𝐜𝐫𝐨𝐬𝐨𝐟𝐭 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐆𝐨𝐨𝐠𝐥𝐞 𝐋𝐋𝐂 (𝐀𝐥𝐩𝐡𝐚𝐛𝐞𝐭), 𝐒𝐀𝐏 𝐒𝐄

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A74430

Depending on the component, the hardware segment dominated the massive IoT market analysis in 2021 and is expected to continue this trend during the forecast period, owing to the increasing demand for end-to-end IoT solutions that provide connectivity, device management, data analytics, and security, which helps in expanding the growth outlook of the solution segment. However, the services segment is expected to witness the highest growth in the upcoming years, owing to the , which drives the segment growth worldwide.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A74430

Based on organization size, the large enterprise segment held the highest market share in 2021, accounting for nearly two-thirds of the global massive IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period, as most of the large enterprises are responsive toward taking security measures such as regular software updates, strong authentication, and risk assessment. However, the SMEs segment is projected to manifest the highest CAGR of 23.8% from 2022 to 2031, as there is a rise in focus on recognizing the importance of IT technologies.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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