Home > > IT And Telecommunications > > IoT Communication Technologies Market Report | Industry Statistics [2031]
Id: CBI_1593 | Pages: 256 | Format : PDF | Published : | Author : Pawan Chasta | Category : IT And Telecommunications
IoT Communication Technologies Market size is estimated to reach over USD 23,391.02 Million by 2031 from a value of USD 12,705.64 Million in 2023 and is projected to grow by USD 13,486.53 Million in 2024, growing at a CAGR of 7.9% from 2023 to 2031.
The IoT communication technologies refer to standard protocols and services used to integrate IoT devices with networks allowing them to communicate with each other. Additionally, the advantages include enhanced operational efficiency, improved decision-making, cost savings, and resource optimization among others. Additionally, the types include Wi-Fi, Bluetooth, ZigBee, Z-wave, Lora, NFC, RFID, and others. The IoT communication technologies market is majorly driven by the surge in demand for IoT-embedded electronic devices, propelling the market development. The technologies find application in major end-user industries including aerospace & defense, automotive, information and communication technology, power and energy, healthcare, and others.
The rise of the 5G network is having a significant impact on IoT technologies by enhancing mobile broadband, ultra-low latency communications, improved speed, and energy-saving functions for both indoor as well as outdoor devices. The 5G network provides a seamless integration of various IoT devices with negligible lag in control and monitoring facilities.
Thus, the rise of the internet with the rollout of the 5G network is driving the IoT communication technologies market.
Wireless technology refers to the wireless communication between two or more devices. The wireless technologies are the most desired mode of communication or connectivity. The technology uses electromagnetic waves, such as radio frequencies, infrared, and satellite to deliver communication. Additionally, applications range from (3G/4G/5G) cellular devices, broadband access, Wi-Fi networks, vehicle-to-vehicle (V2V) systems, embedded sensors, and radio frequency identification (RFID).
Therefore, the evolution of wireless technologies is driving the market trend.
The IoT systems are rapidly growing and so is the need for them to work together seamlessly. The lack of interoperability significantly impacts their adaptability. Without interoperability, various IoT devices work on different frequencies and use protocols such as Zigbee, Bluetooth, and Wi-Fi as per the requirement. The lack of interoperability leads to operational inefficiencies and increased costs which hampers the market progress.
Therefore, the interoperability hampering operational inefficiencies and increased costs is restraining the IoT communication technologies market development.
Edge computing enables a transformative approach to processing data and reduces the dependency on central servers which minimizes latency and bandwidth issues and improves processing speed. Additionally, decentralization improves the real-time data processing across various devices as well as enhances the system's responsiveness. Edge computing and decentralization are beneficial in industries such as manufacturing and automotive among others driving the IoT communication technologies market expansion.
Hence, the rising demand for processing data and reducing the dependency on central servers is anticipated to drive the global IoT communication technologies market opportunity.
Based on the type, the market is segmented into Wi-Fi, Bluetooth, ZigBee, Z-wave, Lora, NFC, and others.
Trends in the Type:
Wi-Fi accounted for the largest revenue share in the year 2023 and is anticipated to register the fastest CAGR during the forecast period.
Based on the application, the market is segmented into building automation, traffic lights, health monitoring devices, smart washing machines, smart meters, and others.
Trends in the Application:
The traffic light accounted for the largest revenue share of 26.93% in the year 2023.
The smart meter is anticipated to register the fastest CAGR during the forecast period.
Based on the end use, the market is segmented into aerospace & defense, automotive, information and communication technology, power and energy, healthcare, and others.
Trends in the End-User:
Information and communication technology accounted for the largest revenue share in the year 2023.
The automotive industry is anticipated to register the fastest CAGR during the forecast period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific Region was valued at USD 3,054.96 Million in 2023. Moreover, it is projected to grow by USD 3,245.71 Million in 2024 and reach over USD 5,686.36 Million by 2031. Out of this, China accounted for the maximum revenue share of 34.2%. The Asia Pacific region's growing urbanization and increasing adoption of IoT devices offer lucrative progress prospects for the market. Additionally, the development of industrial automation and widespread access to the internet is driving IoT communication technologies market demand.
North America is estimated to reach over USD 8,338.90 Million by 2031 from a value of USD 4,444.54 Million in 2023 and is projected to grow by USD 4,725.22 Million in 2024. The market evolution is mainly driven by its deployment in healthcare, automotive, smart cities, and other industries for remote monitoring and control over devices. Factors including rising adoption of next-generation communication standards, digital twins, and enterprise transformation IoT Security are projected to drive the market growth in North America during the forecast period.
Additionally, according to the analysis, Europe is anticipated to witness substantial progress that is backed by the smart cities initiative and industry 4.0 as well as the machine-to-machine (M2M) communication technology catering to the surging market trend across the region.
Further, as per the IoT communication technologies market analysis, the Middle East and African region is experiencing substantial growth in the smart city project which is utilizing IoT networks for monitoring and control infrastructural development and technological advancement is driving the market development in the region.
Furthermore, the Latin American region is expected to grow at a considerable rate owing to the rising adoption of IoT technologies in enhancing traffic management, energy efficiency, and public safety is driving the IoT communication technologies market in the region.
The IoT communication technologies market is highly competitive with major players providing communication technologies to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the IoT communication technologies market. Key players in the IoT communication technologies industry include-
Product Launches:
Partnerships & Collaborations:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 23,391.02 Million |
CAGR (2024-2031) | 7.9% |
By Type |
|
By Application |
|
By End-User |
|
By Region |
|
Key Players |
|
North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
|
IoT Communication Technologies Market size is estimated to reach over USD 23,391.02 Million by 2031 from a value of USD 12,705.64 Million in 2023 and is projected to grow by USD 13,486.53 Million in 2024, growing at a CAGR of 7.9% from 2023 to 2031.
The IoT communication technology report includes specific segmentation details for type, application, end-user, and region.
In the IoT communication technology market, the Wi-Fi segment is the fastest-growing segment during the forecast period due to low cost and transmission characteristics as well as allowing electronic devices to connect to a wireless local area network is driving the market.
The key participants in the IoT communication technology market are Microchip Technology (U.S), Fibocom Wireless Inc. (APAC), Telindus (Europe), EnOcean (Europe), PTC Inc. (U.S), MediaTek (APAC), Telit (UK), Link Labs (U.S), Gemalto (Europe), STMicroelectronics (Europe) and others.
The IoT communication technology market is being shaped by several key trends including the rise of Industry 4.0, ZigBee 3.0, automation, and rising adoption across various sectors including automotive, healthcare, and aerospace are the key trends driving the market trend.