Global IoT Communication Technologies Market to Reach USD 23,391.02 Million by 2031 | CAGR of 7.9%
Category : IT And Telecommunications | Published Date : Nov 2024 | Type : Press Release
IoT Communication Technologies Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the IoT Communication Technologies Market was valued at USD 12,705.64 Million in 2023 and is projected to reach USD 23,391.02 Million by 2031, growing at a CAGR of 7.9% from 2023 to 2031. IoT communication technologies refer to the standard protocols and services enabling devices to interact within a network, enhancing operational efficiency, decision-making, cost savings, and resource optimization.
The report comprises the IoT Communication Technologies Market Share, Size & Industry Analysis, By Type (Wi-Fi, Bluetooth, ZigBee, Z-wave, Lora, NFC, Others), By Application (Building Automation, Traffic Lights, Health Monitoring Devices, Smart Washing Machines, Smart Meters, Others), By End-User (Aerospace & Defense, Automotive, Information and Communication Technology, Power and Energy, Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024–2031.
The report contains detailed information on IoT Communication Technologies Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rollout of the 5G network and the evolution of wireless technologies are key drivers, while interoperability issues present a restraint for market growth.
Segmental Analysis :
By Type, the market is segmented into Wi-Fi, Bluetooth, ZigBee, Z-wave, Lora, NFC, and Others.
- Wi-Fi held the largest market share in 2023 and is anticipated to register the fastest CAGR during the forecast period due to its low cost, transmission characteristics, and capability to connect devices wirelessly.
- The growing adoption of Bluetooth in IoT wearable devices for seamless data communication is driving its popularity in the market.
By Application, the market includes Building Automation, Traffic Lights, Health Monitoring Devices, Smart Washing Machines, Smart Meters, and Others.
- Traffic Lights accounted for the largest revenue share of 26.93% in 2023, driven by the capability to manage real-time data and improve traffic control systems.
- Smart Meters are expected to register the fastest CAGR, attributed to advancements in communication technologies and their role in efficient power consumption monitoring.
By End-User, the market is categorized into Aerospace & Defense, Automotive, Information and Communication Technology, Power and Energy, Healthcare, and Others.
- Information and Communication Technology (ICT) was the largest segment in 2023, supported by the increasing need for network connectivity, data analytics, and cloud computing platforms.
- The Automotive segment is projected to grow at the fastest rate, driven by enhanced vehicle-to-vehicle communication and the demand for immersive in-vehicle experiences.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific exhibited strong growth with China leading the market share due to rapid industrialization and increasing adoption of IoT devices.
- North America is projected to grow significantly, driven by advancements in healthcare, automotive, and smart city applications.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 23,391.02 Million |
| CAGR (2024-2031) | 7.9% |
| By Type | Wi-Fi, Bluetooth, ZigBee, Z-wave, Lora, NFC, Others |
| By Application | Building Automation, Traffic Lights, Health Monitoring Devices, Smart Washing Machines, Smart Meters, Others |
| By End-User | Aerospace & Defense, Automotive, Information and Communication Technology, Power and Energy, Healthcare, Others |
| By Region | 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 & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the IoT Communication Technologies Industry:
- Microchip Technology (U.S)
- Fibocom Wireless Inc. (APAC)
- EnOcean (Europe)
- PTC Inc. (U.S)
- MediaTek (APAC)
- Telindus (Europe)
- Telit (UK)
- Link Labs (U.S)
- Gemalto (Europe)
- STMicroelectronics (Europe)
Recent Industry Developments :
- In November 2023, Shenzhen RF-star Technology Co., Ltd. launched a digital key with Bluetooth, ultra-wideband, and NFC for automotive connectivity, responding to trends in car connectivity consortium (CCC).
- In February 2024, Fibocom partnered with Askey, Quanta Computer, and PLANET to launch a 5G RedCap module solution for IoT development, enabling efficient data transmission in various applications like enterprise connectivity and industrial-grade solutions.
