"IoT Solutions Market Strategies: Harnessing Connectivity for Business Success"

September 05, 2023

September 5^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the IoT solutions market.

IoT solutions market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The global IoT solutions market is expected to grow from USD 211.52 billion in 2021 to USD 675.52 billion by 2028 at a CAGR of 18.0% during the forecast period. This growing connectivity will lead to a larger base of users interested in buying IoT devices. High-speed network connectivity has provided several new options for businesses across industries. The development of high-speed wireless network technology and the number of devices enabled by this technology are growing rapidly. Long Term Evolution (LTE) is the advanced high-speed wireless communications standard for mobile phones, enabling 4G and 5G services. It easily deploys and optimizes network connectivity by using different radio links for the device-to-tower uplink and tower-to-device downlink.

Segments Analysis

By Deployment Model

The on-premise segment held the largest market share in 2021, and this trend is expected to continue over the forecast period. This is attributed to one of the key benefits offered by the on-premise deployment model, offering a high level of data security and privacy protection. However, the cloud segment is expected to grow with a higher CAGR during the forecast period. The cloud deployment model does not require large investments in IT infrastructures, as all data is stored on cloud servers, which boosts the demand for IoT software among SMEs.

By Organization Size

The large enterprise segment dominated the overall market in 2021 and is expected to continue this trend over the forecast period. This can be attributed to the growth in the adoption of IoT technology by enterprises to gain strategic and a competitive advantage over their competitors. Businesses adopt IoT to discover new insights from a large volume of diverse data, including historical and current data.

IoT technology very well does the job of collecting data and executing algorithms and analysis across a large volume of data to discover relevant relationships, patterns, entities, and insights. Moreover, IoT continues to become mainstream, as more large-sized enterprises are increasingly adopting it for the extraction of valuable insights from big data, which acts as an opportunity for the market.

However, the small- & medium-sized enterprise segment is expected to exhibit a higher growth rate over the forecast period. This is attributed to the fact that SMEs are increasingly moving their businesses to new digital platforms, and are using IoT solutions, which is helping them to become smarter, productive, and efficient.

Regional Analysis

APAC to witness the highest CAGR during the forecast period. The APAC region consists of several developed and emerging economies, such as India, China, Japan, Australia, and Singapore. The high adoption rate of innovative technologies has made this region a lucrative market for the ICT industry. Due to this reason, the IoT solutions market in the APAC region is expected to grow at the highest rate.

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Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The IoT Solutions Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

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Author : Emily