Artificial Intelligence
IoT Market worth $650.5 billion by 2026, growing at a CAGR of 16.7%: Report by MarketsandMarkets™
Chicago, July 17, 2023 (GLOBE NEWSWIRE) — The global IoT Market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026, according to a new report by MarketsandMarkets™. The Internet of Things (IoT) describes the network of physical objects as things that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
Browse in-depth TOC on “IoT Market“
380 – Tables
45 – Figures
275 – Pages
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Scope of the Report
| Report Metric | Details |
| Market size in 2021 | US $300.3 billion |
| Revenue Forecast Size in 2026 | US $650.5 billion |
| CAGR Growth Rate | 16.7% |
| Largest Market | North America |
| Largest Market Component | Software Solutions |
| Market Size available for years | 2015-2026 |
| Base Year Considered | 2020 |
| Forecast period | 2021-2026 |
| Forecast Unit | Value (USD) |
| Segments Covered | Component, Organization Size, Focus Area, and Region |
| Market Drivers |
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| Market Opportunities |
|
| Key benefits of buying the report |
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| Geographies Covered |
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| Companies Covered | Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland). |
Over the past few years, IoT has become one of the most important technologies of the 21st century. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things.
By means of low-cost computing, cloud, big data, analytics, and mobile technologies, physical things can share and collect data with minimal human intervention. In this hyperconnected world, digital systems can record, monitor, and adjust each interaction between connected things. The physical world meets the digital world and they cooperate.
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The scope of this report covers the analysis of the IoT Market since 2016, based on contemporary market trends and developments, and its potential growth from 2021 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the IoT Market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of IoT solutions and services. This growth can be attributed to the increase in technological innovations, rapid digitalization, etc. in the region. The IoT Market is witnessing high growth opportunities in this region.
The increase in the adoption of IoT solutions in Large Enterprises is expected to boost the growth of the IoT Market. Additionally, IoT Market is expected to witness rapid growth worldwide due to various factors such as, Access to low-cost, low-power sensor technology, Availability of high-speed connectivity and Increase in cloud adoption.
Top Companies in IoT Market:
Major vendors in the global Internet of Things market include Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland).
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Top Trends in Global IoT Market:
- Instead of depending only on cloud-based solutions, edge computing involves processing and analysing data closer to the IoT devices themselves, at the network’s edge. Faster data processing, lower latency, better security, and increased operational effectiveness are all made possible by this trend.
- Instead of depending only on cloud-based solutions, edge computing involves processing and analysing data at the network’s edge, nearer to the IoT devices themselves. This trend makes it possible to handle data more quickly, reduce latency, improve security, and increase operational effectiveness.
- IoT devices are progressively integrating AI and machine learning technology to provide predictive analytics and intelligent decision-making. With this combination, it is possible to extract useful insights from massive amounts of IoT-generated data, enhancing automation, efficiency, and providing more individualised experiences.
- Strong security measures for IoT ecosystems are increasingly important as the number of connected devices grows. To safeguard sensitive information and fend off cyber attacks, this entails putting in place robust authentication processes, encryption tools, and secure communication channels.
- The Industrial Internet of Things (IIoT) focuses on the use of IoT technology in industrial fields such manufacturing, energy, transportation, and agriculture. Process optimisation, predictive maintenance, asset tracking, and remote monitoring are made possible by IIoT solutions, which boost output, save costs, and promote safety.
- To enhance patient care, remote monitoring, and health management, the healthcare sector is utilising IoT technologies. IoT gadgets, wearables, and medical sensors can gather real-time patient data, allowing healthcare professionals to better plan their interventions and improve patient outcomes.
- IoT networks could benefit from increased data integrity, security, and trust thanks to the use of blockchain technology. Blockchain can offer decentralised, tamper-proof ledgers that allow for secure, open, and transparent IoT device transactions, minimising the need for centralised control.
- The consumer IoT Market is expanding as a result of the spread of smart home appliances, wearable technology, and linked consumer goods. For home automation, entertainment, health monitoring, and individualised experiences, consumers are embracing IoT-enabled products.
Key Industry Development
- A important development for the Internet of Things sector is the implementation of 5G networks. Higher data transfer rates, lower latency, and more device density provided by 5G enable the seamless connectivity necessary for broad IoT deployment. IoT devices may now take advantage of faster and more dependable wireless networks thanks to 5G, opening up fresh opportunities for applications in a variety of sectors.
- As an essential part of IoT installations, edge computing has gained popularity. Edge computing minimises latency, boosts reaction times, and increases data privacy by processing data closer to the network’s edge. Improvements in edge computing infrastructure, including edge devices, gateways, and edge analytics platforms, have been seen in the market and have made it possible to analyse IoT data more effectively and instantly.
- The growth and interoperability of IoT solutions depend heavily on standardisation. To create common frameworks and standards for IoT devices and networks, numerous industry consortia and standardisation organisations are actively working. The Industrial Internet Consortium (IIC), the Open Connectivity Foundation (OCF), and OneM2M are pushing initiatives in the development of standards that enable smooth integration and communication between various IoT devices.
- As businesses look to increase their capabilities, improve their product portfolios, and enter new markets, the IoT sector has seen a sizable number of mergers and acquisitions. Large technology firms have purchased startups with an IoT focus to gain access to specialised knowledge and cutting-edge technologies. These acquisitions promote cooperation between various businesses and aid in the consolidation of the IoT sector.
- To protect against potential dangers, it is essential to implement strong security measures with the growing number of connected devices. IoT security has received more attention from the industry, which has sparked the improvement of authentication procedures, encryption techniques, and security frameworks. IoT deployments are increasingly dependent on solutions like secure booting, device authentication, and secure firmware updates.
- It is a key industry development that data analytics and artificial intelligence (AI) technologies are being integrated with IoT systems. Organisations may gain useful insights, make data-driven choices, and enable predictive maintenance by applying advanced analytics and AI algorithms to IoT-generated data. The transition from reactive to proactive and predictive techniques in managing IoT deployments is being made possible by this combination.
- IoT is increasingly being used to support environmental and energy-saving measures. Devices and systems with IoT capabilities are being utilised to track and optimise resource usage, cut waste, and enable more intelligent energy management. This development supports global initiatives to combat climate change and advance environmentally friendly business practises in all sectors of society.
- Healthcare providers now have access to telemedicine services, remote patient monitoring, and improved operational efficiency thanks to the widespread adoption of IoT technology. IoT devices are being utilised to gather real-time health data, boost the precision of diagnoses, and enhance patient outcomes. Examples include wearables, sensors for remote monitoring, and intelligent medical gear.
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Artificial Intelligence
Securden Recognized as a Market Leader in GigaOm Radar Report for Enterprise Password Management
Securden has become a leader and an outperformer with cutting-edge features, rapid market advancements, and consistent customer value.
WILMINGTON, Del., July 4, 2024 /PRNewswire/ — Securden, Inc., a leading provider of privileged access and identity security solutions, today announced that it has been recognized as a leader and outperformer in GigaOm Radar Report for Enterprise Password Management.
GigaOm rigorously evaluates vendors in various solution segments and produces Radar reports with valuable insights to assist enterprise decision-makers in evaluating and investing in solutions.
The GigaOm Radar 2024 on Enterprise Password Management examined 13 enterprise password management solutions. “Securden is positioned in the innovation quadrant. It offers a strong solution, and its approach is to take its customers on a journey to broader PAM, with password management simply one focus area. It scored well across all of the decision criteria we evaluated, placing it as a leader, and its execution of the emerging features and rate of progress in the market classify it as an Outperformer,” states the report.
Securden has earned top ratings in key evaluation criteria, including platform security, security auditing, PAM capabilities, ease of management, ease of use, and scalability.
“We are proud to be recognized as a market leader in Enterprise Password Management by GigaOm Radar,” said Bala Venkatramani, CEO of Securden, Inc. “Protecting various identities used by humans and machines is a top priority for IT teams. Our platform offers a comprehensive privileged identity security solution, witnessing rapid adoption by SMBs and Enterprises globally. With innovation at the core, we are committed to offering simplicity and affordability in cybersecurity. This recognition affirms our strong market presence and our focus on providing powerful capabilities to strengthen our customers’ security posture.”
Securden offers robust protection for the vault with controls like access hardening, resilient deployment, and strong data protection approaches. It offers insights into password usage, identifies poor practices, flags failure to follow password standards, issues breach warnings identifying compromised passwords, and more. These measures significantly help reduce password-related risks.
Streak of Recognition
EMA Research, a top industry analyst firm, recently published an impact brief recognizing the Securden Unified PAM MSP platform as a groundbreaking development in privileged access management for MSPs. “By eliminating the need for disparate PAM solutions and providing comprehensive functionality within a single package, Securden empowers MSPs to deliver robust, scalable, and secure PAM services to their clients with unparalleled efficiency and confidence,” states the impact brief.
About Securden
Securden provides leading privileged access governance and identity security solutions that uniquely combine critical security principles to prevent cyberattacks, malware propagation and insider exploitation. With products designed for security and scalability (Password Vault for Enterprises, Unified PAM, Endpoint Privilege Manager, and Unified PAM MSP), Securden is trusted by organizations worldwide, including large financial institutions, government agencies, healthcare organizations, educational institutions, IT service providers, MSPs, and manufacturing companies. For more information, visit https://www.securden.com.
Media ContactJames [email protected]
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Artificial Intelligence
Managed Security Services Market Forecast to Exceed USD 101.86 Billion by 2031 Due to Escalating Security Concerns | SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).
The global managed security services market has been growing rapidly, over the last couple of years, due to the increasing security threats or risks and increasing challenges in managing security over IT networks. It’s impossible to ignore the fact that small businesses face relentless cyberattacks, including malware, ransomware, advanced threats, advanced persistent threats, and data breaches, leading to remote and hybrid operations systems.
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Managed Security Services Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 31.18 billion
Estimated Value by 2031
USD 101.86 billion
Growth Rate
Poised to grow at a CAGR of 15.95%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Type, Organization Size, Security, Type and Industry Vertical
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Surge in Demand for Managed Detection and Response (MDR) Service
Key Market Drivers
Cyber Threats are Growing Complex
Segments covered in Managed Security Services Market are as follows:
Service TypeManaged IAM, managed vulnerability management, managed risk and compliance, managed detection and response, managed firewall, and managed SIEM and log management, othersTypeFully managed, co-managedOrganization SizeSmall and medium-sized enterprises, Large enterprisesSecurity TypeNetwork security, cloud security, endpoint security, application security, othersIndustry VerticalBFSI, government, healthcare & life sciences, telecommunications, IT and ITeS, Retail and eCommerce, energy and utilities, manufacturing, and other verticalsRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/managed-security-services-market
Rapid Responders: Incident Response Services
Managed detection and response are the large segment in the managed security services market. Managed detection-response services provide continuous improvement, threat detection, and response capabilities critical to today’s enterprises facing sophisticated cyber threats. This segment is characterized by the increasing prevalence and importance of cyberattacks advanced threat detection and response strategies beyond traditional security measures. The ability of the MDR service to provide comprehensive analysis of security incidents and take corrective action quickly is essential to minimize potential damage and ensure business continuity.
Managed identity and access management is the fastest growing segment in the market. The rising growth in this sector is driven by the need for robust stakeholder solutions in an era of digital transformation and remote collaboration. The rise of cyber threats and increasing regulatory requirements for data security and privacy and the main drivers of this segment.
Data Guardians: Data Protection Services
The global market recognizes the dominant position of the entire service management segment. This dominance is largely due to the scope of this role, in which companies assume full responsibility for an organization’s security programs from security providers, especially those without in-house security expertise or resources. These roles cover a wide range of security measures, including threat identification, incident response, compliance management and continuous monitoring. Adoption rates are also driven by the increasing complexity of cyber threats, which require a strong, 24/7 monitored security measure that only specialized providers can provide further strengthening its position as the largest market share.
In addition to the dominance of fully managed services, the advanced management segment is growing the fastest in the global market. This increase is driven by hybrid security models that offer a collaborative approach between internal IT teams and external security providers.
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Safeguarding Tomorrow’s Digital Frontiers
As businesses and organizations take on the cyber panorama in terms of severe, MSS vendors remain vigilant guards, the use of advanced era and professional insights. Managed Security Services (MSS) have emerged as the cornerstone of present-day cybersecurity strategies, presenting strong protection in opposition to threats in a more and more digital international.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Cloud Security Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).
The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future. The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
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Industrial Internet of Things (IIoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, AgricultureRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industrial-internet-of-things-iiot-market
Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg
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