Internet Of Things (IoT) Software Market By Software (Data Management, Security, Remote Monitoring, Network Bandwidth Management, Real-Time Streaming Analytics), Platform (Application Management, Network Management, Device Management), Application (Smart Retail, Smart Mobility and Transportation, Consumer Electronics, Building and Home Automation), & Region for 2024-2031

Internet Of Things (IoT) Software Market Valuation – 2024-2031

The availability of affordable, low-power sensors, supports the integration of IoT capabilities across diverse devices, from smart home systems to industrial machinery. Thus, the low-cost sensors surge the growth of market size surpassing USD 520.76 Million in 2023 to reach a valuation of USD 3377.9 Million by 2031.

The rapid expansion of wireless technologies such as 5G, Wi-Fi, Bluetooth, and Low-Power Wide-Area Networks (LPWAN) enables seamless communication between IoT devices and the cloud, accelerating connectivity and data exchange across IoT ecosystems. Thus, the rapid technological expansion enables the market to grow at a CAGR of 26% from 2024 to 2031.

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Internet Of Things (IoT) Software Market: Definition/ Overview

 The Internet of Things (IoT) software enables smart devices to exchange information through integrated sensors, software, and network connectivity. This technology allows remote control of devices over existing network infrastructure, making it possible to integrate the physical world with computer-based systems. This integration results in increased accuracy, cost savings, and reduced human intervention, as IoT applications grow across consumer, industrial, and governmental sectors. IoT is expected to become one of the largest technology markets, potentially outpacing sectors like PCs, smartphones, connected cars, and wearables.

 IoT software is transforming productivity in homes, cities, and workplaces by providing users with enhanced control and automation capabilities. However, security remains a key concern, and some users are cautious about adopting IoT solutions. Many industries are undergoing significant shifts to deliver cost-effective, convenient, and high-quality services through IoT innovations. The combination of IoT with cloud computing and big data analytics creates valuable opportunities, driving the development of new applications that meet the changing demands of various industries.

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How Does the Growing Smart Home & Connected Device Adoption Surge the Growth of the Internet Of Things (IoT) Software Market?

Increasing smart homes and rising adoption of connected devices surge the growth of the Internet Of Things (IoT) Software Market. According to IDC’s research in 2022, global IoT spending was projected to reach USD 1.1 Trillion by 2023, with smart home devices being one of the fastest-growing segments. The U.S. Census Bureau’s American Housing Survey (2021) reported that approximately 37% of U.S. households had at least one smart home device. The Consumer Technology Association (CTA) reported in 2022 that smart home device shipments in the U.S. exceeded 212 million units. According to the FCC’s 2022 Broadband Deployment Report, 5G coverage reached 85% of the U.S. population, enabling faster IoT device connectivity. The Wi-Fi Alliance reported in 2023 that Wi-Fi 6E adoption grew by 135% year-over-year, supporting more IoT devices. The Bluetooth SIG announced in 2022 that Bluetooth-enabled device shipments reached 5 billion units globally

The U.S. Department of Energy reported 2021 that implementing IIoT solutions in manufacturing could reduce energy consumption by 20-30%. According to the U.S. Bureau of Labor Statistics (2022), manufacturing facilities using IoT-enabled predictive maintenance reported a 70% reduction in breakdowns. The National Institute of Standards and Technology (NIST) found that IoT adoption in manufacturing increased overall equipment effectiveness (OEE) by 25% in 2022. The U.S. Department of Health and Human Services reported in 2023 that connected medical devices reduced hospital readmission rates by 25%. According to the FDA’s Digital Health Center of Excellence (2022), there was a 65% increase in cleared/approved IoT-enabled medical devices compared to 2020. The Centers for Medicare & Medicaid Services (CMS) reported in 2022 that remote patient monitoring using IoT devices led to a 40% reduction in healthcare costs for chronic condition management

How the Data Security and Privacy Concerns Impede the Growth of the Internet Of Things (IoT) Software Market?

According to the FBI’s Internet Crime Report 2022, IoT-related cybersecurity incidents increased by 65% compared to 2021. The U.S. Department of Homeland Security reported in 2023 that 57% of IoT devices were vulnerable to medium or high-severity attacks. Lack of standardization and interoperability hamper the growth of the internet of things IoT software market. The National Institute of Standards and Technology (NIST) reported in 2022 that over 40% of IoT implementations faced integration challenges due to incompatible protocols. IEEE Standards Association found that in 2023, more than 100 different IoT standards were being used globally, creating significant fragmentation. According to the IoT Council’s 2022 report, 63% of organizations cited lack of standardization as their primary challenge in IoT adoption

The U.S. Government Accountability Office (GAO) reported in 2022 that IoT implementation costs for federal agencies were 45% higher than initially budgeted. Department of Energy studies (2023) showed that IoT infrastructure maintenance costs increased by 30% annually. McKinsey’s 2022 IoT report indicated that 67% of companies found ROI calculations challenging due to unexpected maintenance costs. The U.S. Bureau of Labor Statistics (2023) reported a 35% gap between IoT job demands and qualified professionals. According to the Department of Labor (2022), 72% of organizations struggled to find IoT-skilled workers. The National Science Foundation found that only 23% of technology graduates in 2022 had adequate IoT-specific training

Category-Wise Acumens

How the Safeguarding Data and Infrastructure Against Breaches Surge the Growth of Security Solution Segment?

 The security solution segment is set to dominate the Internet Of Things (IoT) Software Market. As IoT networks expand, security solutions become essential for safeguarding data and infrastructure against potential breaches. These security solutions encompass a range of protective technologies, including cloud-based security, mobile security solutions, endpoint protection, network and data center security, content gateways, and policy management frameworks. By providing comprehensive governance and information security across entire enterprise networks, these solutions mitigate the risks associated with unauthorized access, data breaches, and other security threats.

IoT security solutions play a crucial role in ensuring that data transmitted through IoT devices and systems remains secure, enabling businesses to build trust with users and adhere to regulatory compliance standards. With the increasing number of IoT-enabled devices in both consumer and industrial sectors, there is a growing need for robust security protocols that protect network integrity and prevent unauthorized access. As such, the security solution segment is becoming a focal point in the IoT software market, driving investment and innovation to create safer, more reliable IoT ecosystems. This emphasis on security is critical to IoT’s expansion and adoption across various industries.

How the Growing Need for Seamless Access, Control and Monitoring of IoT Devices Foster the Growth of Device Management Segment?

 The device management segment stands out as a dominating segment in the Internet Of Things (IoT) Software Market driven by an increasing need for seamless access, control, and monitoring of IoT devices across various industries. IoT device management platforms empower enterprises to efficiently manage large networks of connected devices, providing essential functionalities such as interfacing with IoT software, deploying security patches, and generating device-specific reports through user-friendly administrative tools.

The adoption of IoT device management platforms is the rising demand for centralized access and control, which allows enterprises to ensure optimal device performance and security throughout the device lifecycle. These platforms also facilitate automated updates, enabling businesses to apply critical security patches that safeguard networks from vulnerabilities. As IoT deployments expand, enterprises require robust device management solutions to manage their growing number of devices in real time, ensuring consistent performance and security. This trend underscores the strategic importance of the device management segment in the IoT software market, as companies increasingly rely on these platforms to enhance operational efficiency, streamline device administration, and improve the security posture of their IoT ecosystems.

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Country/Region-wise Acumens

How the Increasing Adoption of Robust Healthcare Technology Surge the Growth of Internet Of Things (IoT) Software Market in North America?

 North America substantially dominates the Internet Of Things (IoT) Software Market driven by the adoption of Strong Healthcare Technology. The U.S. Department of Health and Human Services reported that 76% of U.S. hospitals adopted IoT-enabled medical devices by 2023. According to the Centers for Medicare & Medicaid Services, North American healthcare IoT spending reached USD 72.3 Billion in 2022. The FDA reported a 189% increase in approved IoT medical devices between 2020 and 2023, with U.S. manufacturers leading 65% of applications The Canadian Institute for Health Information noted that 82% of Canadian hospitals implemented IoT monitoring systems by 2022

 The U.S. Department of Commerce reported that North American manufacturers invested USD 154 Billion in IoT solutions in 2022. According to the U.S. Bureau of Labor Statistics, 84% of large manufacturing facilities in North America will implement IoT-enabled predictive maintenance by 2023. The National Association of Manufacturers found that IoT adoption in U.S. factories increased productivity by 47% between 2020-2023

 In addition, the robust cloud infrastructure and 5g network development also contribute to the market growth in the region. The FCC reported that 5G coverage reached 93% of the U.S. population by 2023, the highest among all regions globally. According to the U.S. Census Bureau’s Annual Business Survey, 79% of North American businesses utilized cloud-based IoT platforms in 2022. The National Telecommunications and Information Administration (NTIA) reported that North America accounted for 42% of global IoT cloud spending in 2023. The Canadian Radio-television and Telecommunications Commission noted that Canadian 5G IoT connections grew by 245% from 2021 to 2023

How the Government Initiatives for Smart Cities Accelerate the Growth of the Internet of Things IoT Software Market in the Asia Pacific?

 Asia Pacific is anticipated to witness the fastest growth in the Internet Of Things (IoT) Software Market during the forecast period driven by the accelerating smart city initiatives. According to China’s National Bureau of Statistics, smart city investments reached USD 165 Billion in 2022, with IoT implementations in over 800 cities. The Singapore Smart Nation initiative reported 95% coverage of IoT sensors across the city-state by 2023, leading to a 35% reduction in urban issues. Japan’s Ministry of Internal Affairs and Communications reported that smart city projects increased by 167% between 2020-2023. South Korea’s Ministry of Science and ICT documented that IoT-enabled smart city solutions reduced energy consumption by 42% in 2022

China’s Ministry of Industry and Information Technology reported that IoT adoption in manufacturing grew by 189% from 2020 to 2023. According to India’s Ministry of Electronics and IT, manufacturing IoT investments reached USD 45 Billion in 2022. Japan’s Factory Automation market incorporating IoT solutions grew by 156% between 2021-2023, as reported by METI (Ministry of Economy, Trade and Industry). The Australian Industry Group reported that 73% of manufacturing firms will implement IoT solutions by 2023.

China Mobile reported 1.2 billion IoT connections over 5G networks in 2023. According to India’s Department of Telecommunications, 5G-enabled IoT devices increased by 245% in 2022. The South Korean government reported that cloud-based IoT spending reached $28.5 billion in 2023. Japan’s IoT cloud service market grew by 178% between 2020-2023, according to the Japan External Trade Organization.

Competitive Landscape

The Internet Of Things (IoT) Software Market is highly competitive, with a diverse range of players offering solutions for various industry verticals and use cases. Key players include established technology giants, specialized IoT solution providers, and emerging startups.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Internet of Things IoT software market include Intel Corporation, SAP SE, Cisco Systems, Microsoft Corporation, Oracle Corporation, International Business Machine (IBM) Corporation, PTC, Aeris Communications, Inc., General Electric Company, Fujitsu Ltd.

Latest Developments:

• In January 2023, Lifecycle Software announced a joint venture with Microsoft, leveraging the Microsoft Cloud throughout its offerings, allowing some of the largest mobile carriers to give better services to their clients.
• In November 2022, ZainTech, Zain Group’s digital and ICT solutions powerhouse, announced a collaboration with Oracle, selecting Oracle Exadata Cloud@Customer to deliver new technological services to allow commercial advantages for its clients in the Middle East.
• In March 2020, Microsoft announced a partnership with Cisco Systems to provide smooth data orchestration between the Cisco IoT Edge and the Azure IoT Cloud. Customers will be able to receive a pre-integrated IoT edge-to-cloud application solution as a result of our partnership.

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