The Internet of Things (IoT) infrastructure includes components required for effective communication between connected devices via wireless networks and cloud platforms. IoT infrastructure enables seamless data transmission for various applications across industries like smart homes, industrial IoT, smart cities and more. The global IoT Infrastructure Market is estimated to be valued at US$ 611.00 Billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The soaring adoption of IoT-enabled connected devices across industries is a major factor driving the growth of the IoT infrastructure market. As per estimates, over 25 billion devices will be connected to the internet by 2025. Furthermore, increasing applications of IoT in industrial machines, smart agriculture, connected vehicles and more has resulted in higher demand for robust networking infrastructure for faster communication between devices. Mass deployment of IoT infrastructure by telecom operators and cloud service providers to support the proliferation of connected devices offers lucrative opportunities for players in the market during the forecast period.
Strength: IoT infrastructure provides seamless connectivity between devices, systems, and services. This allows for integration of operations and processes across enterprises.
Weakness: Security vulnerabilities may arise due to the interconnected nature of devices. Lack of common standards results in interoperability issues.
Opportunity: Growth of Wi-Fi, Bluetooth, and ZigBee networks along with declining costs of connectivity solutions provide an opportunity to connect more devices. Emerging technologies such as 5G will boost connectivity of devices.
Threats: High dependence on telecom operators and service providers for connectivity exposes the market to risks from disruption in their services. Stringent regulations around data privacy and security pose compliance challenges.
The Global Iot Infrastructure Market Growth is expected to witness high growth. This growth can be attributed to the increasing adoption of cloud computing services across various industry verticals for implementing IoT solutions. The healthcare sector is anticipated to dominate the regional market over the forecast period owing to rising requirement for remote patient monitoring solutions.
Regionally, North America captured the largest share of the overall IoT Infrastructure market in 2023, with the US being the major revenue generator. Significant investments by telecom operators to develop 5G infrastructure are assisting the regional market growth. However, Asia Pacific is projected to witness the fastest CAGR during the forecast period. Proliferation of affordable connectivity devices combined with government support for smart city projects in China and India is fueling the APAC market expansion.
Key players operating in the IoT Infrastructure market are Belden Inc., Alpha Wire, General Cable Corporation, L-Com Global Connectivity, LS Cable & System, Southwire, TE Connectivity Ltd, Nexans S.A., Amphenol Corporation, and Coleman Cable Inc. The market is witnessing increased horizontal and vertical consolidation through mergers and acquisitions. For instance, Belden Inc. acquired two companies in 2021 to strengthen its end-to-end solution portfolio for industrial automation and IoT applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it