by IoT infrastructure forms the basic framework required for connectivity of various devices and transfer of data between them over a network without any human intervention. It enables connection and exchange of data between devices embedded with sensors, software, network connectivity, and services. IoT infrastructure is integral for smooth and seamless operation of different systems and processes across various industry verticals including manufacturing, healthcare, retail, transportation, and others. Growing preference for cloud-based solutions as opposed to on-premise infrastructure among enterprises is compelling IoT infrastructure providers to introduce more cloud-driven products and services.
The global IoT Infrastructure Market is estimated to be valued at US$ 703.88 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud is considered as one of the major drivers for growth of the global IoT infrastructure market. With increasing adoption of cloud platforms in industries, demand for cloud-based IoT solutions is also increasing. Cloud platforms provide cost-effective solutions and enhanced scalability which allows enterprises to adjust their IT infrastructure based on their changing business needs. They also enable IoT solution providers to develop and upgrade applications remotely without the need for on-site support. Adoption of cloud-based infrastructure helps companies improve connectivity between systems without heavy investments in networks and hardware. This is compelling infrastructure providers to focus on developing products that facilitate seamless integration with cloud platforms, thus propelling growth of the market.
SWOT Analysis
Strength: IoT infrastructure allows new applications and business models to emerge like connected cities and smart factories. It enables collection and analysis of large amounts of data for insights.
Weakness: Issues related to privacy, security and reliability of connected devices. High initial investment required for setting up infrastructure.
Opportunity: Growth in connectivity of industrial devices and sensors will drive the market. Increasing adoption of cloud platforms for IoT will create opportunities.
Threats: Lack of common standards leads to compatibility issues. Rising cyber threats can compromise sensitive data and disrupt operations.
Key Takeaways
The Global Iot Infrastructure Market Size is expected to witness high growth. The market size for 2024 is projected to be US$ 703.88 Bn registering a CAGR of 8.4% during the forecast period of 2024 to 2031.
Regional analysis comprises North America dominates the global market currently due to large-scale implementation of IoT technology across various industries. Asia Pacific region is expected to be the fastest growing market lead by countries like China and India. Rising digital transformation initiatives in manufacturing and logistics sectors offer immense potential.
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. Belden Inc. and Amphenol Corporation are market leaders providing end-to-end connectivity solutions for industrial IoT deployments. Increasing R&D investments by players will help lower costs and accelerate mass adoption of the technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
