by The global IoT infrastructure market plays a vital role in enabling internet connectivity for various electronic devices ranging from consumer electronics to industrial machinery. IoT solutions help interconnect physical devices embedded with sensors, actuators and other electronics to facilitate data exchange over the internet or private networks. With the growing number of connected devices being deployed across multiple sectors, the demand for technologies like networking hardware, connectivity modules, gateways and sensors that support machine-to-machine communication is rising substantially. The global IoT infrastructure market is estimated to be valued at US$ 611.00 Bn 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.
The adoption of IoT solutions are encouraging technology providers and network operators to invest aggressively in developing robust infrastructures that can effectively support billions of devices interacting simultaneously over the internet. Emerging connectivity technologies including 5G, Wi-Fi 6, Low Power Wide Area Networks are creating new opportunities for industries to leverage advanced automation, remote monitoring and predictive maintenance through IoT platforms. The infrastructure helps enterprises achieve operational efficiency, enhanced visibility and flexibility by connecting all assets through an interconnected network. The expanding application areas of IoT across various industry verticals from manufacturing to healthcare bodes well for the future growth of this market over the coming years.
Market key trends:
One of the major trends influencing the Global Iot Infrastructure Market Growth is the rising implementation of edge computing technology. Edge computing enables data processing and analysis to occur closer to the data source instead of sending all the information to a centralized cloud system. This helps overcome network latency issues and provides real-time insights more efficiently. Many industries are also adopting edge gateways and modular edge devices to deploy localized computing power and Storage in remote facilities. Another prominent trend is the standardization efforts by various alliance groups to establish shared protocols and guidelines that can accelerate IoT adoption globally on a large scale. Open source developments are also advancing the capabilities of IoT platforms to support future innovations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the IoT infrastructure market is moderate. High capital requirements and need for technological expertise act as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers can negotiate on price and demand additional services owing to the presence of multiple vendors providing IoT infrastructure solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While components such as sensors and connectivity modules are specialized, suppliers still have moderate bargaining power over pricing and quantities supplied.
Threat of new substitutes: The threat of substitutes is low. IoT solutions require specialized hardware and software with no close substitutes available.
Competitive rivalry: The competitive rivalry is high with major players competing on the basis of product features, reliability, and pricing.
Key Takeaways
The global IoT infrastructure market is expected to witness high growth.
Regional analysis: The Asia Pacific region is poised to dominate the global IoT infrastructure market during the forecast period. This is attributed to rapid industrialization, increasing focus on smart technologies, and rising investment to develop new infrastructure. Countries such as China, Japan, and India are deploying IoT connectivity solutions at a significant rate.
Key players: 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. These players focus on new product launches and strategic partnerships to expand their reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
