Massive IoT (mIoT) Market- By Connectivity , By Component , By Platform , By End Use Industry and By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”.

Massive IoT (mIoT) Market Overview:

Massive IoT (mIoT) Market size is estimated to reach $160 billion by 2030, growing at a CAGR of 7.1% during the forecast period 2024-2030. Massive IoT uses cloud and edge computing, big data analytics and artificial intelligence (AI) to make large quantities of data more accessible and valuable for businesses. The main goal of industrial automation is to control devices that run advanced functionalities (including IIoT connectivity and machine reconfiguration) which help in increasing overall productivity and quality of the work. Modern industrial automation depends on real-time feedback from machines, and operational data and interactions between several devices. This is where mIoT plays a major role. The increasing affordability and miniaturization of IoT devices are some of the major factors driving the market.One of the recent trends in massive IoT market is industrial automation. By integrating IoT devices into industrial processes, companies can achieve significant improvements in efficiency, productivity, and quality control. IoT enables industrial robots to operate autonomously using sensors, cameras, wireless devices and edge computing, conducting tasks such as assembly, defect detection, sorting, stacking and routing. Intelligent automation gathers data on machine performance, inventory levels, and other metrics that then allow manufacturers to optimize processes and make data-driven decisions. 78% of supply chain leaders are seeking technology solutions to increase operational efficiency, improve production and delivery speeds, and automate repetitive tasks. The demand for IoT devices and connectivity solutions will increase as industrial automation develops, which will support the growth of the massive IoT industry. Another trend is development of smart cities. The Internet of Things (IoT) is a key component of smart cities, which are technologically advanced urban areas that use interconnected technology to improve quality of life. They collect and analyse data from a city's environment, allowing city operators to make decisions and take action.

Massive IoT (mIoT) Market- Report Coverage:

The “Massive IoT (mIoT) Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Massive IoT (mIoT) Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• The COVID-19 pandemic significantly influenced the trajectory of the Massive IoT market. Economic shocks caused by the Covid-19 pandemic severely disrupted global supply chains. At the same time, Covid-related shutdowns rapidly rotated consumer demand towards goods and away from in-person services. 
• Russia-Ukraine war had a major impact on the massive IoT market. The war has heightened geopolitical tensions, leading to increased uncertainty and potential trade restrictions, which can impact the global supply chain for IoT devices and components.

Key Takeaways:

• North America Dominates the Market

North America is the dominant region in the Massive IoT (mIoT) market. Due to their early adoption of IoT technologies, North American industries particularly manufacturing and logistics have developed a mature market. The U.S. is one of the most technologically advanced nations. According to the Computing Technology Industry Association (CompTIA), the United States is the largest tech market in the world, representing 33% of the total technology industry. The U.S. has robust infrastructure and a large installed base of users equipped with connected devices. This boosts the mIoT market. These factors have contributed to North America's dominant position in the global Massive IoT market.

• Transportation to Grow the Fastest

In the Massive IoT (mIoT) market, transportation is expected to grow with the fastest CAGR during the forecast period. IoT technologies are revolutionizing the way we move people and goods, leading to increased efficiency, safety, and sustainability. IoT-enabled vehicles can collect and analyse data on vehicle performance, traffic conditions, and driver behaviour, leading to improved safety and efficiency, and the development of self-driving vehicles relies heavily on IoT technology to collect and process data from sensors and cameras. Additionally, IoT-powered smart city initiatives are transforming urban transportation systems through intelligent traffic management, public transportation optimization, and electric vehicle charging infrastructure. With more automation, lower emissions, and increased overall efficiency, the transport industry is set to undergo a dramatic transition as IoT technology develops.

• Cloud is the Largest Segment

The cloud platform dominates the massive IoT market due to its scalability, flexibility and ability to manage large amounts of data generated by IoT devices. Cloud solutions enable centralized data storage, real-time analytics and seamless device integration which are critical for managing large-scale IoT deployments. Businesses across various sectors such as manufacturing, energy and smart cities rely on cloud platforms to optimize operations, reduce costs and enhance data-driven decision-making. Moreover, the abundance of IoT devices accelerates the demand for robust cloud infrastructures capable of supporting millions of connected devices. Leading cloud providers are investing in edge computing and hybrid cloud models. According to Telecom Review, foreign investment surges in Vietnam's expanding IoT market. As the number of IoT devices continues to grow, cloud computing will remain a critical component of the Massive IoT ecosystem.

• Growing Number of IoT devices to Drive the Market

The massive IoT market is driven by the rapid number of connected devices. From smart home systems to industrial sensors, IoT devices are becoming common place across sectors such as healthcare, manufacturing, energy and more. According to Build Ops, the total number of IoT connected devices is expected to reach 16 billion by 2023. This means that the total number of IoT connected devices will have increased by 1600% from 2005 to 2023. This surge in IoT adoption is driven by advancements in connectivity technologies like LPWAN, 5G and Wi-Fi 6 which enable efficient and reliable communication among devices. The growing demand for real-time data and automation further fuels the deployment of IoT devices. Therefore, connected devices is creating a thriving ecosystem for IoT hardware, software, and services, positioning the massive IoT market as a cornerstone of digital transformation worldwide.

• Cybersecurity Risks to Hamper the Market

• Cybersecurity risks pose a significant challenge to the growth of the massive IoT market. As the number of IoT devices increase, they create more entry points for cyberattacks, making IoT networks increasingly vulnerable. Poorly secured devices and networks can lead to data breaches, unauthorized access and system disruptions which might undermine the reliability of IoT deployments. The lack of standardized security protocols and limited awareness among businesses about IoT-specific threats exacerbate the issue.

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Massive IoT (mIoT) Market. The top 10 companies in this industry are listed below:

1. Cisco Systems Inc.
2. IBM
3. Microsoft Corporation
4. Google Inc.
5. Huawei Technologies Co., Ltd.
6. Qualcomm
7. Ericsson
8. Verizon Communications Inc.
9. Hitachi Ltd
10. Fibocom Wireless Inc.

Scope of the Report: 

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