The Global Internet of Things (IoT) market continues to be on a tear. According to a report by Fortune Business Insights, the global Internet of Things market is projected to grow from $381.30 billion in 2021 to $1.8trillionin 2028. Although the market slowed down during the pandemic, it’s expected to come back with a roar. Even during the pandemic, IoT applications played a big role in healthcare solutions for Covid-19 including tracking of vaccines, social distancing, and various other areas. From Industrial Internet of Things (IIoT) to Smart Buildings and Cities to Environment related applications, IoT market is poised to explode. The IoT market comprises various different types of solutions including sensors and devices, cloud computing, networking, services, and software. The impact of this phenomenon is felt around the globe with Asia Pacific and Europe leading the charge in some areas, especially in Smart Cities, while the North America is taking the lead in Enterprise and IIoT.
While a number of large companies like Cisco, IBM, Intel, Microsoft, Amazon, SAP, AT&T others are investing heavily in the IoT space, there are hundreds if not thousands of IoT start-ups that are starting to produce some innovative solutions.
Software is needed for practically all IoT communications including embedded devices, servers, cloud computing, analytics and more. According to IDC, IoT Application Software had 11.7% share of the total IoT market. According to various sources, the IoT software market will grow from 5 to 25% more than the hardware IoT market. Some of the players in the IoT software market include:
- Style Lab IoT Software Company
- Indium Software
- Dark Matter
- GE Digital
- NewSky Security
- Dell EMC
- Pwnie Express
In spite of some barriers like cost of implementation, lack of awareness, integrations into other systems, and security, benefits from IoT including significant operational efficiencies, analytics, customer convenience, environmental efficiencies, and more, will continue to drive the overall Internet of Things market in enterprise, industrial, agricultural, connected medical, connected healthcare, transportation, smart building, and others. And, software will be the enabler for this growth