The global IoT connectivity market is expected to see a revenue CAGR of 24.1% until 2030 from its $5.91bn in 2021, according to Emergen Research.

The IoT connectivity market has emerged from the pandemic’s hurdles and is projected to ramp up its growth curve starting this year. Rapid investment in sensing technology for automating industrial operations is driving IoT connectivity market revenue growth.

Growing demand for Bluetooth-enabled wearable devices is also driving he market growth. Bluetooth has become increasingly popular in consumer electronics for providing a high-bandwidth connection in wearable devices. In contrast to wifi, Bluetooth uses less energy and takes much less time to connect two devices. Furthermore, Bluetooth is a suitable option for many other smart indoor applications where GPS asset localisation is not an option due to its ease of setup and low signal interference capabilities in frequency-crowded environments.

The report from Emergen Research projected that the global IoT connectivity market size reached $5.91bn in 2021 and is expected to register a revenue CAGR of 24.1% till 2030.

“Cloud segment accounted for largest revenue share in 2021,” says the report. “Cloud computing allows companies to store and analyse data quickly and in real time, allowing them to get the most out of their data. Companies do not have to deploy a lot of hardware or configure and manage networks and infrastructure when they use cloud computing.

“Cloud computing also allows companies to scale up their infrastructure based on their requirements without having to invest in additional hardware or infrastructure. This not only helps to speed up the development process, but it can also save money. Depending on the connectivity capabilities, devices connect to the cloud in a variety of ways. Cellular, satellite, wifi, low power wide area networks (LPWAN), and a direct Ethernet connection to the internet are examples of these methods. Cellular network is a widely accepted network that is used in IoT projects due to its increased reliability, high security and scalability.”

The information technology and telecommunication segment accounted for a significantly large revenue share in 2021.

“Telecommunication has been at the forefront of IoT innovations because it is one of the most technologically sophisticated industries, with access to modern connectivity infrastructures and engineering talent,” says the report. “The market in North America accounted for largest revenue share in 2021. The presence of major companies such as Cisco, IBM and many others are primarily responsible for increasing demand in this region. High-end technological products such as Google Nest Hub, Google Home and others are gaining popularity owing to the region’s high disposable income.”

Active companies in the market today and covered in the report include SPYR, Apple, Amazon, Alibaba Group and DiDi Global. SPYR is a technology company whose subsidiary Applied Magix develops and resells Apple ecosystem compatible products in the growing multibillion-dollar IoT smart home and connected car markets. DiDi is the self-driving technology arm of Didi Chuxing and Volvo Cars. Volvo will provide DiDi with XC90 cars equipped with backup systems for functions such as steering and braking, and collaborate with DiDi on autonomous driving to integrate the additional software and hardware required to make it fully ready.