The IoT technology market will grow from $945.6bn in 2024 to $1377.8bn by 2029, at a CAGR of 7.8%, according to Markets & Markets.

The market growth is attributed to increased potential for the incorporation of IoT in electric and hybrid vehicles and accelerated IoT adoption in the healthcare sector. Furthermore, government incentives and aids for development of IoT technologies and the rise in the development of smart cities are expected to create lucrative opportunities.

The network management segment is a significant market for IoT technology. A network management platform is a common platform to manage the entire network of an organisation. The platform ensures users can receive IT services from anywhere and at any time. By using the platform, a network administrator can easily detect any failure in the network and resolve issues in real time or inform support personnel.

A network management platform also assists in analysing the amount of data being transferred over a network and automatically routes them to avoid congestion that could result in a network crash.

For critical applications, such as mobility, transport, logistics, energy and manufacturing, seamless and faster data transfer is required. This requires the appropriate configuration of network devices, which is possible only through a high level of visibility provided by a network management platform.

The industrial segment is projected to record the highest CAGR during the period. Healthcare, automotive, transportation, building automation, manufacturing, retail, BFSI, oil, gas, agriculture, aerospace and military are among the industrial end-use applications.

The building automation market has developed as a result of the demand for more energy efficiency, security and venture capital funding, and ongoing efforts to improve lifestyles. After beginning with wired technology, building automation has transitioned into the era of wireless technologies such as Bluetooth, Zigbee and wifi.

Additionally, more stringent regulations and growing awareness of energy saving and building regulations, the development of many smart grid technologies, and the accessibility of several open protocols are propelling the market for building automation.

Asia Pacific is projected to record the highest CAGR during the forecast period. The main countries in Asia Pacific contributing to the growth are China, India, South Korea and Japan. Some of the major factors supporting the expansion in Asia Pacific are the expanding consumer base, rising disposable income, increasing internet penetration in business and residential areas, and improving IT infrastructure.

Furthermore, the market for IoT technology for commercial applications in countries such as China, South Korea and Japan is growing primarily due to the trend of industrial automation and the use of cloud-based services. China’s involvement in the adoption and development of IoT is vital for the expansion of these businesses because it is the key hub for semiconductor production and manufacturing.

China is a manufacturing hub and is the leading producer of manufactured goods such as textiles, electronic equipment and agricultural products. In the production process, IoT is used to monitor the machinery, employees and environmental conditions. The data can be further used to analyse, control and prevent risks and avoid economic losses. End-to-end automation is a concept gaining momentum in the current technology market in China.

Key IoT technology companies include Intel, Qualcomm, Texas Instruments, Cisco, Hewlett Packard Enterprise, IBM, ST Microelectronics, Microsoft, PTC and Amazon Web Services.

More details of the report can be found at www.marketsandmarkets.com/Market-Reports/iot-application-technology-market-258239167.html.