According to a new report, published by KBV research, The Global IoT Technology Market size is expected to reach $1,754 billion by 2031, rising at a market growth of 11.4% CAGR during the forecast period.
The Consumer segment is experiencing a CAGR of 11.9% during (2024 - 2031). IoT devices produce enormous volumes of data regarding consumer behavior, preferences, and interactions with connected devices. This data is valuable for businesses in understanding consumer needs, personalizing experiences, and delivering targeted services. Businesses can gain actionable insights to drive product development, marketing strategies, and business decisions by analyzing consumer data collected from IoT devices.
The Software Solution segment is leading the Global IoT Technology Market by Component in 2023; thereby, achieving a market value of $717.6 billion by 2031. This segment includes various types of software that are essential for the functioning of IoT devices, such as security software, data management, and analytics software. The high revenue share of this segment suggests a strong demand and investment in software that enables IoT devices to operate efficiently, securely, and with advanced functionalities.
The Memory Device segment would showcase a CAGR of 12.5% during (2024 - 2031). Memory devices play a crucial role in edge computing architectures, where data processing and analysis are carried out nearer the location where the data is generated instead of depending entirely on cloud infrastructure that is centralized. By storing data locally on IoT devices, memory devices enable edge computing applications to process data in real-time, reduce latency, and improve responsiveness, making them ideal for time sensitive IoT applications such as industrial automation, autonomous vehicles, and healthcare monitoring.
Full Report: https://www.kbvresearch.com/iot-technology-market/
The North America region dominated the Global IoT Technology Market by Region in 2023; thereby, achieving a market value of $643.1 billion by 2031. The Europe region is poised to grow at a CAGR of 11% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 12.3% during (2024 - 2031).
By End Use
By Component
By Node Component
By Geography
Unique Offerings 
