New York, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), "IoT Communication Technologies Market Research Report: By Type, End-use, and Region - Forecast Till 2032, the market is anticipated to acquire a valuation of approximately USD 21.66 Billion by the end of 2032. The reports further predict the market to flourish at a robust CAGR of over 6.30% during the assessment timeframe.
Key Companies in the IoT Communication Technologies market include
- Microchip Technology
- MediaTek
- Telit
- Link Labs
- Texas Instruments
- NXP Semiconductors
- EnOcean
- Sequans Communications
- Gemalto
- STMicroelectronics
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market is being driven by factors such as expanding IoT device usage, rising data analytics need, new wireless communication technologies, and decreasing costs of IoT sensors and devices. The main force behind the market's recent significant growth and transformation has been the widespread usage of IoT devices across a number of industries. There are many different communication technologies and protocols on the market that enable seamless data transfer and connectivity between IoT devices, networks, and applications. One of the main factors propelling the market for IoT communication technologies is the rising use of IoT devices. Industry, healthcare, transportation, agriculture, and smart cities are among the sectors using IoT devices to boost operational efficiency, enhance decision-making, and allow creative services. These devices, which include sensors, actuators, and smart appliances, generate massive amounts of data that must be processed and delivered using reliable communication techniques. Another element influencing the demand for IoT connection technologies is the rising demand for data analytics.
IoT Communication Technologies Market Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 21.66 Billion |
| Growth Rate | CAGR of 6.30% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Integration of 5G, edge computing, and improvements to security and privacy |
| Key Market Drivers | Increased IoT use, connectivity requirements, standardisation, and interoperability |
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IoT-generated data is crucial for businesses to acquire insights, streamline processes, and make informed decisions. Data from IoT devices must be transferred to cloud-based or edge computing platforms via efficient communication techniques for real-time analysis and useful insights.
The development of wireless connectivity technologies, notably the introduction of 5G networks, is driving the proliferation of IoT communication technologies. 5G offers more capable and stable connectivity that is high-speed and low-latency. This enables a substantial number of IoT devices to smoothly connect, supporting uses cases like remote healthcare monitoring and autonomous vehicles that require real-time response, high bandwidth, and low latency.
The decreasing cost of IoT sensors and devices is another significant driver. As the cost of deploying IoT solutions decreases, more enterprises are able to do so, which raises the demand for dependable communication technologies to link and control these devices effectively. This cost reduction and the expanding availability of off-the-shelf IoT modules and systems have expedited the deployment of IoT across many industries.
The market for IoT communication technology is growing thanks in large part to government initiatives and regulations. Governments from all over the world are starting to recognise how the Internet of Things (IoT) has the potential to boost economic growth, enhance public services, and address societal challenges.
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They are establishing laws and regulations that support the usage of IoT technology, creating environments that are favourable for the adoption of IoT communication solutions. To address security and privacy concerns, powerful security frameworks and encryption techniques are also being created. Because security is a key component of IoT installations, the availability of secure communication technologies encourages acceptance of IoT solutions. The fusion of IoT communication technologies with other cutting-edge technologies like edge computing, cloud computing, and AI further increases demand. These linkages create new opportunities and use cases for a range of industries by enabling complex data processing, analysis, and decision-making capabilities. driving the market revenue for IoT communication technologies.
IoT Communication Technologies Market Segment Insights
Wi-Fi, Bluetooth, Zigbee, and others are included in the market segmentation for IoT communication technologies based on type. With 37.23% of market revenue coming from the Wi-Fi segment in 2022, the market was led by it. Wi-Fi infrastructure is already present in many environments, which makes using pre-existing networks for IoT connectivity simple and affordable.
Aerospace & Defence, Automotive, Information and Communication Technology, Automation, Power and Energy, and Healthcare are the segments of the IoT Communication Technologies Market based on End Use. In 2022, the category of information and communication technology generated the highest amount of revenue (38.52%). The ICT industry enables IoT deployments in a number of businesses. It provides the network connectivity, cloud computing platforms, and data analytics capabilities necessary for IoT devices to connect, communicate, and share data.
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The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was dominated by the North American IoT Communication Technologies Market (45.80%). The region's dominance is due to applications in sectors like smart cities, healthcare, industrial automation, and transportation. Additionally, the North American IoT Communication Technologies market in the United States had the biggest market share, while the market for armour materials in Canada grew at the fastest rate.
The second-largest market share belongs to the IoT Communication Technologies market in Europe. The region has experienced rising investments in IoT activities as a result of initiatives like Industry 4.0 and smart city initiatives. Additionally, the UK's IoT Communication Technologies market and Germany's IoT Communication Technologies market both held the greatest market shares.
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