The global Internet of Things (IoT) market continues to boom. According to a report by Fortune Business Insights, the global IoT market is expected to grow from US$381.3 billion in 2021 to US$1.8 trillion in 2028. Although the market has slowed during the pandemic, it is expected to explode again. Even during the pandemic, IoT applications have played an important role in COVID-19 healthcare solutions, including vaccine tracking, social distancing, and various other areas. From the Industrial Internet of Things (IIoT) to smart buildings and cities, to environment-related applications, the IoT market is about to explode. The IoT market includes a variety of different types of solutions, including sensors and devices, cloud computing, networks, services, and software. The impact of this phenomenon is global, with Asia Pacific and Europe leading in some areas, especially smart cities, while North America leads the way in enterprise and industrial Internet of Things (IIoT).
Although many big companies such as Microsoft, Amazon, Intel, Cisco, IBM, AT&T, SAP, etc. have invested heavily in the IoT field, there are still hundreds of IoT startups starting to develop some innovative solutions.
Almost all IoT applications require software, including embedded devices, servers, cloud computing, analytics, and more. According to IDC, IoT application software accounts for 11.7% of the entire IoT market. According to various sources, the IoT software market will grow by 5% to 25% compared to the hardware IoT market.
Although there are some barriers such as implementation cost, lack of awareness, integration with other systems and security, the benefits brought by IoT, including significant operational efficiencies, analytics, customer convenience, environmental efficiency and more, will continue to drive enterprises, The overall IoT market in industry, agriculture, connected healthcare, connected healthcare, transportation, smart buildings and other fields. And, software will be the driver of this growth.
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