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(IT-NEWSWIRE.COM, April 09, 2024 ) According to the latest analysis by Virtue Market Research in IoT in network service Market was valued at USD $59.47 billion and is projected to reach a market size of USD $ 423.7 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 27.82%.
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In the IoT in network service market, several factors are shaping its growth trajectory. One long-term market driver is the increasing adoption of IoT devices across various industries. These devices enable real-time data collection, analysis, and communication, leading to enhanced efficiency, productivity, and decision-making.
The COVID-19 pandemic has further accelerated this trend as businesses seek digital solutions to adapt to remote work environments and minimize physical contact. The demand for IoT-enabled network services has surged as organizations prioritize connectivity and data management to support their operations amidst the pandemic.
In the short term, a significant market driver is the rapid expansion of 5G networks. The rollout of 5G technology promises faster data speeds, lower latency, and increased network capacity, which are essential for supporting the growing number of IoT devices. This presents an opportunity for network service providers to offer specialized IoT solutions optimized for 5G networks, catering to the unique requirements of IoT applications such as autonomous vehicles, smart cities, and industrial automation.
Additionally, the emergence of edge computing is another trend observed in the industry. Edge computing allows data processing to be performed closer to the source of data generation, reducing latency and bandwidth usage. This trend aligns with the requirements of IoT applications that rely on real-time data processing and analysis for timely decision-making. As organizations increasingly adopt edge computing solutions, the demand for IoT in network services is expected to grow.
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Market Segmentation:
By Connectivity: Cellular Technologies, LPWAN, NB-IoT, Radio Frequency-Based
Among the connectivity options, Cellular Technologies emerge as the largest segment, offering robust and reliable connectivity solutions for a wide range of IoT applications. Meanwhile, NB-IoT stands out as the fastest-growing segment, driven by its low power consumption, extended coverage, and suitability for various IoT deployments.
By Networking management solution: Network Performance Monitoring and Optimization, Network Traffic Management, Network Security Management, Others
In the networking management solution segment, Network Security Management takes the lead as the largest subsegment, reflecting the growing importance of cybersecurity in IoT networks. Conversely, Network Traffic Management emerges as the fastest-growing subsegment, fueled by the increasing volume of data generated by IoT devices and the need for efficient data traffic management.
By Application: Smart Buildings, Smart Transport and Logistics, Smart manufacturing
In the application segment, Smart Manufacturing emerges as the largest market segment, driven by the adoption of IoT-enabled technologies to optimize manufacturing processes, improve operational efficiency, and enable predictive maintenance. On the other hand, Smart Transport and Logistics exhibit the fastest growth rate, propelled by the increasing demand for real-time tracking, monitoring, and optimization of transportation and logistics operations.
Regional Analysis:
The largest market for IoT in network services is observed in North America, driven by extensive investments in IoT infrastructure, technological advancements, and early adoption across various industries. In contrast, the Asia Pacific region exhibits the fastest growth rate, fueled by rapid urbanization, industrialization, and government initiatives aimed at promoting digitalization and smart city development.
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Latest Industry Developments:
• Companies are increasingly focusing on interoperability standards to ensure seamless connectivity and integration across different IoT devices and platforms. By adhering to widely accepted protocols and standards, such as MQTT, CoAP, and OPC UA, companies can expand their market reach and offer more comprehensive solutions to their customers. This trend is further reinforced by collaborations and partnerships with industry consortia and standards organizations to develop and promote open standards for IoT interoperability.
• With the proliferation of IoT devices and the exponential growth of data generated by these devices, ensuring data security and privacy has become a top priority for companies in the market. To address this challenge, companies are investing in advanced encryption technologies, secure authentication mechanisms, and robust identity management solutions. Additionally, there is a growing emphasis on compliance with data protection regulations, such as GDPR and CCPA, to build trust with customers and maintain a competitive edge. Collaborations with cybersecurity firms and partnerships with regulatory bodies are instrumental in strengthening companies' cybersecurity posture and enhancing customer confidence.
• As the volume of data generated by IoT devices continues to soar, companies are increasingly turning to edge computing to process and analyze data closer to the source, reducing latency and bandwidth requirements. By deploying edge computing solutions, companies can deliver real-time insights and actionable intelligence to their customers, enabling faster decision-making and enhancing operational efficiency. Collaborations with edge computing providers and partnerships with telecommunications companies to leverage edge infrastructure are key strategies adopted by companies to capitalize on this emerging trend.
About Us:
“Virtue Market Research stands at the forefront of strategic analysis, empowering businesses to navigate complex market landscapes with precision and confidence. Specializing in both syndicated and bespoke consulting services, we offer in-depth insights into the ever-evolving interplay between global demand and supply dynamics. Leveraging our expertise, businesses can identify emerging opportunities, discern critical trends, and make decisions that pave the way for future success.”
Virtue Market Research
Megha
+1-917 436 1025
megha@virtuemarketresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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