The research process for this study included systematic gathering, recording, and analysis of data about customers and companies operating in the IoT technology market. This process involved the extensive use of secondary sources, directories, and databases (Factiva, Oanda, and OneSource) for identifying and collecting valuable information for the comprehensive, technical, market-oriented, and commercial study of the IoT technology market. In-depth interviews were conducted with primary respondents, including experts from core and related industries and preferred manufacturers, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects. Key players in the IoT technology market were identified through secondary research, and their market rankings were determined through primary and secondary research. This research included studying annual reports of top players and interviewing key industry experts such as CEOs, directors, and marketing executives.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information important for this study. Secondary sources included corporate filings, such as annual reports, investor presentations, and financial statements; trade, business, and professional associations; white papers; IoT technology products-related journals; certified publications; articles by recognized authors; directories; and databases.
Secondary research was conducted to obtain key information about the industry supply chain, market value chain, key players, market classification and segmentation as per industry trends to the bottom-most level, geographic markets, and key developments from both market- and technology-oriented perspectives. Data from secondary research was collected and analyzed to determine the overall market size, which was further validated by primary research.
Primary Research
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side included industry experts such as CEOs, VPs, marketing directors, technology & innovation directors, and key executives from major companies in the IoT technology market.
After going through market engineering (which includes calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers obtained. Primary research was conducted to identify segmentation types, industry trends, key players, competitive landscape, and key market dynamics such as drivers, restraints, opportunities, and challenges, along with the key strategies adopted by players operating in the market.
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Market size Estimation
In the complete market engineering process, both top-down and bottom-up approaches were used, along with several data triangulation methods, to estimate and forecast the size of the market and its segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were carried out on the complete market engineering process to list the key information/insights pertaining to the IoT technology market.
The key players in the market were identified through secondary research, and their rankings in the respective regions were determined through primary and secondary research. This entire procedure involved the study of the annual and financial reports of top players, as well as interviews with industry experts such as chief executive officers, vice presidents, directors, and marketing executives for quantitative and qualitative key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in this report.
IoT Technology Market: Bottom-up Approach
IoT Technology Market: Top-Down Approach
Data Triangulation
After arriving at the overall size of the IoT technology market from the market size estimation process explained above, the total market was split into several segments and subsegments. Where applicable, the market breakdown and data triangulation procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size was validated using top-down and bottom-up approaches.
Market Definition
IoT is a key digital transformation technology, enabling businesses to increase their operational efficiency. Other technologies, such as edge computing, digital twin, Wi-Fi, and big data analytics, are spurring the demand for the digital transformation of businesses. Various application areas, such as retail, manufacturing, transportation, and healthcare, are undergoing digital transformation. Hence, the growing demand for IoT-based digital transformation of businesses is expected to provide growth opportunities for the IoT technology market during the forecast period.
Key Stakeholders
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Original technology designers and suppliers
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System integrators
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Electronic hardware equipment manufacturers
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Technical universities
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Government research agencies and private research organizations
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Research institutes and organizations
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Market research and consulting firms
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Sensor manufacturers
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Technology standard organizations, forums, alliances, and associations
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Raw material and manufacturing equipment suppliers
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Semiconductor wafer vendors
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Fabless players
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EDA and IP core vendors
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Foundry players
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Original equipment manufacturers (OEMs)
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Original design manufacturers (ODM) and OEM technology solution providers
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Distributors and retailers
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Technology investors
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Operating system (OS) vendors
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Content providers
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Software providers
Report Objectives
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To define and forecast the IoT technology market size, by node component, software solution, platform, service, and end-use application, in terms of value.
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To describe and forecast the global IoT technology market, by node components, in terms of volume.
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To describe and forecast the market size for various segments with regard to four main regions—North America, Latin America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value.
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To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the market growth
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To analyze the supply chain, trends/disruptions impacting customer business, market/ecosystem map, pricing analysis, and regulatory landscape pertaining to the IoT technology market.
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To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the market
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To describe in brief the value chain of IoT technology solutions.
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To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
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To profile key players and comprehensively analyze their market position in terms of their ranking and core competencies2, along with the detailed competitive landscape of the market.
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To analyze competitive developments, such as product launches and developments, partnerships, agreements, expansions, acquisitions, contracts, alliances, and research & development (R&D), undertaken in the IoT technology market.
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To benchmark market players using the proprietary ‘Company Evaluation Matrix,’ which analyzes market players on various parameters within the broad categories of business strategy excellence and strength of product portfolio.
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To analyze the probable impact of the recession on the market.
Available customizations
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies.
Product analysis
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Detailed analysis and profiling of additional market players
The following customization options are available for the report:
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Market sizing and forecast for additional countries
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Additional five companies profiling
Dec, 2022
Is SIGFOX a good solution for international business at IOT Field? .