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IoT Market to Reach $5,332.3 Billion, Globally, by 2032 at 21.3% CAGR: Allied Market Research

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The global IoT market is growing due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. 

PORTLAND, Ore., Sept. 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “IoT Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises), Platform (Device Management, Application Management and Network Management), Technology (Radiofrequency Identification, Pressure Sensors, Network Communications, Data Processing and Near-field Communications), and Industry Vertical (Retail, E-commerce & Consumer Electronics, Energy & Utility, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the IoT market was valued at $956.0 billion in 2023, and is estimated to reach $5,332.3 billion by 2032, growing at a CAGR of 21.3% from 2024 to 2032.

Prime determinants of growth 

The global IoT market has grown due to several factors such as the development of wireless networking technologies, the increase in cloud platform adoption, and the advent of advanced data analytics & data processing. However, the privacy and security concerns act as a restraint for the IoT market expansion. In addition, the emergence of mobile devices is projected to provide many opportunities for market growth during the forecast period. 

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Report coverage & details: 

Report Coverage 

Details 

Forecast Period 

2024–2032 

Base Year 

2023

Market Size in 2023 

$956.00 Billion 

Market Size in 2032 

$5,332.3 Billion 

CAGR 

21.3 %

No. of Pages in Report 

350

Segments Covered 

Component, Deployment Mode, Organization Size, Platform, Technology, Industry Vertical, and Region. 

Drivers 

Development of wireless networking technologies 

The increase in cloud platform adoption 

The advent of advanced data analytics & data processing 

Opportunity 

The emergence of mobile devices 

Restraint 

The privacy and security concerns 

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The solution segment held the highest market share in 2023.

By component, the solution segment held the highest market share in 2023 due to the growing need for solutions that support the functioning of IoT devices. The service providers deliver end-to-end software development solutions for consumer IoT, from project planning and testing to deployment. This is in turn expected to propel the growth of this segment in the global market. 

The on-premise segment held the highest market share in 2023.

By deployment mode, the on-premise segment held the highest market share in 2023. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety. 

The large enterprises segment held the highest market share in 2023.

By organization size, the large enterprises segment held the highest market share in 2023. This is attributed to an increase in the adoption of IoT technology by businesses to gain a strategic and competitive advantage over their competitors. Customers use IoT to discover new insights on large-scale diverse data, including historical and recent data. This technology is suitable for the collection of data and running algorithms and analysis across a large set of data to find relevant relationships, entities, and insights. 

The device management segment held the highest market share in 2023.

By platform, the device management segment held the highest market share in 2023. As it enables the efficient provisioning of devices, ensuring they are correctly configured and ready for use. These platforms support large-scale deployments, which is essential for industries with vast numbers of connected devices. 

The network communication segment held the highest market share in 2023.

By technology, the network communication segment held the highest market share in 2023. Network communication technologies are widely used in public and private networks, supported by a growing ecosystem of devices and applications. 

The IT & telecom segment held the highest market share in 2023.

By industry vertical, the IT & telecom segment held the highest market share in 2023. IT & telecom companies provide robust platforms for device management, including provisioning, monitoring, and updating IoT devices. IT & telecom companies provide the essential connectivity backbone for IoT devices. 

North America held the highest market share in 2023.

By region, North America held the highest market share in terms of revenue in 2023 and is expected to lead the market in terms of revenue throughout the forecast period. This demand is attributed to the rising need for internet services to address the increasing adoption of digital technologies in several sectors. Individuals are choosing digital services to improve their knowledge and skills. 

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Major Industry Players: – 

Google LLC Hewlett Packard Enterprise Cisco Systems, Inc. International Business Machine Corporation (IBM) SAP SE Microsoft Corporation Amazon Web ServiceOracle Corporation Intel Corporation Bosch Software Innovation GMBH  

The report provides a detailed analysis of these key players in the global internet of things market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario. 

Recent Industry Development: 

In April 2024, ByteSnap released an IoT standards and protocols guide, with the proliferation of IoT devices, protocols and standards ensure that the devices function correctly and communicate smoothly with each other. In May 2023, NOVUS expanded its vision for modular technology and brought the simplicity of IoT to the N20K48 controller. With the new Wi-Fi micromodule, it is easy to integrate legacy devices. The integration is efficient and makes communication between devices an affordable and simple process. In June 2023, Qualcomm Technologies, Inc. launched two modem chipsets with satellite capability: the Qualcomm 212S Modem and the Qualcomm 9205S Modem. The new Qualcomm modem chipsets power off-grid industrial use cases that require standalone non-terrestrial network (NTN) connectivity or hybrid connectivity alongside terrestrial networks. 

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Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Thinkpal learning tablet from Think Academy wins TechRadar Pro Picks and Trusted Reviews Best in Show awards at CES 2025

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LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — Think Academy debuted its Thinkpal tablet at CES 2025 and has won a TechRadar Pro Picks and Trusted Reviews Best in Show awards for this innovative new product.

Both awards are given to innovative products and solutions at CES that stand out from a packed crowd. Think Academy President, Alex Peng, was presented the awards at CES, noting the awards were given to Thinkpal because it is both a wholly unique product in the education technology market and also provides such value to parents and educators.

Designed to transform the way kids learn, explore, and thrive in an ever-evolving world, the Thinkpal is powered by cutting-edge AI that serves as a guide and tutor for young learners. With significant learning loss experienced in recent years, families and educators have faced unprecedented challenges as test scores in reading and math have seen steady declines. Parents have expressed their struggles in reigniting their children’s passion for learning, while educators grapple with the complexities of bridging diverse learning gaps.

To meet these challenges, the Thinkpal tablet offers a tailored, AI-powered solution that provides step-by-step writing guidance and real-time math support, making learning more intuitive and enjoyable.

Alex Peng introduced several key features of the Thinkpal during a press event. He showed the audience how Thinkpal’s “GeniusTutor,” an AI-powered system that transforms learning into an interactive and engaging experience, is the heart of this product’s features. Built on the Microsoft Azure OpenAI GPT-4o model, GeniusTutor provides real-time guidance and feedback, empowering students to:

Conquer complex math problems through logic-driven, step-by-step explanationsMaster writing with interactive prompts and instant feedback that build confidence and creativityEnhance vocabulary and reading skills with innovative tools like “Point-and-Discover,” where children can point to words in a physical book, and the tablet’s camera instantly provides explanations, along with guided reading exercises

Adding a touch of fun and companionship, “Thinkie,” an advanced AI-powered learning companion, engages children through voice-based natural language interactions. Thinkie chats, answers questions, and fosters curiosity, making the learning process enjoyable and dynamic.

With an extensive library of ebooks, gamified coursework, and compatibility with popular applications like Google Classroom, the Thinkpal Tablet is a versatile tool for modern families. The 11-inch TÜV Rheinland-certified eye-care screen also safeguards children’s vision during extended use, while the optional keyboard transforms the tablet into a Chromebook-like device, enhancing productivity and usability.

“Our mission is to provide every child with a personalized, world-class tutor that inspires confidence and a lifelong love for learning”, noted Alex Peng during a media interview Q&A. “We’re honored that TechRadar and Trusted Reviews recognize the potential of the Thinkpal to improve learning through advanced and accessible technology.”

The Thinkpal Tablet will be available for $249 ($339 including keyboard) at shop.thethinkacademy.com. Pre-orders open today.

About Think Academy

Think Academy, a subsidiary of TAL Education Group (NYSE: TAL), has been at the forefront of education innovation for over two decades. Serving more than 5 million K-12 students across 10+ countries, Think Academy is dedicated to creating fair and comprehensive educational opportunities. By integrating advanced technology with expert curriculum design, Think Academy is shaping the future of learning to be more accessible, engaging, and impactful.

For media inquiries, contact:
Cecilia Qian
cecilia@impact5r.com

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SOURCE Think Academy

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MLVision M5 Unveiled at CES 2025: Pioneering Innovation in Wearable Technology with the World’s Lightest AI-Powered AR Glasses

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LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — At CES 2025, MLVision has officially launched its groundbreaking MLVision M5, setting a new global standard for wearable technology. Weighing a mere 25.8 grams, the MLVision M5 is the world’s lightest AI-powered AR glasses. The device combines cutting-edge artificial intelligence, precision engineering, and a commitment to privacy and accessibility.

“MLVision M5 is more than just a wearable device; it represents a significant breakthrough in both weight and product design,” said CEO Zhaoen Dai. “Our goal is to create smart AR glasses that feel effortless to wear, leveraging cutting-edge AR display technology and advanced AI models to genuinely help users work and live more efficiently and conveniently.”

Crafted with aviation-grade titanium and ultra-lightweight floating plastic, this device achieves an unprecedented balance between durability and comfort. Weighing only 25.8g, 40% less than traditional AR glasses, it ensures an effortless, all-day wearing experience that feels almost weightless. The ergonomic design caters to users’ needs, making it a perfect companion for both work and leisure.

This device introduces an industry-first modular design, setting a new benchmark for adaptability in AR glasses. This innovation allows users to seamlessly transition between an all-in-one configuration and a clip-on style, accommodating diverse preferences and use cases. For nearsighted users, the M5 eliminates the need for custom prescription lenses—a common limitation in traditional AR glasses. Instead, it can be conveniently clipped onto existing prescription glasses, offering unmatched practicality and cost savings. This thoughtful modularity not only enhances accessibility but also positions the MLVision M5 as a versatile solution for a broad spectrum of users.

One of MLVision M5’s standout features is its immersive visual projection system, which offers an 86-inch private virtual screen. Powered by MLVision’s proprietary Hummingbird Micro-LED light engine and advanced nano-scale diffraction waveguide technology, the glasses create a secure and private viewing experience, ideal for reading confidential documents or browsing personal files. To prioritize eye health, the device utilizes soft green light with a projection distance of 4 meters, reducing strain during extended use.

The MLVision M5 is also equipped with the AIOS platform, delivering unparalleled AI-driven capabilities to enhance user productivity and accessibility. With intelligent tools like document summarization, real-time translation in seven languages, and interactive AI chat for setting reminders and brainstorming ideas, the device seamlessly integrates into the modern workflow. Additionally, its innovative Care Mode provides real-time audio transcription, enabling a more inclusive experience for users with hearing impairments.

The MLVision M5 excels as a navigation powerhouse, offering intuitive, real-time directions to guide users seamlessly through various environments. Whether exploring a new city, finding the fastest route to your destination, or navigating while riding a bike, the M5 ensures you always stay on the right path with ease and confidence.

The MLVision M5 will launch in China at the end of January 2025. Pricing and pre-order details will be announced in the coming weeks.

MLVision, a global innovator in wearable technology, continues to push the boundaries of what is possible by merging innovation, style, and functionality. With the launch of MLVision M5, the company reinforces its commitment to accessibility, sustainability, and creating cutting-edge solutions that redefine how technology is integrated into everyday life.

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SOURCE MLVision

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Brandivio Launches Advanced Retail Allocation Platform for Inventory Excellence

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Brandivio’s inventory optimization solutions empower footwear and apparel brands and retailers to buy smarter, allocate & replenish faster, and meet demand with precision.

NEW YORK, Jan. 11, 2025 /PRNewswire-PRWeb/ — Brandivio, a new generation inventory excellence platform for apparel and footwear retailers, announces its expansion into North America, in conjunction with the National Retail Federation’s (NRF) Big Show in New York City.

The Brandivio platform addresses the unique needs of the retail allocation market, ensuring apparel and footwear retailers have innovative tools to grow and thrive,” said Keith Whaley, SVP of Retail Solutions at Brandivio.

Brandivio, already supporting top-tier brands in EMEA, is built by seasoned retail experts to solve critical inventory challenges in fashion and footwear.

Leveraging machine learning, real-time demand signals, and automation, the Brandivio platform optimizes the distribution of products across a retailer’s stores and e-commerce channels ensuring the right products are in the right places at the right times, ultimately improving sales and margin performance, customer satisfaction, and inventory efficiency.

Key Features of Brandivio –

Advanced Demand Sensing: Predict future demand for short lifecycle products using machine learning native algorithms incorporating hyper-local external datasets to map powerful demand drivers.Dynamic Inventory Allocation: Adjust inventory in real time at the SKU/location level based on in-season trends to reduce stockouts and overstock situations.Real-Time Analytics: Drive test and learn strategies, optimize assortment in-season and connect functional teams across the organization with actionable insights for rapid response to market trends.Automation: Reduce up to 80% of existing manual planning efforts and redirect planner focus towards even greater efficiencies.Ease of Use: Intuitive workflows ensure rapid adoption without extensive training.

“Retailers can no longer rely on outdated tools or seasonal strategies,” said James Townsend, CEO of Brandivio.

“Brandivio democratizes retail data science, enabling brands to level the playing field, compete effectively, and maximize profits in today’s fast-paced market.”

This launch underscores Brandivio’s mission to support U.S. retailers facing tighter margins and increasing competition. “Our platform addresses the unique needs of this market, ensuring retailers have the tools to grow and thrive,” added Keith Whaley, SVP of Retail Solutions.

Contact us for a demo at info@brandivio.com or visit Brandivio.com for more.

Media Contact

Keith Whaley, Brandivio, Inc., 1 9494453183, keith.whaley@brandivio.com, https://brandivio.com

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SOURCE Brandivio, Inc.

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