IoT hardware accounts for the majority of IoT spending in Europe, but it is a fragmented market. In those hardware categories with significant volumes, such as connectivity modules, competition, and price pressures are strong, but suppliers are finding smart ways to differentiate themselves. This market perspective provides an analysis of the IoT hardware landscape in Europe. Taking advantage of IDC market forecasts, survey data, interviews with significant suppliers, and other research, this study includes information on market trends, competitive pressures, opportunities, and customer prospects in the hardware market. IoT pays particular attention to gateways and connectivity modules.  In those hardware categories with significant volumes, such as connectivity modules, the pressures on competition and prices are intense, and the report represents the most comprehensive research regarding IoT's leading hardware, software, and firmware.

The report evaluates the leading offers of suppliers, products, and services. From 2019 to 2024, the quantitative part of the story provides detailed forecasts for the global and regional IoT technology market. The report also includes industry-specific recommendations in critical areas such as data analysis and hardware, software, and artificial intelligence services.

The market driver of IoT technology

In a nutshell, the IoT solutions are designed to optimize asset management, workflow, and processes. It includes physical infrastructure automation, remote administration and monitoring, and predictive knowledge. Virtually all processes and operating procedures will be affected by the IoT at some point in time for most industries. In the longer term, the IoT technology market will have a substantial impact on many vertical sectors of the sector, particularly those benefiting from process automation, improved service provision, and the acquisition of processable data.

Key Findings

•    IoT technology must be adapted to support the dynamics between public and private wireless networks

•    IoT networks come from multiple vendors with many technologies, which will require the need to integrate systems

•    IoT networks will evolve from multi-mesh hubs and radios in nature with endpoints, hubs, and gateways.

•    IoT systems will become increasingly cognitive instead of relying solely on the autonomous logic of response to events

•    IoT solutions will ensure the improvement and efficiency of processes.

Currently, IoT networks are largely dependent on autonomous systems that make decisions based on predetermined rules that act on the occurrence of specific events. The Internet of Things (IoT) will become increasingly important as the IoT market evolves to allow IoT networks and systems to become more cognitive. On the contrary, the emerging IoT market will enable systems to become increasingly cognitive, making decisions based on context and experience.