IoT Market in UK by Technology and End-user - Forecast and Analysis 2022-2026

UK IoT Market Forecast 2023-2027

The IoT (Internet of Things) market share in the UK  is projected to reach a value of USD 21.81 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.80%. The market is driven by factors such as increasing connectivity, advancements in sensor technology, and the demand for automation and efficiency in industries. This market research and growth report includes key industry drivers, trends, and challenges for the forecasted period. 

Overview of the UK IoT Market

Download the Free Report Sample to Unlock More

Market Size and Growth Trends

The market encompasses various sectors, including healthcare, manufacturing, transportation, and smart cities. The UK is one of the leading countries in terms of IoT adoption and innovation. Our market trends and analysis report includes a detailed overview of the drivers that will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Most UK business sectors have already implemented or plan to implement solutions. The adoption rate of connected devices in UK households has surpassed significantly. Most machinery and equipment manufacturers in the UK have integrated technologies into their operations. The healthcare sector is expected to witness a significant increase in investment in the next three years in the UK.

Key Market Driver

One of the key factors driving growth in the market in the UK is Industry 4.0. The industrial environment is currently witnessing evolutionary changes due to the rising automation of industrial processes such as the Industrial Internet of Things (IoT). The combination of physical and digital systems has improved HMI and enabled M2M communication. Industry 4.0 defines the entire lifecycle of products, where smart machines carry out the manufacturing processes on their own, while smart robots coordinate with human workers to assemble products, and driverless transport vehicles operate logistics on their own.

The integration of cyber systems and physical systems in industrial manufacturing enables higher efficiency, greater safety, predictive maintenance of machinery, and increased profitability. Industries across the globe are implementing Industry 4.0 to optimize material flows and detect errors at the early stages of the lifecycle of a product. Factory and process automation requires the presence of control systems, networking technologies, and software. Internet of Things falls under the category of control systems, and with the emerging market growth and trends of industrial automation, the demand for such devices will grow in the UK.

Major Market Challenges

The lack of awareness about IoT devices will be a major challenge for the UK market vendors during the forecast period. Most consumers, whether individuals or enterprises are still not aware of the benefits and advantages of using the network and devices. Leading electronic device vendors, such as Samsung, Apple, LG, and Motorola, are investing significantly in creating awareness about this technology through marketing and advertising. Although certain consumer groups are aware of the technology, the low value offered by some of the solutions makes consumers highly reluctant to purchase those products. There is a lack of standardization among different products such as smart locks, smart wearables, smart thermostats, and smart appliances, which complicates the buying decisions of consumers. A significant gap in the market is created as vendors, as well as developers, are unsure about customer needs and preferences.

This market growth analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Key Players 

The IoT industry's research and growth report analyzes the market's competitive landscape and offers information on several market players, including:

• 8power Ltd.
• Adaptive Wireless Solutions Ltd.
• Altiux Innovations Pvt. Ltd.
• Amazon.com Inc.
• Apple Inc.
• Arm Ltd.
• AT and T Inc.
• Eseye
• EVRYTHNG Ltd.
• Oracle Corp.

This statistical study of the market in UK encompasses successful IoT business strategies deployed by the key vendors. The market in UK is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market research report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Market Segmentation

To gain further insights on the market contribution of various segments Request for a FREE sample

The market share growth in UK by the RFID segment will be significant during the forecast period. Radiofrequency identification (RFID) technology is expected to grow, owing to the increase in its adoption in the e-commerce industry. The growth of the retail and healthcare industries is another factor that drives the adoption of RFID systems. RFID technology is integrated into smart cabinets in the healthcare sector to reduce manual entries and increase the adoption of automation. RFID-based asset tracking can be used in healthcare to track real-time data of ventilators, hospital beds, and other important equipment. Also, the retail industry is shifting to RFID-based solutions. This shift is attributed to the low inventory accuracy of retail outlets.

Market Analyst Overview

The UK IoT Market is experiencing rapid growth fueled by advancements in IoT (Internet of Things) technology and the proliferation of mobile data connectivity. With a focus on enhancing battery life and adherence to standards set by organizations like the Industrial Internet Consortium (IIC), the market offers diverse platforms catering to various verticals such as government, utilities, transport and logistics, energy, insurance, and travel and leisure. Product offerings span across hardware, software, and services, with solutions tailored to different enterprise size categories. Leveraging advanced analytics, AI (Artificial Intelligence), and big data, the market is witnessing a shift towards cloud-based IoT solutions catering to both consumer IoT and enterprise IoT needs.

Request for a FREE sample

What are the Key Data Covered in this Market Analysis and Report?

• CAGR of the market forecasting between 2022-2026
• Detailed information on factors that will drive growth during the next five years
• Precise estimation of the market and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The market report includes growth of the Internet of Things industry in UK
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vendors in UK

We can help! Our analysts can customize this report to meet your requirements. Get in touch