UK Internet of Things (IoT) Market

UK Internet of Things (IoT) Market Overview:

The UK Internet of Things (IoT) market size reached USD 19.16 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 30.57 Billion by 2032, exhibiting a growth rate (CAGR) of 4.70% during 2024-2032. The market is propelled by the favorable government initiatives and funding, growing demand for smart cities, expansion of 5G networks, consumer interest in smart home devices, increasing developments in healthcare technology, and increasing focus on energy efficiency.

UK Internet of Things (IoT) Market Trends:

Government Support and Investments

The UK government has played a key role in advancing the IoT market through implementing stringent laws, supportive policies and making substantial investments. For instance, The UK's new Product Security Regime will impose strict cybersecurity requirements on IoT products starting April 29, 2024, with significant penalties for noncompliance. Manufacturers, importers, and distributors need to adhere to specific obligations, including ensuring unique passwords, providing security updates, and maintaining compliance records. Other than this, The UK government has introduced new minimum-security standards for all consumer products with internet connectivity, effective from April 29th, 2024. The regulations outline specific security requirements for manufacturers and importers, including unique passwords, security issue reporting, and minimum security update periods. The UK's Industrial Strategy has identified IoT as a crucial technology in influencing the future of manufacturing and infrastructure. Initiatives such as "Innovate UK" offer funding to businesses seeking to innovate using the Internet of Things (IoT), advancing research and development in fields such as IoT security, data handling, and connectivity. Government funding and collaborations with private companies have also hastened the implementation of IoT infrastructure, especially in urban regions. The program "5G Testbeds and Trials" is aiding UK cities in incorporating IoT devices with 5G technology, enabling new opportunities for smart transportation, energy management, and improved public services. The UK government has established a favorable environment for IoT development by providing grants, tax incentives, and investing in infrastructure, aiding businesses in moving from conventional methods to smart, interconnected systems.

Rising Demand for Smart Homes and Consumer Devices

Consumer demand for Internet of Things-enabled devices has increased in the UK due to the growing awareness about smart home technologies. The advent of smart appliances, home automation systems, and wearable devices have changed the way individuals interact with their environment, thus forming a large market for IoT in homes. According to Ipsos MORI, six out of ten consumers (57%) in the UK claimed an increase in the adoption of smart devices in their households in 2020 since the start of the coronavirus disease (COVID 19). Common devices include smart thermostats, security cameras, and virtual assistants. Consumer demand for convenience, energy efficiency, and enhanced security keeps fueling the devices. It has also been boosted by the advent of 5G networks that have improved fast connections between devices in ways consumers can experience seamless control over their homes. Intelligent homes are now at the edge of expansion in IoT in the UK; it is a step where families are embracing the integrated systems that would allow them to check and control multiple aspects of their environment from their mobile or by voice commands.

Advancements in Healthcare IoT Solutions

IoT solutions in UK healthcare led to changes while catering to the increasing demand for enhanced patient care, cost savings, and efficient working. Healthcare is revolutionized by real-time monitoring, collection, and analysis of data with IoT. These connected medical devices, wearable health monitors, and remote patient monitoring systems allow physicians and care providers to have insights into the health of a patient that allows them to diagnose the problems beforehand and provide more effective care for every patient. In the UK, the National Health Service (NHS) has been active in using the Internet of Things (IoT) within its structures, particularly for monitoring chronic diseases such as diabetes and heart disease. IoT-enabled devices, for instance, continuous glucose monitors and smart inhalers, help to monitor the health of patients from a distance and share data, in real time, with healthcare providers.

UK Internet of Things (IoT) Market News:

• 19 June, 2024: Chirp Network, a Decentralized Physical Infrastructure Network (DePIN) operating in 33 countries, has partnered with Streamr, a peer-to-peer network for real-time data sharing. This collaboration allows data streams from thousands of IoT devices to be accessible on the blockchain, enabling real-time data transfer without the need for a centralized server.
• August 20, 2024: Samsung Electronics announced that more of its Digital Appliances Business products have achieved the 'Diamond' level verification under UL Solutions’ IoT Security Rating Program. This includes the Bespoke AI Laundry Combo and the Air to Water Heat Pump, which have demonstrated advanced security capabilities.

UK Internet of Things (IoT) Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, application, and vertical.

Component Insights:

• Hardware
• Software
• Services
• Connectivity
   

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware, software, services, and connectivity.

Application Insights:

• Smart Home
• Smart Wearables
• Smart Cities
• Smart Grid
• IoT Industrial Internet
• IoT Connected Cars
• IoT Connected Healthcare
• Others
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes smart home, smart wearables, smart cities, smart grid, IoT industrial internet, IoT connected cars, IoT connected healthcare, and others.

Vertical Insights:

• Healthcare
• Energy
• Public and Services
• Transportation
• Retail
• Individuals
• Others
   

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes healthcare, energy, public and services, transportation, retail, individuals, and others.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Internet of Things (IoT) Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK internet of things (IoT) market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK internet of things (IoT) market?
• What is the breakup of the UK internet of things (IoT) market on the basis of component?
• What is the breakup of the UK internet of things (IoT) market on the basis of application?
• What is the breakup of the UK internet of things (IoT) market on the basis of vertical?
• What are the various stages in the value chain of the UK internet of things (IoT) market? 
• What are the key driving factors and challenges in the UK internet of things (IoT)?
• What is the structure of the UK internet of things (IoT) market and who are the key players?
• What is the degree of competition in the UK internet of things (IoT) market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK internet of things (IoT) market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK internet of things (IoT) market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK internet of things (IoT) industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.