This article will talk about the 20 biggest Internet of Things Companies in the world. We have also covered interesting discussions on different IoT applications. If you want to skip our detailed analysis, head straight to the 5 Biggest Internet of Things Companies in the World.
As of 2022, the global Internet of Things (IoT) market was valued at around $544 billion. It’s also estimated to grow significantly in the coming years, with projections indicating it will reach approximately $662 billion in 2023 and a whopping $3.35 trillion by 2030. This impressive growth is expected to result in a compound annual growth rate (CAGR) of 26.1% during the forecast period.
Many big players in the industry, like Cisco Systems Inc (NASDAQ:CSCO), and Siemens AG, have been providing IoT platforms and solutions from deployment services to smart city initiatives and industrial edge solutions. These technologies enable the interconnection of devices using different communication technologies that offer valuable interoperable information without human intervention. If we are to speak about the biggest IoT products in the market, smart watches, smart refrigerators, medical sensors, and fitness trackers would all make it to the list. To read more about the impact of digitalization and artificial intelligence, you should check out our article on Jobs That Will Disappear in the Future Due to AI.
How is IoT Making Waves in Industries?
IoT has become a pertinent game changer in the healthcare industry by transforming surgical display technology. Through interconnected devices, IoT-enabled surgical displays can integrate data from various medical sources that can provide surgeons with a comprehensive view during medical procedures. Not only does real-time data sharing foster collaboration among medical professionals, it has also added to the quality of patient care and decision-making. Moreover, IoT has facilitated remote monitoring and troubleshooting of displays which has largely reduced downtime and ensures continuous functionality.
The generosity of IoT services is not limited to the healthcare sector. In fact, it has tapped into the unexplored potential in urban transportation. The combination of electric bikes (e-bikes) and the Internet of Things (IoT) has been a win-win idea as E-bikes offer a sustainable and efficient alternative to traditional commuting with addressing issues like traffic and pollution. On the other hand, IoT technology enhances e-bikes by providing real-time tracking, remote diagnostics, and seamless integration with other transport options through apps. This data also helps improve urban planning for better infrastructure and traffic management.
Challenges for the Internet of Things to Look Out For
The biggest challenge that comes with the IoT is the implementation of IoT security in the rapidly growing Internet of Things (IoT) ecosystem. As IoT integrates the physical world with computer-based systems, the attack surfaces and vulnerabilities increase and hence, attracts malicious actors. In industrial settings, the Industrial Internet of Things (IIoT) is especially critical but harder to secure due to long-standing, hard-to-upgrade components with limited maintenance windows.
Existing IoT cybersecurity standards from organizations like NIST and ISA are complex which also makes implementation harder as technical documentation for some security standards runs over thousands of pages. Moreover, harmonizing security for both older “brownfield” and new “greenfield” systems is equally complicated and complex.
Another challenge is that government regulations often lag the rapid evolution of IoT technology which leaves businesses without essential information to make decisions. The absence of robust IoT regulations contributes to its security risks, especially as critical devices like medical equipment and cars become connected.
Quality control is challenging due to the influx of IoT devices from countries like China that have varying security standards. Thus, experts advocate for strong and universal security standards to address these concerns, as the potential attack surface expands to include more crucial devices. Moreover, the lack of sufficient regulation can raise eyebrows and lead to potential disaster scenarios in the IoT landscape.
Let’s now move to the biggest IoT companies in the world.
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Our Methodology
The methodology used to rank the Biggest Internet of Things Companies in the world is based on the annual revenue generated by IoT companies in 2022. The data is sourced from the income statements of these companies on their official websites. This approach will ensure the rankings are based on reliable and accurate information. Most of these are public IoT companies, and the list is presented in ascending order.
20. PTC Inc (NASDAQ:PTC)
Annual Revenue: $1.94B
PTC Inc (NASDAQ:PTC) is a software and services company founded in 1985 and is a pioneer in CAD modeling software. It offers IoT and augmented reality platforms for its partners and developers.
Recently, PTC Inc (NASDSAQ:PTC) has partnered with Engie to create a digital twin of an industrial furnace to improve operational sustainability. Using PTC’s ThingWorx platform, the virtual furnace demonstrates the effectiveness of converting operations to hydrogen power and supports Engie’s goal of achieving zero carbon emissions.
19. Texas Instruments Inc (NASDAQ:TXN)
Annual Revenue: $20.03B
Texas Instruments Inc (NASDAQ:TXN) is an American technology company based in Dallas, Texas, specializing in semiconductors, integrated circuits, and analog chips. It is a major player in the semiconductor industry and produces digital light processing technology and education products like calculators and microcontrollers.
Texas Instruments Inc (NASDAQ:TXN) introduced a new SimpleLink family of Wi-Fi 6 companion integrated circuits (ICs) to enable reliable and efficient Wi-Fi connections for IoT applications in high-density or high-temperature environments. The CC33xx devices provide secure IoT connections with reliable radio-frequency performance to industrial markets like grid infrastructure and medical applications.
18. Nvidia Corp (NASDAQ:NVDA)
Annual Revenue: $26.97B
Nvidia Corp (NASDAQ:NVDA) is a leading American technology company based in California, known for designing GPUs, APIs for data science, and SoCs for mobile computing and automotive markets. Nvidia Corp (NASDAQ:NVDA) is a dominant supplier of AI hardware and software, with GPUs widely used in various industries like media, automotive, and scientific research.
17. ABB Ltd (OTC:ABB)
Annual Revenue: $29.45B
ABB Ltd offers a comprehensive range of Industrial IoT services and solutions, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), analytics, functional applications, connectivity, edge intelligence, sensors, automation, control, robots, and actuators. Their services cover a wide spectrum of industrial needs, making ABB Ltd a leading company in IoT.
16. SAP SE (NYSE:SAP)
Annual Revenue: $30.87B
SAP SE (NYSE:SAP) is a German multinational software company known for developing enterprise software to manage business operations and customer relations. It is one of the biggest IoT companies in the World.
15. Honeywell International Inc (NASDAQ:HON)
Annual Revenue: $35.47B
Honeywell International Inc (NASDAQ:HON) is a multinational conglomerate operating in aerospace, building technologies, performance materials, and safety solutions. It is one of the top energy IoT companies in the world. Speaking of energy related companies, you should check out our article on the Biggest Green Tech Companies in the World.
Honeywell International Inc (NASDAQ:HON)’s partnership with IoT-squared in Saudi Arabia aims to advance sustainable cities and logistics platforms by utilizing their innovative Honeywell City Suite (HCS) and Honeywell Movilizer Platform for IoT projects.
14. QUALCOMM Inc (NASDAQ:QCOM)
Annual Revenue: $42.96B
Qualcomm Inc (NASDAQ:QCOM) with its Qualcomm Aware platform aims to address the current fragmentation in the IoT industry by offering a user-friendly platform that integrates hardware, connectivity, and services. This integrated approach enables enterprises to achieve real-time asset visibility, gain data-driven insights, and enhance operational efficiency. It is one of the largest IoT companies in the world.
13. Oracle Corp (NYSE:ORCL)
Annual Revenue: $47.96B
Oracle Corporation (NYSE:ORCL) is a major American computer technology company based in Austin, Texas. It specializes in selling database software, cloud systems, and enterprise software products, including ERP, HCM, CRM, EPM, and SCM software. In 2020, Oracle Corp (NYSE:ORCL) ranked as the third-largest software company worldwide in terms of revenue and market capitalization.
12. Cisco Systems Inc (NASDAQ:CSCO)
Annual Revenue: $53.16B
Recently, Cisco Systems Inc (NASDAQ:CSCO) has introduced innovations in cloud-managed networking, focusing on internet of things (IoT) Operations Dashboard to enhance industrial asset visibility and securely manage assets. The company also announced support for OpenTelemetry in its ThousandEyes division, providing expanded visibility and correlated insights for optimized digital experiences. Additionally, Cisco’s unified secure access service edge (SASE) service, Cisco+ Secure Connect, now supports integration into Cisco SD-WAN fabrics. These tools aim to simplify IT and OT operations, provide complete visibility, and enhance security across organizations, enabling better management of complex and distributed networks in industrial spaces.
11. International Business Machines Corp (NYSE:IBM)
Annual Revenue: $60.53B
International Business Machines Corp (NYSE:IBM) is an American multinational technology corporation headquartered in New York. It specializes in computer hardware, software, and consulting services, and holds the record for most annual U.S. patents generated for 29 years. It is also considered one of the biggest players in IoT.
10. Intel Corp (NASDAQ:INTC)
Annual Revenue: $63.1B
Intel is one of the top IoT companies in the world. Apart from Intel Corp (NASDAQ:INTC)’s massive success in IoT Service, Intel Corp (NASDAQ:INTC) has recently contributed to IoT by developing optimized chips for IoT devices. It has also collaborated with Ubuntu to offer real-time performance, manageability, security, and functional safety, as well as support to the long-term validated Linux-based deployments with enterprise-grade assistance.
9. Siemens AG
Annual Revenue: $73.55B
Siemens AG is a German multinational conglomerate with headquarters in Munich. It specializes in automation, digitalization, energy systems, rail transport, and healthcare technology. It is Europe’s largest industrial manufacturing company and a global leader in industrial automation and software.
8. General Electric Co (NYSE:GE)
Annual Revenue: $76.56B
General Electric Co (NYSE:GE) is making waves in IoT by leveraging the Industrial Internet to combine advanced analytics with intelligent machines. General Electric Co (NYSE:GE)’s Industrial IoT not only enables transformative insights but also optimizes maintenance schedules, improved performance, uptime, and productivity for their customers’ operations. It is one of the biggest IoT companies in the World.
7. Huawei Technologies Co
Annual Revenue: $92.6B
Huawei Technologies Co utilizes IoT by offering a comprehensive IoT platform that provides various device management capabilities such as profile definition, data collection, device shadow (virtual representation of devices), batch operation for efficient management, remote diagnosis for issue identification, and OTA (Over-The-Air) upgrades for firmware updates. It is also one of the Largest PC Companies in the World.
6. Verizon Communications Inc (NYSE:VZ)
Annual Revenue: $136.84B
Verizon Communications Inc (NYSE:VZ) is a leading IoT provider, utilizing technologies like 5G and edge computing to expand IoT possibilities. They focus on securing IoT and leveraging network intelligence to manage massive IoT deployments while offering solutions that reimagine IoT’s potential.
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Disclosure: None. 20 Biggest Internet of Things Companies in the World is originally published on Insider Monkey.