According to the new research report on "IoT Market Forecast to 2030 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 3,967.99 billion by 2030 and register a CAGR of 30.6% from 2023 to 2030. The demand for IoT solutions has increased significantly as governments of various countries are taking initiatives for the development of smart city projects to promote economic development, digitally optimize public assets, and improve infrastructure & environment which is fueling the growth of the IoT market. A smart city project involves the installation of smart devices that collect and share information over a wide network to ease the lifestyle of citizens. Governments of various countries across the globe are leveraging wireless technologies to increase infrastructure, efficacy, convenience, and standard quality of life for residents and visitors. In addition, several government initiatives help to increase the demand for smart devices. For instance, in the Union budget of 2021-2022, India has been allocated US$ 868 million (Rs. 6,450 crores) under the Smart Cities Mission. Similarly, the European Commission has established numerous large-scale pilots (LSPs) to help drive the digitization of several industries across Europe. Also, a funding of ~US$ 1,200 million was made through the Horizon 2020 program for research and innovation under the Commission's focus area of Digitizing European Industry (DEI). Therefore, to benefit from the potential that the Internet of Things (IoT) and artificial intelligence (AI), the Digital Europe Program is implemented to support the federation of local data ecosystems for climate-neutral, resilient, and smart communities. As a result, under the program, the Commission plans to roll out digital infrastructure and accelerate the deployment of AI-enabled data services across Europe. Thus, the growing number of smart city projects is driving the adoption of IoT solutions, which is driving the IoT market growth. The US holds the largest IoT market share in 2022 in North America. A well-established economy, a rise in internet penetration, and large adoption of high network technologies and smartphones are a few of the major factors driving the demand for IoT solutions. Moreover, the country is witnessing a growing deployment of IoT solutions as a part of the government infrastructure plans to promote smart manufacturing and smart city projects in the country. In addition, increasing demand for wearable devices along with a rising focus on the Industrial Internet of Things (IIoT) among industries such as transportation, manufacturing, and BFSI is accelerating the adoption of IoT solutions in the country. Furthermore, Amazon Web Services Inc, Cisco Systems Inc, Google LLC, International Business Machines Corp, Intel Corp, Microsoft Corp, and Oracle Corp are a few players operating in the IoT market across the country. These players are continuously working on product innovation to satisfy customer needs. In February 2023, Cisco Systems Inc announced a plan to enhance its cloud-based IoT Operations Dashboard, which enables efficient remote operations and manages industrial IoT environments. Per the plan, the dashboard will be integrated with Cisco Cyber Vision and allow access to Secure Equipment Access Plus via the platform. Thus, the growing IoT adoption in the country and product innovation by the market players is expected to fuel the growth of the IoT market in the US during the forecast period. Key Findings of Study: Europe is expected to hold the largest IoT market share in 2023, followed by North America and APAC, respectively. North America is anticipated to hold a significant share of the global IoT market during the forecast period. The increasing demand for IoT solutions to automate tasks in smart manufacturing departments is one of the major reasons propelling the IoT market in this region. Moreover, increasing government support to encourage digitalization across several business verticals, and the growing incorporation of advanced technologies such as cloud computing platforms and AI are expected to propel the IoT market growth in the region during the forecast period.