Internet of Things Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Internet of Things Market: Snapshot
The Internet of Things (IoT) is impacting everything, right from bandwidth requirements to cloud capacity. It is expected that the number of everyday objects that can connect to the Internet will surpass PCs and smart phones by 2020. According to trade analysts, a majority of organizations have still not implemented Internet of Things technology but are either in the process of beginning its conception or will adopt the technology in the next few years. In addition to this, Wi-Fi, mobile computing, and real-time location tracking are important for firms to implement Internet of Things. Organizations continue to demand system integration and security, factors which continue to push companies in the field to come up with better solutions.
Most executives opine that no major change is needed in security protocols to handle the implementation of Internet of Things (IoT). Companies expect the technology of Internet IoT to enhance customer satisfaction and resource optimization. Additionally, the power, healthcare, and logistics sectors are anticipated to record significant adoption of IoT in the next few years.
The report provides an in-depth analysis of the expected timeframe for implementation of IoT solutions, in terms of both physical installation of the systems and raising awareness about the technology. As a nascent technology, global awareness about the Internet of Things is less than optimum and there is massive scope for expansion. Moreover, the report delivers an evaluation of technologies that are crucial for growth of IoT within organizations and potential business gains from Internet of Things (IoT) solutions.
Global Internet of Things Market: Overview
Internet of Things (IoT) refers to an advanced technology featuring intelligent network that connects everyday devices and objects ranging from light switches and door bells to self-driven cars. It is aimed at enhancing user experience and efficiency, using data-gathering sensors, machine-to-machine communication, and cloud computing.
By technology, RFID, Zigbee, Wi-Fi, near field communication (NFC), and Bluetooth low energy can be the key segments of the global IoT market. Whereas, by application, the major segments can be energy management, manufacturing, consumer application, media, energy management, medical and healthcare, and others.
Global Internet of Things Market: Key Trends
Increasing use of smart devices such as smartphones, smart cars, and smart home appliances will ensure that the global market for IoT will keep flourishing over the forecast period. A rising number of business organizations and industries are increasingly deploying IoT solutions for enhancing their efficiency via process optimization. With the emergence of numerous low-cost smart devices such as media players, video cameras, portable navigation devices, and smart watches, the demand for IoT is likely to witness an upsurge. Increased need for efficiency and cost reductions, government initiatives, and technological advancement in healthcare are some key growth drivers of the market.
On the contrary, prospective security and privacy threats, along with concerns related to increased reliance of technology might restrict market growth. However, as big data analytics is being increasingly used across a number of industries such as transportation, energy and utilities, manufacturing, and healthcare, the market is likely to expand further.
Global Internet of Things Market: Market Potential
Several new products and services have been launched recently in the global IoT market. For instance, in March 2017, Express Logic announced the launch of the first-ever industrial grade IoT device-to-cloud solutions, which boast high performance and small footprint.
Smartron, an India-based startup, announced that it will introduce as many as eight new smart IoT products during the forthcoming period, with a view to strengthening its Tronx platform. This platform is primarily concerned with verticals such as personalized health, enterprise, smart home, smart energy, infrastructure, agriculture, and intelligent vehicles.
Global Internet of Things Market: Regional Outlook
Based on geography, the global market for IoT has been segmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. The advanced nature of healthcare, automotive, and industrial sectors in North America has been contributing towards the expansion of the market in this region. The U.S. might lead this regional segment. The government regulations in countries such as Sweden, France, Spain, Italy, and Germany are triggering the growth of the IoT market in Europe.
Asia Pacific exhibits vast potential for expansion, with countries such as Singapore, India, Taiwan, Japan, Malaysia, China, and Indonesia accelerating market growth. The booming manufacturing industries in these countries, rising adoption of technology, and growing economies are the key market drivers of this region.
Global Internet of Things Market: Competitive Analysis
The market appears to be highly fragmented on account of the presence of a large number of players, indicating the intense level of competition among them. A few new firms might enter the global market for IoT, further heightening the competition between the players. Several leading companies, core M2M vendors, and Internet and network service providers are engaging in mergers and acquisitions in order to extend their customer base.
Some of the major companies operating in the global market for IoT are Amazon, Qualcomm, Alcatel- Lucent, Google Inc., Apple Inc., Microsoft Corp., Intel Corp., Cisco Systems Inc., AT&T, Rockwell Automation, Dell, Schneider Electric, GE, PTC, Tech Mahindra, National Instruments, Texas Instruments, Huawei Technologies, Oracle, Tieto, Bosch Software Innovations, Zebra Technologies, Broadcom, Accenture, Ericsson, Samsung Electronics, HP, Telefonica, Siemens, Echelon, and Juniper Networks.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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