Internet of Things Market
The Global Internet of Things (IoT) Market is expected to grow significantly from USD 1.2 Trillion in 2017, to USD 6.5 Trillion in 2024, at a CAGR of 26.6% from 2018 to 2024. Factors driving the growth of the IoT market are increasing usage of internet, rising demand for automation technologies in various verticals, declining cost of smart sensors, and better cost efficiency in data processing. Rising various start-ups and investments in technology further fuels the adoption of IoT in the global market. The report segments the IoT market by Software Solution (security, real time streaming analytics, network bandwidth management, remote monitoring systems, and data management), Service (deployment & integration, management service, consulting service, professional service, support & maintenance), Technology (Zigbee, Bluetooth low energy (Bluetooth 4.0), near field communication, Wi-Fi, RFID, and others), Platform (network management, device management, application management), Application (small retail, connected logistics, building & home automation, smart mobility & transport, smart energy and utilities, healthcare, smart manufacturing, and others), and Region (North America, Europe, Asia-Pacific, Rest of the World (RoW)).
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Key Findings from the Report:
- The global IoT market is expected to reach USD 5 Trillion by 2024 at CAGR of 26.6%
- Based on software solution:
- The remote monitoring systems segment was the largest segment in the global IoT market in 2017
- On the basis of service:
- The consulting service segment was the largest segment in 2017
- Support and maintenance segment is anticipated to be the fastest growing segment
- On the basis of technology:
- The Wi-Fi segment was the largest segment and is expected to hold the major market share owing to secured and stable network with wide range of coverage area
- On the basis of application area:
- The smart manufacturing segment is expected to hold the major share in the global IoT market during the forecast period owing to increasing demand for automation technology among manufacturers
- North America is expected to hold the major share of the global IoT market during the forecast period owing to increasing investment in research and development (R&D)
- Asia-Pacific is expected to be the fastest growing IoT market during the forecast period owing to increasing adoption of connected devices
- Key players operating in the global IoT technology market are ARM Holdings PLC, IBM Corporation, Symantec Corporation, FireEye Inc., Intel Corporation, Infineon Technologies, Sophos Group PLC, Wurldtech Security Technologies Inc., Trend Micro Inc., Gemalto NV, Qualcomm, Zebra Technologies, Hitachi Data Systems, Cisco Systems Inc., General Electric, Verizon, AT&T, Qualcomm, Siemens AG, CSC, Microsoft Corporation, PTC, SAP SE, Zebra Technologies, and Bosch Software Innovations
Internet of Things (IoT) – Increasing adoption of IoT in healthcare Industries
Using IoT technology, any individual can easily serve and connect with patients via wearable devices. Integration of IoT features into medical devices greatly improves the effectiveness and quality of service, bringing high value for the elderly patients with chronic conditions, and those requiring constant supervision. Predictive maintenance of the devices employed in clinics and hospitals can also be easily monitored and virtually managed.
Internet of Things (IoT) market – Regional Insight
Global IoT market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to hold the major share of the global IoT market during the forecast period. The growth in this region is driven by increasing investment in research and development (R&D), as the countries in this region are already economically well established. The rapid digitalization across industry and technological advancements has further propelled the growth of the IoT market in North American region. Asia-Pacific is expected to be the fastest growing IoT market during the forecast period owing to increasing adoption of connected devices.
Global Internet of Things (IoT) Market to witness a CAGR of 26.6% during 2018 to 2024