The global internet of things (IoT) market is estimated to value US$ 847.0 Bn in 2016 and is projected to register a CAGR of over 21% in terms of value during the forecast period 2017–2026.The first five-year cumulative revenue (2017–2021) is projected to be US$ 7,760.8 Billion, which is expected to increase rather significantly over the latter part of the five-year forecast period.
Overview
Internet of Things is combination of information technology with operational technology connected via virtual intelligence and interface used in various sectors to send, control, and receive data with/without human intervention. The technology simplifies human efforts and reduces the need for manual interference. The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Driving Factors:
Growth of the global Internet of Things market is driven significantly by increasing usage of the internet, coupled with favorable government initiatives in various countries. In addition, increasing adoption of automation technologies by various sectors such as manufacturing, automotive, etc. that can be monitored and operated via the internet is another factor driving growth of the global Internet of Things market, and this trend is expected to continue over the forecast period. Rising investment in technology and various start-ups entering are also driving adoption of IoT in the global market. Moreover, various technological advancements to increase efficiency and accuracy of various connected devices and to make them more user-friendly are some other factors expected to fuel growth of the global Internet of Things market during the forecast period.
Major factors hampering growth of the global Internet of Things market are lack of awareness in some countries and poor or no network or internet connectivity. In addition, concerns related to security, integrity, and privacy of data are expected to further hamper growth of the global Internet of Things market. The global Internet of Things market is currently at a nascent stage, but is forecast to witness significant growth owing to rising investment and growth of the semiconductor and processor industry in various economies. Moreover, increasing adoption of Internet of Things technology and devices in the healthcare and IT sectors are expected to further drive growth of the market during the forecast period.
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Market Segmentation:
The global Internet of Things market report has been segmented on the basis of component, application, and region.
Global Internet of Things Market: Segmental Snapshot
The market report has been segmented on the basis of components, application, and region. The regions covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By components: Hardware segment accounted for highest revenue share in 2016 and is estimated to register a CAGR of over 20%; whereas the software segment is expected to register highest CAGR over the forecast period.
By application: Consumer electronics segment is estimated to account for highest revenue share among the application segments in the global internet of things market, while registering a CAGR of over 20% over the forecast period.
By region: The market in North America accounted for highest revenue share in the global internet of things market in 2016, owing to early adoption of this technology and presence of major vendors in countries in the region. The market is Asia Pacific is expected to record highest CAGR between 2017 and 2026.
Key Players:
– Google Inc
– Cisco Systems Inc
– IBM Corporation
– Fujitsu Ltd
– HP Inc
– Dell Inc
– Arm Limited
– Intel Corporation
– Infineon Technologies AG
– Infosys Limited
Regional Analysis:
North America market is estimated to dominate the global Internet of Things (IoT) market during the forecast period. Revenue share of North America IoT market to global market is over 30% in 2017. Increasing preference for smart homes cloud based monitoring and controlling of devices such as security cameras, doors, washing machines, etc. is a key factor expected to driving growth of the Internet of Things (IOT) North America market.
Asia pacific IoT market is expected to register highest CAGR between 2017 and 2026, owing to initiation of smart cities projects which include smart parking, intelligent transport system, smart grid, smart city maintenance, etc. in countries such as India and various steps towards digital India taken by Indian government. Moreover, in smart agriculture where with help of sensors monitoring of soil moisture, vibration, earth density and pests can be calculated, which is expected to fuel growth of internet of thing (IOT) market in this region.
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What does this report deliver?
1. Comprehensive analysis of global as well as regional markets.
2. Complete coverage of all the segments of the market to analyze the trends, developments in the worldwide market and forecast of market size up to 2028.
3. Comprehensive analysis of the companies operating globally. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
In short, we are of the conclusion that the global market report provides thorough data for the key players, to clearly understand market deeply. Outstanding players influencing the market through production cost, revenue, share, market size, growth rate, by regional revenue, are enclosed in this report along with the market growth strategies. The report primarily helps to realize and learn the most prohibiting and poignant driving forces of market with anticipating the impacts on the global market.
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