Internet Of Things (IoT) Market To Be Increase At A CAGR Of 21% By 2026

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 report offers in-depth insights, revenue details, and other vital information regarding the global internet of things (IoT) market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.  The first five-year cumulative revenue (2017–2021) is projected to be US$ 7,760.8 Bn, which is expected to increase rather significantly over the latter part of the five-year forecast period.

Internet of things (IoT) is combination of information technology (IT) with operational technology (OP) 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 need for manual interference. IoT is an interconnected system of mechanical systems, computing devices, and digital technology, devices, and human beings.

Global Internet of Things Market: Market Dynamics

Rising demand for wireless technology, increasing adoption of smart wearables, and shift to automation by various industries are major factors driving growth of the global internet of things market. Increasing adoption of connected devices, smart wearables, and increasing number of high speed internet providers are further fueling growth of the global internet of things market.

In addition, increasing adoption of big data analytics and cloud based services and solutions in various sectors such as consumer electronics, manufacturing, healthcare, etc. are some other factors fueling growth of the global internet of things market. Increasing deployment of augmented reality and virtual reality in gaming is another factor expected to further propel growth of the global internet of things market.

Rising concerns related to data privacy and data security, leading to data theft and leakage is a major factor expected to hamper growth of the global internet of things market over the forecast period.  In addition, relatively increasing incidence of cyber-attacks and cyber breaches, and lack of standards for deployment IoT devices and products, and as the technology is in nascent stage there are complexities related to integration and interoperability of these technologies. This are some other factors hampering growth of the global internet of things market.

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Development of smart cities by various government across the globe is another factor driving growth of the global internet of things market. This trend is expected to further drive growth of the global internet of things market to a significant extent over the forecast period. Moreover, technological advancements in related technologies & towards product development, and rising investment in IoT technology can create lucrative business opportunities for key vendors and major service providers in the global internet of things market over the forecast period.

Global Internet of Things Market: Segmental Snapshot

The market report has been segmented on the basis of components, application, and region. The component segment includes hardware, software, and services. The application segment includes consumer electronics, manufacturing, transportation, utilities, healthcare, retail, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.

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.

Among the three component segments, hardware segment is expected to contribute major revenue share in the global IoT market. The 2017 revenue contribution from hardware segment in the global Internet of things market is estimated to be US$ 386.8 Mn, which is projected to increase significantly by end of 2026.

The consumer electronic segment is expected to account for major revenue share of over 25%, and is expected to continue its dominance during the forecast period. Smart homes which connects domestic appliances such as heating modules, air conditioning units, television sets, lighting systems, PCs, entertainment systems, security devices, and camera systems using communication units such as smartphones and connected tablets is expected to boost growth of consumer electronic segment in internet of things (IoT) market.

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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. Increasing adoption of smart grid sensors by distribution companies to remotely monitor power network lines, transformers and other equipment is expected to boost growth in this region. For instance, according to US department of energy around 65 million smart meters will be installed across the nation by 2015 and is expected to grow.

Key players operating in global Internet of things market include Google Inc., Cisco Systems, Inc., IBM Corporation, Fujitsu Ltd., HP Inc., Dell Inc., Arm Limited, Intel Corporation, Infineon Technologies AG, and Infosys Limited.