Global Internet of Things (IoT) Market: Overview
The internet of things (IoT) market has made giant strides in growing potential use of the related technologies in various applications in end-use industries. The growth of the internet of things market is increasingly propelled by the growing use of advanced analytics and machine learning technologies to make sense of staggering volumes of data from connected devices. Advances related to data security technologies and processing methods in various parts of the world. Furthermore, the rapid enterprise migration to cloud-based services from legacy systems has made IoT data more useful for end users, especially among small- and medium enterprises. The rising adoption of artificial intelligence in connected devices has made real-time use of IoT data more useful. Moreover, the global IoT market is gaining increasing momentum from rapid advances made in wireless networking technologies.
The opportunities in the global internet of things market is projected to proliferate year-over-year from its valuation of US$334.22 billion to reach a worth of US$1,490.31 bn by 2024 end. During the forecast period of 2016–2024, the global market will rise at phenomenal CAGR of 20.55%.
ZigBee use in Low-Bandwidth Application Areas account for Prominence of Technology
The internet of things market is notably fueled by advances in high communication protocols, with industrial application areas benefitting the most. The various technologies whose prospects are evaluated in the report are ZigBee, near field communication (NFC), radio-frequency identification (RFID), Bluetooth, and Wi-Fi. Of these, ZigBee is expected to hold substantial shares in the global internet of things market. In the coming years of the assessment period, the segment is expected to lead. The rising use of ZigBee in IoT applications that need low-power and low-bandwidth is fueling the expansion of the market.
The various applications areas covered in the analyses are media, manufacturing, medical and healthcare, consumer application, and energy management. Of these, the medical and healthcare application segments are prominent segments and is expected to show promising growth trajectories over the assessment period.
North America to generate Substantial Chunk of Revenues in Global Market
The key regional markets for internet of things comprise Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Of these, North America contributed the major share in the global market in 2016. The region is expected to hold its sway in the next few years as well. The growth is reinforced by the staggering pace with which end-use industries are adopting connected technologies. The presence of several globally prominent players domiciled in the region is also boosting the regional market. The U.S. will be contributing large shares in the North America market, driven by constant advances in communication protocols to be used in IoT.
Asia Pacific to witness Promising Uptake of IoT Technologies
This regional market is trailed by Europe, which is also expected to rise at substantial growth rate over the forecast period. On the other hand, Asia Pacific is expected to emerge at increasingly promising pace in the coming years. The growth of the regional market is fueled by burgeoning demand for smart consumer devices in several economies, notably home automation devices. Moreover, the growing incorporation of IoT in portable electronics is also boosting the regional market.
Global Internet of Things Market: Overview
The Internet of Things refers to the interrelated devices that are able to transfer data over a network without requiring computer and human interaction devices. Internet of Things is directly and indirectly associated with daily lifestyle products across the globe. Internet connectivity is one of the major requirements of different application as it is expected to grow at high rate in next forecast period. Furthermore, internet connectivity requires more monitoring through applications and human interactions. Moreover, Internet of Things offers an easier and comfortable controlling of different electronic devices from one place. Internet of Things is definite as an invisible and intelligent network of things that correspond directly or indirectly with each other which is fueling the enlargement during the forecast period.
Global Internet of Things Market: Drivers
IoT is expected to transform how we work, live and other things. Smart object and their different applications such as smart cities, smart homes, and smart environment is dynamic the evolution of the universal market. Moreover, increasing demand of smart wearable electronic products in different application is boosting the market growth. The prospective for cyber physical systems to improve productivity in the production process and supply chain are growing the demand of industrial sector in Internet of Things market. Additionally, fast technological advancement is increasing the global IoT market growth. Wi-Fi connectivity is growing rapidly and due to various government initiatives supporting the widespread usage of WiFi and collaboration between various companies, market is experiencing a surge and is forecasted to grow considerably during the forecast period. Consequently, all drivers are set to contribute to the expansion of global market of Internet of Things in the upcoming years. Moreover, IoT finds in application such as urban planning and environmental planning, is could create immense opportunities for the IoT market.
Growing acceptance in the various industrial segments along with strong economic growth in growing economies are contributing to the prospective growth opportunities of the global Internet of Things market. Internet of Things is anticipated to increase acceptance through end-user applications like medical and manufacturing and this will lead to the increase in the growth of IoT market in the upcoming years. However, the major challenge that Internet of Things markets likely to face is the lack of standardization in IoT products and interoperability problems. The privacy and security problems with usage of cloud technology is likely to obstruct the anticipated growth of IoT market.
Global Internet of Things Market: Scope of the Study
Based on application, the Internet of market is generally classified into media, manufacturing, medical and healthcare, consumer application, energy management and others. Geographically, Internet of Things market is classified into Europe, North America, Latin America and Asia Pacific.
The key companies in the global Internet of Things market have been competitively profiled across the five broad geographic regions. This competitive landscape is inclusive of the various business strategies accepted by these key players and their recent developments in the field of Internet of Things. Furthermore, the report contains analysis of market attractiveness of different applications and provides an insight into various application areas of the Internet of Things. A detailed analysis of the various dynamics of the market of global Internet of Things market is provided in the report. Opportunities, restraints and market drivers are also covered in this report. Thus, the report of global Internet of Things offers a detailed report of the market and that includes the projection of the global IoT market revenue-wise (USD Million) from the period of 2016 to 2024.
The global Internet of Things market is characterized by the presence of numerous major players in the market. The major players of the market compete their competition on the basis of factors such as price, performance, quality, support services and innovations of product. Major players in IoT market are Intel Corp. (U.S), Amazon (U.S), Microsoft Corp. (U.S), Cisco Systems Inc. (U.S), Google Inc. (U.S), AT&T (U.S) and Apple Inc. (U.S) among others.
The global high resolution dispensing systems and equipment market has been segmented into:
Internet of Things Market, by Technology
- Bluetooth Low Energy
- Near Field Communication
Internet of Things Market, by Application
- Medical and Healthcare
- Consumer Application
- Energy Management
Internet of Things Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America