Global Internet of Things Market – Snapshot
The exponentially growing scope in the field of cloud computing has augured well for the global internet of things (IoT) market, enabling it surge at an impressing 20.55% CAGR between 2016 and 2024. As internet of things has helped cloud computing platforms efficiently tackle storage and energy related issues. Besides this, with urbanization and globalization picking pace worldwide, promising growth seems on card for the global internet of things market. This is because in the near future the demand for accessing increased volume of online data will rise, subsequently fuelling prospects for the IoT market. In addition, the rising demand for automation has bode well for the overall market.
On the downside, escalating security concerns regarding online data are posing threat to the market. Furthermore, if the market continues to reel under lack of real-time data analytics and high cost implementation, its pace of growth may get compromised with in the coming years. Nonetheless considering the various advancements underway, the global internet of things market is likely to exhibit strong growth in the near future. The market’s valuation is expected to reach US$1490.31 bn by 2024, from US$280.70 bn in 2015.
Asia Pacific to Showcase Lucrative Growth Prospects for IoT Market
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regions within the global internet of things market. Among these, North America held dominance in terms of revenue in 2015. North America and Europe’s cumulative share in the global market accounted for 60% in the year. Besides this, emerging nations in Asia Pacific exhibit lucrative prospects for the market. For instance, rising inclination toward smart devices, portable electronic gadgets, and connected consumer electronics has fuelled the demand for IoT technology in nations such as India and China.
Assuming, Asia Pacific will continue showcasing increasingly attractive opportunities, there is high likelihood for the region to emerge at the global IoT market’s fore by the end of the forecast period. Taiwan is also expected to offer increased sales opportunities to the market players. However, China will remain the hub of manufacturing electronic components in the east, thus retaining its lead in the Asia Pacific IoT market.
ZigBee to Remain at Fore as Leading Segment by Technology
In terms of technology, the global internet of things market can be segmented into near field communication, ZigBee, Bluetooth, RFID, and Wi-Fi. Of these, the ZigBee held command as the leading segment in the market. It contributed nearly 33.21% to the overall revenue generated by various technology segments in the market in 2015. Also ZigBee is forecast to remain at the market’s fore through the forecast period.
Based on application, the global internet of things market can be segmented into manufacturing, media, medical and healthcare, consumer application, and energy management. Of these, the medical and healthcare segment held dominance in 2015 and is expected to remain the lead through the forecast period.
The global internet of things market has a fragmented vendor landscape, which has rendered it highly competitive. The leading players in the market are competing based on price, quality, support, performance, product innovation, and services. Some of the prominent companies operating in the global internet of things market are Microsoft Corp., Amazon, Intel Corp., Apple Inc., Cisco Systems, Inc., Google, Inc., General Electric, AT&T, and Honeywell International Inc.
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