Internet of Things Market
Internet of Things Market (By technology- Zig bee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, RFID, By Application- Media, Manufacturing, Medical and Healthcare, Consumer Application, Energy Management, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2027
The Internet of Things is a system of interrelated devices that has the ability to transfer data over a network without requiring computer and human interaction. Internet of Things consist of various consumer electronic devices, sensors, actuators, software and network connectivity devices that facilitate these objects to exchange and collect data. These technologies are used across different applications such as manufacturing, media, healthcare, consumer application, defense and aerospace, security application and transportation among others. Moreover, Internet of Things facilitates easier and user friendly controlling of various electronic devices from a central point. Internet of Things is defined as an invisible and intelligent network of devices that remains connected via a common network.
The market of Internet of Thing is predicted to witness an exponential growth during the coming eight years owing to various government’s initiative that is anticipated to augment the growth of smart cities. Government initiative and budget allocation in different countries to build up smart cities, smart rooms, smart environments offering a better lifestyle is also predicted to fuel the growth of the IoT market globally. In addition, increasing uses of cloud computing is also expected to create a better opportunities for the growth of the Internet of Things market across different parts of the world.
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The global Internet of Things is primarily driven by factors including increasing usage of smart electronic devices. Moreover, rapid technological advancements is also expected to positively impact the market growth during the forecast period. The key players in the market are not just focusing on enhancing the revenue potential of the existing IoT segment, but are also focusing on increasing their product offerings that are equipped with advanced technology to the consumers. Considering these positive factors, the demand for Internet of Things market set to rise during the forecast period from 2020 – 2027.
Based on technology, the global market is segmented into
- Bluetooth Low Energy
- Near Field Communication
- Wi-Fi and RFID.
Among different technology, Zigbee held the largest market share in 2018 owing to its increasing demand from the rapidly growing smart home sector across different parts of the world.
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Internet of Things market, by applications is classified into media, manufacturing, medical and healthcare, consumer application, energy management, others. This Internet of Things is most commonly used for medical and healthcare application and thus it accounted for a substantial share of the overall market in 2018. Moreover, the prospective for cyber physical systems to improve productivity in the production process and supply chain is predicted to boost the demand of Internet of Thing in the industrial sector.
However, inefficient real time analytics and security concern are some of the major factor predicted to deter the market growth of internet of things during the forecast period.
By geography, the IoT market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. In 2019, North America held the largest market of the Internet of Thing in terms of revenue. On the other hand, growing consumer’s preference towards smart devices especially in countries such as china and India is expected to drive the market of Asia Pacific region at the fastest pace. The Internet of Thing market of North America is followed by Europe in terms of revenue and these two regions collectively held more than 60% of the market in terms of revenue in 2018.
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The global Internet of Things market is characterized by the presence of numerous players in the market. The key market players majorly compete on the basis of price, performance, quality, support, services and innovations of product. Some of the major players in IoT market include Intel Corp. (U.S), Amazon (U.S), Microsoft Corp. (U.S), Cisco Systems Inc. (U.S), Google Inc. (U.S), AT&T (U.S), Apple Inc. (U.S), General Electric (U.S) and Honeywell International Inc. (U.S) among others.
Global Internet of Things Market: Report Description
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 significantly 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 is expected to 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, South 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 (US$ Billion) from the period of 2019 to 2027.
Global Internet of Things Market
The Global Internet of Things 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
The global Internet of things market has been segmented into: