IoT Technology Market: Snapshot
The IoT technology market is estimated to observe promising growth during the forecast period of 2021-2031. The growing influence of connected technologies in various sectors will assure extensive growth prospects for the global market.
According to the statistics from Gartner, the number of IoT-connected devices is estimated to increase to 43 Bn by 2023. Such statistics determine the growing influence of these devices among the global populace. These statistics also highlight the growing importance of IoT technology in numerous sectors, ultimately contributing to the growth trajectory.
The introduction of 5G communications technology, expanding adoption of cloud platforms, extensive necessity of data centers, and the growing use of wireless smart sensors will provide substantial growth for the IoT technology market. An increase in the IP address space is also one of the main factors of growth for the global market.
The growing use of IoT technologies in end-user industries such as automotive and transportation, healthcare, manufacturing, agriculture, consumer electronics, wearable devices, banking and finance, building automation, retail, aerospace and defense, and others will invite a plethora of growth opportunities for the IoT technology market.
On the basis of software solution, the IoT technology market can be segmented into real-time streaming analytics, data management, remote monitoring, network bandwidth management, and security solution. Based on node component, the IoT technology market is segmented into processor, memory device, connectivity IC, sensor, and logic device. Network management, device management, and application management are some platforms associated with the IoT technology market.
The report on the IoT technology market by Transparency Market Research (TMR) has various points and factors that make the stakeholder aware of the existing competitive scenario. Furthermore, the report includes the demographic landscape, industrial insights, and the latest trends that prove to be of great help to the CXOs and stakeholders. The COVID-19 pandemic effect has also been included in the report.
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How is the Competitive Scenario of IoT Technology Market?
The IoT technology market is highly fragmented. Many new entrants are striving to make a mark on the competitive horizon of IoT technology market with novel technologies and solutions. Furthermore, well-established players acquire or merge new entrants to decrease the intensity of competition. Strategic collaborations form an important part of the IoT technology market growth trajectory. The players are involved in these activities for increasing their influence across the IoT technology market, eventually boosting the growth prospects. The players also invest in research and development activities for adding new features.
Some well-established players in the IoT technology market are Qualcomm Technologies, STMicroelectronics, Texas Instruments Incorporated, and IBM.
What are Key Trends in IoT Technology Market?
Expanding Number of Data Centers to Present Array of Opportunities for IoT Technology Market
A huge amount of new data is being generated on a daily basis around the world. This extensive increase is resulting in an increase in the number of data centers. With a gigantic rise in data traffic and consumption, connections from devices to data centers need to be enhanced drastically. Thus, these factors will have a profound impact on the growth of the IoT technology market.
Growing Funding from Various Government Bodies to Add Value to Growth Trajectory
The government bodies of numerous countries are increasing funding in research activities related to connected technologies like the IoT. Enhancements in public infrastructure through connected technologies have become common in many countries around the world. The use of smart traffic signals to manage traffic effectively and energy conservation via smart meters will bring promising growth for the IoT technology market.
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What is Regional Landscape of IoT Technology Market?
North America is expected to dominate the regional landscape of the IoT technology market. The growing technological developments in the region and an increase in the adoption of wireless sensors and networks will bring profitable growth.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.