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.
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.
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.
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.