The top global players of the internet of things market are the likes of Apple, Inc., Google, Inc., Microsoft Corp., Intel Corp, Cisco Systems, and Amazon. Most of these top players are from the consumer electronics market or the ICT industry. In addition to this, another common trait among most of the key players is the fact that they are all headquartered in the U.S. The global internet of things market is attracting players of all sizes, states a new report by Transparency Market Research (TMR). Leading players are much ahead in terms of innovation, developments, and acquisitions of propriety technologies.
According to the report by TMR, the global internet of things market is expected to rise from US$334.22 bn in 2016 to be worth US$1,492.31 bn by the end of 2024, expanding at a stupendous double digit CAGR of 20.55% between 2016 and 2024. Based on technology, the ZigBee is projected to continue being in the top position. In terms of revenue, the ZigBee segment accounted for 33.21% of the market in 2015. By application, the medical and healthcare segment held a considerable share of the internet of things market in 2015.
Asia Pacific to Emerge as Lucrative Market for Internet of Things
On the basis of geography, the market was led by North America in 2015 by revenue. Collectively, Europe and North America held a 60% share in 2015. Asia Pacific is emerging as a lucrative market for internet of things, with Taiwan, China, and India as leading contributors. The rising popularity and consumption of smart devices, portable, and connected devices is behind the growth of the Indian and Chinese markets. Also, the population of these countries is expected to create growth opportunities for the internet of things market in Asia Pacific. Asia Pacific is in fact projected to be the leading regional segment by 2024 in terms of revenue.
Growing Demand of Cloud Computing to Prove Beneficial for IoT Market
The IoT market is finding a huge scope owing to an increase in the demand for cloud computing worldwide. Cloud computing has certain constraints, which can be resolved by the use of internet of things. Some of the constraints resolved by IoT include, supplementation of additional storage options, helping with the energy constraints of hosting large-scale cloud computing solutions, and enhancing the processing power of cloud computing. Thus, the most currently leading two concepts of device communication, viz interfacing and software are merging and creating a revolution in terms of developments and remains one of the biggest driver of the IoT market across the globe, says TMR.
Some of the other factors boosting the growth of the internet of things market include growing globalization and urbanization across all regions. Users in staggering numbers have access to multiple branches of data sharing, communication portals, information technology, storage methods, and cloud computing solutions. Thus, the global internet of things is highly beneficial and the market is only expected to grow in the coming years at a stupendous pace.
High Growth Rate of IoT Unmatched with Speed of Data Safety and Integrity
The internet of things market is expanding at a very high rate as mentioned earlier. However, the speed cannot be matched yet with data safety and integrity solutions and this is one of the biggest challenges for the market. The rate at which the use of IoT is expanding necessitates the need for assessment of failures in real time. “This is difficult to achieve on account of the need for a very fast rate of analysis and constant monitoring status,” states a TMR analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Internet of Things Market (Technologies - Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, and RFID; Applications - Media, Manufacturing, Medical and Healthcare, Consumer Application, and Energy Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Internet of Things Market
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:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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