Global IoT Market is estimated to reach $1599.3 Billion by 2024; growing at a CAGR of 21.1% from 2016 to 2024. Internet of Things (IoT) is a network of connected physical objects that contain embedded technology which enables collection and exchange of data with external environment. IoT enables an organization to reduce operational costs through enhanced process efficiency, productivity, and asset utilization. IoT are also capable of remotely controlling an object, creating new prospects for more and enhanced direct integration of physical objects and network, and also augments the accurateness and efficiency, along with reduced human intervention.
The global IoT market is driven by factors such as, development of advanced wireless network technologies, rising penetration of Wi-Fi connectivity, high demand for smart wearable devices, increasing adoption of cloud-based platforms, and rising application of IoT. Though, factors including increased demand for improved bandwidth, and rising security risks related to lack of upgradation and merger of database and data types would hamper the market growth. Additionally, increasing popularity of smart homes, and rise in common security models would offer several growth opportunities in years to come.
The Internet of Things market is bifurcated as technology, application, and geography. Technology is bifurcated as Bluetooth Low Energy (BLE), ZigBee, Wi-Fi, Near Field Communication (NFC), and RFID. Furthermore, application is categorized as industrial, healthcare, retail, automotive, consumer electronics, and others.
Based on geography, Internet of Things market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, and others while, RoW is bifurcated into South America, Middle East and Africa.
The key market players include Cisco Systems Inc., Google Inc., Microsoft Corporation, International Business Machine (IBM) Corporation, Intel Corporation, Hewlett Packard Enterprise, Amazon web services, SAP SE, Oracle Corporation, and Bosch Software innovation GmbH, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global IoT Market with respect to major segments such as technology, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global IoT Market has been included in the report
- Profile of the key players in the Global IoT Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global IoT Market
- Bluetooth Low Energy (BLE)
- Near Field Communication (NFC)
- Consumer Electronics
- Other Applications
- North America
- Asia Pacific
- ·South America
- ·Middle East