The Global Internet of Things (IoT) Market is forecast to reach USD 1508.01 Billion by 2027, according to a new report by Reports and Data. The Internet of Things is the essential computer technology used for Device Management, Application Management, Network Management, and Cloud Platform. The system is a unique technology that has various connection methods such as Ethernet, Wi-Fi, LPWAN, Cellular, Bluetooth, and many others. The rising demand for smart computing is booming this market.
The favorable circumstances in the Internet of Things (IoT) Market lie with the need for advanced data analytics and data processing and growing demand for cloud platform and wireless networking technologies. The rising applications of shared security model are boosting the market of such technology. The Internet of Things (IoT) market has various applications such as smart manufacturing, smart grid and utilities, smart mobility and transportation, smart logistics, smart retail, and building and home automation, which is helping in the market growth of this internet of things sector. The lack of subsidies & data migration from legacy systems is acting as a market restraint.
The factors mentioned above jointly create opportunities for market growth, while factors such as privacy concerns and data security act as a challenge in the implementation of such a solution in the market. However, each element would have a specific impact on the market during the forecast period.
In Europe, due to the sudden rise in adoption of the Internet of Things (IoT) for various applications in the education sector, along with growing demand for cloud platform adoption, the market for an Internet of Things (IoT) is propelling at a fast rate. The rising economy in counties like Germany, France, and the United Kingdom, owing to the favorable political, social, and economic conditions is helping the IoT market to grow.
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Further key findings from the report suggest
- Smart manufacturing application held the largest market share of 22.5% in the year 2019. The increasing use of industrial automation to increase productivity and lower manufacturing costs is helping this market to boom.
- The Wi-Fi connection method segment is forecasted to witness the highest CAGR of 27.0% during the forecast period. This segment is rising because it is wireless and fast. Wi-Fi module that has been optimized for IoT will simplify the design and save development time.
- Solution component is forecasted to witness the highest CAGR of 26.0% during the forecast period. China became the largest consumer of this segment, as this technology helps in increasing production output and business process efficiency with optimum resource utilization.
- Asia Pacific is expected to witness the highest CAGR of 28.0% during the forecast period. Countries like India, China, Taiwan, Indonesia, and Japan are rapidly catching up with the growth in the data management and security solution. The countries in this region have a high demand for technological system, which is propelling the market growth.
- Key participants Google Inc., Hewlett Packard Enterprise, Amazon Web Services, Bosch Software Innovation GMBH, General Electronics, Intel Corporation, SAP SE, Cisco Systems Inc., Microsoft Corporation, and Oracle Corporation, among others.
Market Overview:
Increasing adoption of technologically upgrade and advanced devices among users and rising penetration of internet has led to generation of massive amount of data across various industries and sectors. Growing demand for enhanced data security and privacy has contributed to the revenue growth of the market. In addition, rising application of the Internet of Things (IoT) and usage of business intelligence have further fueled market growth. Developments across various segments such as internet, wireless networks, computers, software, social networking, and other services have impacted the growth of the information and communication technologies market.
ICTs refer to the amalgamation of media technology with computer networks through cables or link systems. Key emerging trends such as use of IoT, media systems, and information and communication technologies in different sectors such as agriculture, financial services, and meteorological data collection, among others have also boosted revenue growth. The advent of artificial intelligence and robotics have further brought evolution in the ICT industry.
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Report Overview:
The report further segments the global Internet of Things (IoT) market based on Application Outlook (Revenue, USD Billion; 2017-2027)
- Building and home automation
- Smart energy and utilities
- Smart manufacturing
- Connected logistics
- Smart retail
- Smart mobility and transportation
Connection Methods Outlook (Revenue, USD Billion; 2017-2027)
- Ethernet
- Wi-Fi
- LPWAN
- Cellular
- Bluetooth
- Satellite
Component Outlook (Revenue, USD Billion; 2017-2027)
- Services
- Platform
- Solution
Key players dominating the global Internet of Things (IoT) market are focusing on development and advancement in software and security technologies to cater to the growing consumer demand. Factors such as rapid economic growth, shifting consumer preference, and rapidly changing market dynamics have also accelerated market revenue growth. The report sheds lights on the key strategic initiatives such as mergers and acquisitions, collaborations, partnerships, product launches, corporate deals, and agreements undertaken by the key companies. The report also offers insights into market share, market size, and revenue growth in key regions of the globe.
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Regional analysis covers:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Russia
- U.K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- Rest of MEA
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