The technological advancement has led the use of ‘Internet of Things (IoT)’ in applications such as consumer smart home applications, building and home automation, infrastructure, agriculture, environmental monitoring, medical & healthcare, manufacturing, energy management, old-age care and numerous others. It works on a simple concept, connecting all the devices, things or products with RFID (Radio Frequency Identification) along with routers, actuators and sensors like temperature sensors, moisture sensors, light sensors, a motion sensor etc. and saves that data for future predicaments of their functionality over the internet. The rapid pace of urbanization in developed regions and growing demand for connected smart devices are driving the growth of the IoT market with a CAGR of around 17.56% between the years 2016 and 2023. The intelligent algorithms based on the data collected on different intervals of time are predicted to expand the global internet of things (IoT) market with significant valuation of USD 2,108.2 Billion by 2023 from USD 679.4 Billion in 2016.
The market is segmented by product type into components and software, out of which the software segment is predicted to grow with highest CAGR of 20.24% over the forecast period. The components segment dominated the overall market with revenue of USD 512.3 Billion in 2016 and is expected to behold this positive growth over the forecast period. The components segment is further divided into devices, sensors, actuators and platforms. Among these segments, the devices segment is the largest revenue generating segment and is expected to observe Y-o-Y growth of 18.6% in 2023.
Increasing Popularity of Smart Gadgets to Escalate the Demand for Internet of Things (IoT) Devices in Future
The global internet of things (IoT) market is thriving on the back of rising technological advancements in various end-user industries such as agriculture where IoT-based smart farming in agriculture industry helps the farmers to monitor crop field, livestock and storage combined with farm vehicle tracking, variations in weather conditions, humidity and soil moisture with the help of sensors being controlled from anywhere.
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Enhanced Connectivity Infrastructure – There is development of smart infrastructure in developing and developed nations such as U.S., China, Japan, India and others
Rise in Disposable Income – The swelled disposable income of the population supported by the positive GDP figures in growing nations is supporting the penetration of smart consumer electronics and need for high connectivity which is further boosting the demand for internet of things (IoT) services.
Growing Digitalization – There is a rapid pace in digitalization across the globe in various end-use industries and shifting of public and private sectors towards the adoption of IT-based services to enhance the customer experience and to increase the operational efficiency.
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Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Internet of Things (IoT) Market
According to Research Nester, the lack of skilled expertise and high cost of IoT solutions and services is envisioned to hinder the growth of the global internet of things (IoT) market across the globe.
Privacy and Security – It is a challenging task for the end-use industries to provide connectivity and cloud services with high end security which has led to the privacy and security concerns related to the data theft.
High cost of IoT solutions – Due to the high cost of IoT solutions and services, small and medium enterprises are shifting towards low cost solutions owing to low budgets of enterprises.
The report titled “Global Internet of Things (IoT) Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2023” delivers detailed overview of the global internet of things (IoT) market in terms of market segmentation by components type, software, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global internet of things (IoT) market which includes company profiling of IBM Corporation, Amazon.com Inc., Microsoft, Cisco Systems Inc., PTC Inc., HP Company and Accenture PLC.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global internet of things (IoT) that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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