In a recent published report, Kenneth Research has updated the market report for Technological Forecast Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Technological Forecast Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Internet of Things (IoT) and Industrial Internet of Things (IoT) forecasts reflect a growing focus on driving results using sensor-based data and creating analytically rich data sets. With more IoT devices and connected M2M technologies coming into service, a large scale security breaches are expected to come into existence in near future due to the sensitivity of the data being prone to the hackers which has further led many companies to launch advanced security software. For instance, Industrial Internet Consortium, an open membership organization regarding interconnected devices and intelligent analytics along with other industries is releasing its security framework.
“The CAGR value Could change due to COVID-19 Pandemic”
Market Overview
In today’s era of booming technology, we carry so much of information in our hands via our cell phones which is not just limited to calls, texts, playing games, Google search, or booking a cab among others but has now expanded to control numerous devices from a distance over the internet connectivity. This technological advancement is often termed as ‘Internet of Things (IoT)’ and has numerous applications in consumer smart home applications, building and home automation, infrastructure, agriculture, environmental monitoring, medical & healthcare, manufacturing, energy management, old-age care and 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.
With the rapid pace of urbanization in developed regions and rising demand for connected smart devices, the IoT market is estimated to expand with significant growth rate in upcoming years. Many nations around the world have taken initiatives to build smart cities that are equipped with high end connectivity for various services. Smart cities require sensors, routers and smart devices among others to provide better services to the population. These factors are expected to propel the growth of the internet of things (IoT) market with valuation of USD 2,108.2 Billion by 2023 from USD 679.4 Billion during 2016. Further, the global IoT market is predicted to witness CAGR of 17.56% between the years 2016 and 2023.
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“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Growth Highlights based upon Regional Platform during 2016-2023
The global internet of things (IoT) market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, Asia-Pacific accounted for the highest share of 34% in Global Internet of Things (IoT) Market in 2016 and is expected to continue its dominant stance over the forecast period. China is predicted to have largest market size in overall Asia-Pacific IoT Market, whereas India is expected to grow with highest CAGR of 24.24% during 2016-2023.
Further, U.S. is one of the largest importer of electronic goods including smart devices such as wearable watches. The rising import activities in the country further increased the supply of connected devices mounting the pressure on the players to decrease the price of internet of things (IoT) devices which propelled the demand for internet of things (IoT) devices in North America Region. Additionally, the rising adoption of connected devices along with rising personal disposable income of the population is anticipated to boost the market of Europe IoT market with second largest market share over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Competitive Landscape
Some of the affluent industry leaders in the global internet of things (IoT) market are IBM Corporation, Amazon.com Inc., Microsoft, Cisco Systems Inc., PTC Inc., HP Company and Accenture PLC.
IBM, an American multinational technology company acquired various technologies and software solution companies and also teamed up with Slack Technologies for data crunching Chatbot. The acquisition strategy of IBM Corporation is predicted to spur the growth across the globe in near future. Further, the IBM introduced an innovative hybrid cloud for enterprises, thus increasing the limits of technology.
Moreover, other key and niche players are working towards the expansion of product portfolio along with investing in high quality, highly engineered and innovative technologies in order to gain competitive edge in the global internet of things (IoT) market.
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Market Segmentation Synopsis
By Product Type
The global internet of things (IoT) market is divided into components and software, out of which, the component segment garnered the highest market revenue of USD 512.3 Billion as compared to USD 167.1 Billion by software segment during 2016. The software segment is predicted to grow with highest CAGR of 20.24% over the forecast period. The software segment is further divided into real-time streaming analytics, security software, data management, remote monitoring software and network band management. The data management segment drove the market with highest market size in 2016 and is predicted to behold this positive growth over the forecast period, whereas the real-time streaming segment is predicted to witness the highest CAGR during 2016-2023 and is expected to observe Y-o-Y growth of 27.41% in 2023.
Further, the components segment is segmented 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.
By Application
The global internet of things (IoT) market is segmented by applications into consumer electronics, manufacturing, transportation & logistics, healthcare, retail and others. Among these segments, the transportation & logistics segment garnered the highest market share of 29.6% in 2016, closely trailed by the consumer electronics segment. The consumer electronics segment is expected to account for the largest share of 28.4% in overall internet of things (IoT) market by the end of 2023 from 26.3% in 2016 owing to the demand for high end connectivity appliances in developed regions.
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In addition to that, the rapid adoption of internet of things (IoT) devices by the tech savvy population is expected to foster the growth of internet of things in consumer electronics segment. Further, the healthcare sector is also growing positively on the back of rising demand for remote monitoring of patients and growing penetration of tele-medicine services in developed and developing regions globally.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
Growth Indicators
The global internet of things (IoT) market is thriving on the back of rising development of smart and enhanced connectivity infrastructure in developing and developed nations such as U.S., China, Japan, India and others. Further, the swelled disposable income of the population supported by the positive GDP figures in growing nations is resulting in the increased penetration of smart consumer electronics across the globe. Along with that, the rising trend of smart electronics, growing digitalization in various end-use industries, shifting of public and private sectors towards the adoption of IT-based facilities are boosting the worldwide demand for internet of things (IoT) services.
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