Internet of Things Market
The IoT market is having an inevitable impact on both consumers and businesses, thus it will change the face of the global economy for the foreseeable future. Consequently, 30 billion devices will be connected to the Internet by 2020. An efficient IoT marketplace to manage such high device volumes, diversity, and geographies is the need of the hour. Today, almost 96% of global companies consider IoT important to better monitor and control physical assets.
The prospects for innovation and disruption, cross-industry applications, rising customer expectations, and increased efficiency are the major driving forces driving the global IoT market globally. However, privacy and security issues, inadequate financial resources, interoperability issues, standardization issues, and government policies are the few obstacles standing in the way of this burgeoning technology.
The report segments the IoT market by technology, application, and regions, providing a comprehensive analysis of the industry ecosystem, which will be helpful in making informed strategic decisions for industry stakeholders.
Among technology segments, hardware is expected to grow at the highest CAGR
The hardware domain will be the largest technology category today. An investment of nearly $250 billion in modules and sensors along with some spending on infrastructure and security have fueled growth in this sector. In terms of growth, the hardware segment will be followed by services, software and connectivity, in the same order.
The healthcare sector is the leading end-user industry segment during the forecast period
Among industries, healthcare, manufacturing, transportation, and utilities are the standard bearers for the highest spending on IoT solutions. IoT spending among manufacturers will be heavily oriented toward solutions that support manufacturing operations and production asset management. Cargo monitoring followed by fleet management takes up almost two-thirds of transportation IoT spend.
Asia Pacific will dominate the IoT market in 2018
Asia Pacific, a dynamic group of rapidly developing economies, is expected to grow at the highest rate for the IoT market with the presence of all major IT industries and is expected to have the largest market share in the forecast years. In 2018, the Asia/Pacific region will spend more than $300 billion, followed by North America with around $200 billion. North America. Europe and Asia Pacific (APAC) will form three key regions that will contribute to the global IoT market demand. Rapid digitization coupled with technology dependency and further advancements have acted as key drivers for the growth of the IoT market in North America.
About Maximize Market Research
Maximize market research, a global market research firm with a dedicated team of data and specialists, has conducted extensive research on the key technologies and key market trends. The research report covers comprehensive segmentation and provides in-depth analysis of the overall industry ecosystem with accurate regional analysis, useful for making informed strategic decisions by key industry stakeholders. Importantly, the report offers market share and forecasts, giving additional insight into market dynamics and future opportunities that might exist in the given market. The driving forces, as well as the significant constraints and likely market opportunities, have been explained in depth. In addition to this, the competitive landscape describing the strategic growth of competitors has been taken into account in order to improve the market knowledge of our clients and, at the same time, explain the market positioning of competitors. Explore market data tables and figures spread via comprehensive research report and detailed table of contents on “IoT Market by Technology (Hardware, Software, Services, Connectivity) by Application (Healthcare, Manufacturing, Smart Cities, energy, mobility, retail, BFSI, education, agriculture and others) by geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa – LAMEA)”.
Internet of Things Market: Global Industry Analysis and Forecast (2016-2024)
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