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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
The Internet of Things market is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9%, owing to the advent of advanced analytics and data processing techniques, which have been useful to derive results from high volumes of data collected from the machine-to-machine communication devices. The integration of data analytics is done in 3 different stages; analysis of high volumes of data, identification and integration of the relevant data, and reporting of the data. The analysis of IoT data is performed using dashboards, streaming data analysis, and edge analytics. Data analytics and processing is useful in the IoT environment to increase the uptime of the smart sensors and devices, accelerate the business outputs, and detect and control the errors.
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The IoT market is segmented on the basis of software solutions, services, platforms, application areas, and regions. The software solution holds the largest market size among all the other segments, owing to the increase in development of cloud-based applications and adoption of cloud for storage of data. The service segment is categorized into professional services and managed services. The application area segment is segmented into building and home automation, smart energy and utilities, smart manufacturing, connected logistics, connected health, smart retail, smart mobility and transport, and others (education and agriculture).
IoT is an ecosystem of connected physical objects that are accessible through the internet. IoT ecosystem represents a wide range of technologies, ranging from sensor-powered microcontrollers to devices powered by processors, which are interconnected in such a way that it makes it possible to collect and analyze data in real time. Though IoT is not considered as a new term, the business application of IoT is in its nascent stage. The Internet of Things market consists of things or objects that are connected to the internet, i.e. anything can be accessed from anywhere. It comprises the integration of sensors and devices that are connected to the internet over fixed or wireless networks. The fact that the internet is available everywhere makes mass adoption of this technology more feasible. The concept of IoT has revolutionized the way organizations across industry verticals interact with customers and help them achieve operational efficiency and optimize their business processes. Various business verticals are adopting IoT-based solutions to provide affordable, accessible, and quality services to their customers.
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North America is expected to hold the largest market share in the Internet of Things market in 2017. The rapid digitalization across industry verticals and technological advancements have fueled the growth of the market. With these developments, the Internet of Things market in North America has gained a significant share. Manufacturing and automation companies in the region are incorporating IoT solutions to boost their efficiency. Most of the enterprises across the US have been populating the North American region to dominate the market. Asia Pacific (APAC) consists of emerging economies. The high adoption rate of new technologies has made this region a lucrative market for the IT industries. Moreover, the countries in this region are taking aggressive initiatives to upsurge the IT infrastructure, enabling the commercial users to adopt cutting-edge technologies.
The lack of consistency among the standards for interconnectivity, interoperability, and security threats are some of the restraining factors for the growth of the Internet of Things market. Moreover, the growing demand for bandwidth requirement is one of the major challenges impeding the market growth. However, the recent developments, new product launches, and acquisitions of major market players in the IoT arena are boosting the growth of the market. This study also measures and evaluates the major offerings and key strategies of major vendors, such as Google Inc. (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electric (US), Intel Corporation (US), SAP SE (Germany), Cisco Systems, Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), International Business Machine (IBM) Corporation (US), and PTC Inc. (US),who have been at the forefront in offering innovative IoT platforms, services, and solutions to their commercial clients across diverse locations.
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