Global IoT Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1599.3 Billion by 2024 from $346.1 Billion in 2016, growing at a CAGR of 21.1% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 21.8% and 21.2 %, respectively, during the forecast period.
"Internet of Things (IoT) Market (By Technology: ZigBee, Bluetooth Low Energy (BLE), Near Field Communication (NFC), Wi-Fi, And RFID; By Application: Industrial, Automotive, Consumer Electronics, Retail, Healthcare, And Others; By Geography: North America, Europe, Asia-Pacific, RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the factors driving the growth of the global IoT market include growing demand for smart wearables, high penetration of Wi-Fi connectivity, rising adoption of cloud platform, and technological enhancements in wireless network technologies. Though, security risks, and requirement of high bandwidth would hinder the growth of the market. Besides, growing development of smart transportation and smart cities could provide growth opportunities in the forecasted period.
Technology, application, and geography are the major segments considered in the global Internet of Things (IoT) market. Technology is bifurcated as ZigBee, Bluetooth low energy (BLE), near field communication (NFC), Wi-Fi, and RFID. In which, Wi-Fi and ZigBee accounted the majority of market share in 2016. Applications are further categorized as industrial, automotive, consumer electronics, retail, healthcare, and others. Industrial held the maximum market share, while, healthcare will attain fastest CAGR during the forecast period.
By geography, the IoT market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Among which, North America accounted the largest market share of 38%, followed by Europe with market share of 29.3% in 2016. In terms of growth, Asia-Pacific is expected to witness fastest CAGR during the forecast period, driven by increasing adoption of IoT in emerging countries such as India and China, high rate of mobile and internet usage, and development of next-generation technologies.
Major market players include Hewlett Packard Enterprise, Google Inc., Microsoft Corporation, SAP SE, International Business Machine (IBM) Corporation, Amazon web services, Intel Corporation, Oracle Corporation, Cisco Systems Inc., and Bosch Software innovation GmbH, among others.