Global IoT Market is estimated to reach $1599.3 Billion by 2024; growing at a CAGR of 21.1% from 2016 to 2024. The Internet of Things (IoT) is the use of inter-connected devices, vehicles, buildings and other items embedded with electronics, sensors, and network connectivity which allows these objects to collect and exchange data. IoT is anticipated to penetrate rapidly over the years and is likely to open new scopes of services that will improve the quality of life of the end users. It enables an object to be controlled remotely, thereby creating new opportunities for more and improved direct integration of physical objects and network, and also enhances the accuracy, efficiency, and along with reduced human intervention.
Global IoT Market Size and Forecast, 2015 - 2024 (US$ Billion)
Technological advancements in wireless network technologies, rising demand for smart wearable electronics, and high adoption of Wi-Fi connectivity are the factors propelling the growth of the global Internet of Things (IoT) market. Moreover, growing adoption of cloud platform, and increasing application of IoT also drives the growth of the market. However, security risks due to lack of upgrades and merger of databases and data types and high demand in bandwidth requirement could pose as a challenge for the market. Furthermore, increasing development of smart transportation and smart cities, and growth in shared security models would create growth opportunities in coming years.
The Internet of Things market is segmented on the basis of technology, application, and geography. Technology is bifurcated as ZigBee, Bluetooth low energy (BLE), near field communication (NFC), Wi-Fi, and RFID. Furthermore, application is categorized as industrial, automotive, consumer electronics, retail, healthcare, and others.
Global IoT market share by region, 2024 (value%)
Based on geography, Internet of Things (IoT) market is segmented into North America, Europe, Asia Pacific, Rest of the World (RoW). North America is further bifurcated in U.S., Canada and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, and others while, RoW is bifurcated into South America, Middle East and Africa.
The key 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.
The key takeaways from the report
- The report will provide detailed analysis of Global IoT Market with respect to major segments such as technology, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global IoT Market has been included in the report
- Profile of the key players in the Global IoT Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global IoT Market
- Bluetooth Low Energy (BLE)
- Near Field Communication (NFC)
- Consumer Electronics
- Other Applications
- North America
- Asia Pacific
- South America
- Middle East