Internet of Things (IoT) Market
Market Research Future (MRFR) has announced the release of a new market research report on the global Internet of Things (IoT) market. The report presents a detailed profile of the global Internet of Things market based on the historical growth trajectory and key components of the market, and provides studied forecasts for the market’s growth over the forecast period from 2017 to 2022. The report predicts stable growth for the global Internet of Things market at a CAGR of around 19.75% over the forecast period. The market is expected to reach a valuation of USD 2,488 billion by the end of the forecast period.
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The Internet of Things is a software solution for connecting multiple devices so that they can work in synchronization and data can be gathered from each individual element of the module. The Internet of Things is particularly used to refer to a network in which objects that traditionally lack wireless connectivity are imparted wireless connectivity for a specific purpose. The objects in question can range from various components in a manufacturing line to the multiple electrical fittings in a house. The Internet of Things works through the implementation of sensors on the individual objects in question, which join up through a wireless connectivity platform to provide synchronized results.
The manufacturing sector has embraced the Internet of Things in recent years, as it allows for smoother production and more efficient use of resources across the manufacturing line. The growing demand for smart manufacturing and technologically superior manufacturing processes is likely to lead to a steady growth in demand for IoT technology. The development of cheaper and more efficient processors has been crucial to the development of the Internet of Things market, as it has allowed easy adoption of the technology in more diverse sectors.
Growing Trend of Data Sharing to Surge Adoption of Internet of Things across Different Verticals
The concept of Internet of Things (IoT) revolves around connecting any device to the internet. IoT is basically a giant network of connected things where data can be collected and shared in the IoT network. In recent times, IoT is booming and observed to disrupt different verticals. The growing demand for internet of things across different verticals are expected to impel the growth of its market in the near future.
Multiple Application of Internet of Things to Promote Rapid Expansion of Market
Smart city projects are being robustly executed across the globe. Governments across the globe are taking initiative and investing in making smart cities a reality. Smart homes are prominent part of smart cities. Smart homes are transforming the traditional notion of residential space. IoT is observed to contribute significantly to the development of smart homes. Smart home developers are taking the assistance of IoT to deliver intelligent space to stay. The growing inclination of people towards smart and luxurious lifestyle is promoting the adoption of smart homes, thereby contributing to the expansion of the global market of internet of things.
Promising Future of Internet of Things Market
In the coming years, IoT is expected to be experience a large number of users. This is expected to propel the IoT market growth. However, it is likely that cyber criminals can use IoT devices to execute their malicious intentions that can hinder the expansion of the market. But with increase in cases of data breach and cyberthreats, their safeguarding solutions have evolved that can counter the slowdown of the market. The advent of 5G technology can fuel the IoT market growth. Routers are observed to become smarter and more secured that is also likely to contribute to the promising future of the market. Hence, considering factors that are explained here, the health of the global IoT market is observed to be good.
Segmentation:
The global Internet of Things market is segmented on the basis of software, hardware, service, platform, organization size, end-use industry, and region.
By software type, the global Internet of Things market is segmented into data management, network management, remote monitoring, and security solutions.
By hardware, the global IoT market is segmented into sensors, cameras, and network devices.
By service type, the global Internet of Things market is segmented into professional services, managed services, and others.
Regional Analysis:
Regionally, the global Internet of Things market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America is likely to remain the major regional segment of the global Internet of Things market over the forecast period. Due to the presence of several leading players in the IoT sector, the North American market has witnessed easy adoption of successive advances in the IoT design as well as high awareness among the consumers about the benefits of the Internet of Things. Europe also has a solid market share in the global Internet of Things market due to the growing efforts from various industries to adopt smarter, more efficient processes.
Competitive Analysis:
Leading players in the global Internet of Things market include Amazon Web Services Inc., Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., IBM, Hitachi Data Systems, Dell Inc., Google Inc., and AT&T Inc.
Other Related Market Research Reports:
IoT Security Market Research Report- Forecast to 2022
https://www.marketresearchfuture.com/reports/iot-security-market-2256
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