The Internet of Things (IoT) Market size 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%. The major driving forces for this market include the growing adoption of the cloud platform technology. Moreover, the reduction in cost of the connected devices is further fueling the growth of the IoT market.
The advent of advanced data analytics and data processing techniques have enabled the analysis of high volumes of IoT data. The integration of IoT projects is implemented in 3 different stages: analysis of high volumes of data, identification and integration of the relevant data, and reporting of the data. Analytics and data processing is useful in increasing the uptime of smart sensors and devices, accelerating the business output, and detecting and controlling the errors with the sensor data.
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The smart retail application area is estimated to grow at the highest CAGR during the forecast period owing to the increasing use of Radio Frequency Identification (RFID) tags in products. The retailers are using IoT devices to track and analyze their store’s traffic. This analysis helps the retailers understand the shopping patterns of their customers. Moreover, it helps customize the in-store shopping experience of customers and provide them with a rich digital marketing inside the store.
The increase in number of connected devices is expected to drive the growth of the security solution software component during the forecast period. This software allows users to securely manage IoT devices with shared liability, prevents device tampering, automatically detects devices and gateways, performs routine maintenance, and collects diagnostics to keep the device configuration secure.
Asia Pacific (APAC) is estimated to be the fastest-growing region for the IoT market during the forecast period. This region consists of emerging economies, such as India, China, Japan, and Singapore. The high adoption rate of new technologies has made this region lucrative for the IT industry. The growth of the IoT market in this region is also supported by the government policies. Countries such as India, China, and Japan have incorporated IoT in their government policies. For instance, Japan has established the IoT Acceleration Consortium (ITAC), with the motive of creating a suitable environment for developing and adopting IoT. Moreover, APAC has a large number of smart city projects, which further supports the growth of the IoT market.
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There are several established players in this market, such as Google Inc. (US), Hewlett-Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electronics (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). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the global IoT market.
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