The
Internet of Things (IoT) market was worth USD 605.69 billion in 2014 owing to
rising requirement for internet connectivity worldwide coupled with
technological advancements. The emergence of start-ups in different industries
to satisfy growing need of consumers is anticipated to result in increasing
venture capital investments. The market is estimated to grow at 15.2 % to reach
over USD 1.88 trillion by 2022.
IoT
market is projected to increase at a significant pace on account of its ability
to improve efficiency and enable new services. IoT connects devices including
industrial equipment and consumer electronics through a network that allows
users to gather information and manage devices via software. Key factors that
are expected to propel future growth include improving connectivity and
internet access, data processing requirements and decreasing costs of internet
enabled sensors. In addition, the market is likely to witness significant
growth opportunities over the forecast period owing to increase in demand for
gadgets such as wearable devices and futuristic elements including connected
homes, vehicles, and cities coupled together with industrial internet of things
(IIoT)
In depth research report on IoT Market
The
absence of universally accepted standards that give rise to security and
privacy issues are expected to hamper growth in the industry. Moreover, the
introduction of stringent rules and regulation in the U.S and Europe to tighten
data security and privacy for internet users are anticipated to restrict
further market growth.
The
global IoT market was dominated by device segment comprising of sensors and
modules and contributed to over 30.0% of the overall market in 2014. The device
segment is projected to witness significant growth opportunities through
introduction of innovative IoT platforms as a substitute for competitor devices
such as HomeKit by Apple Inc and Brillo by GoogeInc
A
significant revenue share in the IoT market is anticipated to be occupied by
the consumer electronics application segment followed by manufacturing and
retail. The introduction of new concepts such as connected cars in the
transportation sector is expected to propel demand for IoT over the forecast
period. In 2014, about 25.0% of the overall industry was acquired by this
segment.
Emerging
economies such as Japan, India and China are expected to be the key drivers of
IoT industry on account of manifestation of major component and technology
manufacturers such as Huawei and Samsung coupled with the potential for the
high-speed broadband internet. Asia Pacific is thereby projected to grow at a
CAGR of approximately 16.0% over the next seven years.
IoT
is a dynamic market majorly fuelled by new product developments and
enhancements in technology. Organizations are focussing on investing in IoT
divisions, innovation labs, and R&D to obtain the first-mover advantage to
expand globally and mark their presence. Key companies include major telecom
and technology giants such as Alcatel-Lucent, Accenture PLC, Google Inc., Apple
Inc., General Electric, IBM, Freescale Semiconductors, SAP SE and Samsung
Electronics.
Grand
View Research has segmented the global IoT market on the basis of component,
application and region:
IoT Component Outlook (Revenue, USD Billion, 2012 -
2022)
·
Devices
·
Connectivity
·
IT Services
·
Platforms
IoT Application Outlook (Revenue, USD Billion, 2012
- 2022)
·
Consumer Electronics
·
Retail
·
Manufacturing
·
Transportation
·
Healthcare
·
Others
IoT Regional Outlook (Revenue, USD Billion, 2012 -
2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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