- Hardware segment accounted for highest revenue share by component.
- Consumer electronics segment is estimated to account for highest revenue share among the application segments.
- The market in North America accounted for highest revenue share in the global internet of things market.
Internet of things (IoT) is combination of information technology (IT) with operational technology (OP) connected via virtual intelligence and interface used in various sectors to send, control, and receive data with/without human intervention. The technology simplifies human efforts and reduces need for manual interference. IoT is an interconnected system of mechanical systems, computing devices, and digital technology, devices, and human beings.
The first five-year cumulative revenue (2017–2021) is projected to be $7,76 billion, which is expected to increase rather significantly over the latter part of the five-year forecast period. The global internet of things (IoT) market is estimated to value US$ 847.0 Bn in 2016 and is projected to register a CAGR of over 21% in terms of value during the forecast period 2017–2026.
Global Internet of Things Market: Market Dynamics
Rising demand for wireless technology, increasing adoption of smart wearables, and shift to automation by various industries are major factors driving growth of the global internet of things market. Increasing adoption of connected devices, smart wearables, and increasing number of high speed internet providers are further fueling growth of the global internet of things market.
In addition, increasing adoption of big data analytics and cloud based services and solutions in various sectors such as consumer electronics, manufacturing, healthcare, etc. are some other factors fueling growth of the global internet of things market. Increasing deployment of augmented reality and virtual reality in gaming is another factor expected to further propel growth of the global internet of things market.
Rising concerns related to data privacy and data security, leading to data theft and leakage is a major factor expected to hamper growth of the global internet of things market over the forecast period. In addition, relatively increasing incidence of cyber-attacks and cyber breaches, and lack of standards for deployment IoT devices and products, and as the technology is in nascent stage there are complexities related to integration and interoperability of these technologies. This are some other factors hampering growth of the global internet of things market.
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Global Internet of Things Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global internet of things market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global internet of things market is expected to expand at a CAGR of 21.6% during the forecast period.
Global Internet of Things Market: Segmental Snapshot
The market report has been segmented on the basis of components, application, and region. The component segment includes hardware, software, and services. The application segment includes consumer electronics, manufacturing, transportation, utilities, healthcare, retail, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- By components: Hardware segment accounted for highest revenue share in 2016 and is estimated to register a CAGR of over 20%; whereas the software segment is expected to register highest CAGR over the forecast period.
- By application: Consumer electronics segment is estimated to account for highest revenue share among the application segments in the global internet of things market, while registering a CAGR of over 20% over the forecast period.
- By region: The market in North America accounted for highest revenue share in the global internet of things market in 2016, owing to early adoption of this technology and presence of major vendors in countries in the region. The market is Asia Pacific is expected to record highest CAGR between 2017 and 2026.
Global Internet of Things Market: Competitive Analysis
The research report on the global Internet of things market includes profiles of major companies such as Google Inc., Cisco Systems, Inc., IBM, Fujitsu Ltd., HP Inc., Dell Inc., Arm Limited, Intel Corporation, Infineon Technologies AG, and Infosys Limited.
Internet of Things Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global internet of things market for 2017–2026.