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Report: Internet of Things Market on growth track to 2024

Author : Ronak Bora | Published Date : 2019-03-12 

Rising demand of the apps and solutions will propel the growth for internet of things market in forecast time frame. Industry focus on innovative technologies providing real time data to improve performance and optimize operations are anticipated to increase substantially which will add to internet of things market size. Increasing demand for sensor based information and analytically rich data sets are most key factor responsible for driving product growth in forecast period.

Internet of Things Market size will witness a significant growth, owing to increasing applications of cloud computing and big data in IT structure by organizations in the forecast period. Rising demand for software solutions, platforms, services and application domains will add to internet of things market in forecast time frame. Predictive analytical tools to manage the data generated from machines and evaluation of the results to improve the decision making are the major driving factors for internet of things market growth.

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Increasing adoption of IOT technologies including RFID, NFC, sensors, gateways and cloud services in manufacturing, transportation, automotive, and logistics are expected to see highest adoption levels in forecast period. Rapid development of networking and digitization will lead to surge in internet of things market size.

U.S. is projected to provide various growth opportunities for the product owing to surge in advanced robotics and cloud technology over forecast period. The region will lead to surge in IOT technologies due to advancement in machine to machine communication. At the same time, surge in demand for security and surveillance applications in government inventory will propel the product demand in forecast period. Strong presence of large number of service providers in the region will boost the IOT market size.

Europe will continue to witness substantial growth owing to several government initiatives to promote IOT technologies in the region. European commission launched Alliance for Internet of Things Innovation to support the creation of an innovative industry and implementing new business models. Government intends to work closely with all technology providers towards the establishment of a competitive IOT structure. The recently proposed "European data economy" initiative will also add to internet of things market size in forecast period.

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Asia Pacific lead by China and Japan is anticipated to witness significant growth for internet of things market in forecast period owing to increasing spending in network infrastructure by organizations to enhance their productivity. Rising manufacturing sector in the region will further support the IOT growth. Manufacturing sector is one of the largest end user of IOT technologies. Increasing demand to track and manage inventories will supplement the rising internet of things market size. Fleet management in transportation sector will propel the demand for IOT technologies. In emerging countries mainly India, government initiative to develop strong IOT infrastructure will propel the internet of things market size.

Some of the key companies are Alcatel-Lucent, Cisco, AT&T, Qualcomm. Other prominent players are Amazon Web Services (AWS), Apple, ARM Holdings, Digi International, Atmel, Atos, Bosch Software Innovations, Broadcom, CTS, Dell, Echelon, Ericsson, Accenture, Freescale Google, Semiconductor, GE, Hitachi, HP, IBM, Huawei Technologies and Infosys. Established IOT players are competing to gain a major share and increase their customer base. Organizations worldwide are investing heavily to develop innovative IOT technologies to gain competitive advantage.

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IOT industry is highly fragmented owing to presence of many large and small players. Network and services providers are adopting mergers and acquisition strategies to expand their global presence and increase their customer reach. For instance, Qualcomm acquired NXP to increase its semiconductor product portfolio in automotive industry. Internet of things market is also anticipated to witness the entrance of new players over forecast period, which will further increase the level of competition.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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