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IoT Infrastructure Market to showcase significant growth from professional service segment up to 2024

Author : Ronak Bora | Published Date : 2019-05-09 

IoT Infrastructure Market growth in professional service segment is driven by rising demand for customized services to manage the systems in IoT network. Professional service providers with technical expertise provide end-to-end services and deploy the technological solutions in order to increase the operational efficiency. Furthermore, increasing adoption professional services by the users to reduce the total cost of ownership contributes to the segment growth. Increasing government initiatives for smart cities across China, India and Singapore offers opportunities to the service providers to invest in these markets.

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The trend of urbanization has led to an increase in the populace across cities, pertaining to the easy availability of several facilities such as advanced healthcare, transportation, and housing. The rapidly increasing population has adversely affected the municipal infrastructure, on account of which various municipalities have commenced the deployment of IoT in public infrastructure. Reportedly, this move has been undertaken in a bid to deal with the surging population pressure and the enhanced consumer living standards, and is expected to significantly boost IoT infrastructure market share. A proportionate number of regional governments have begun to implement the internet of things for addressing smart governance, smart living, smart economy, smart cities, and smart mobility.

Sensors integrated in the devices enable seamless transfer and data exchange in a IoT network. Miniaturization trend coupled with the advancements in the sensor technology helps the manufacturers integrate various functionalities on a single chip. Functionalities include lighting systems, monitoring as well as security. Enormous volume of data is generated from these sensors which require collection and analysis for upgrading the processes. Rising demand for connectivity solutions such as cellular technologies, Wi-Fi and NFC for communication between the devices lies impetus to the connectivity technology segment growth in IoT infrastructure market.

The robustly increasing requirement for a luxurious, high-end lifestyle and enhanced living quarters is anticipated to perpetually accelerate the growth rate of IoT infrastructure market. Leading behemoths such as Microsoft Corporation, Huawei Technologies Inc., IBM Corporation, Schneider Electric, and Intel Corporation have also been earnestly attempting to increase the product penetration across numerous application arenas.

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Asia Pacific IoT infrastructure market is expected to witness substantial growth over the forecast timeline. The growth is credited to the growing demand of smart cities across countries such as China, Singapore, India and Malaysia. Increasing penetration of connected devices followed by heavy investments for smart city infrastructure development further contributes to the industry demand. Rising number of smart city & building projects coupled with the advanced infrastructure in the U.S. is expected to propel the industry growth across the region.

A recently compiled report depicts that close to 60% U.S. citizens prefer living in smart cities, given their incredible advantages. The rising proliferation of smart cities is evident from the incredible proportion of smart city projects that are being undertaken across myriad geographies - which may have a mammoth impact on the revenue graph of IoT infrastructure industry. The numerous advantages provided by smart cities with regards to planning, finance, energy safety, transportation, and other urban aspects have accelerated their demand and popularity across IoT infrastructure market. In consequence, tech behemoths have been signing public-private partnerships, that would lead to the generation of layered framework to address the many challenges of smart city projects by building effective, connected solutions.

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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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