Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Internet of Things (IoT) Market is likely to foster by the development of network technologies and the rising concern for automation of industrial processes
The global Internet of Things (IoT) market expected to grow with a CAGR 12.30% over the forecast period, 2020-2027, and expected to generate USD 1.3 trillion revenue by 2027 due to increasing adoption of the Internet of Things for industrial automation. Additionally, adoption of IoT by manufacturers such as the Industrial Internet of Things (IoT), BI, quality management, mobile technologies, and the real-time monitoring based IoT sensors will enhance the growth of the global Internet of Things (IoT) market in the upcoming time.
The Internet of Things presents an opportunity to transform society and establish a new ecosystem built to serve not merely humans, but humanity. According to the Telecom Regulatory Authority of India, there are 3.7 billion people connected to the Internet, almost 50% of that connected population lives in Asia, 24% of whom reside in India. The huge investment in digitization, along with friendly regulatory policies are vital factors estimated to fuel the growth of the global Internet of Things (IoT) market in the projected period. It expected that, by 2020, more than 65% of global enterprises would adopt IoT products. IoT has enabled new ways to monitor, manage, and control devices. The Internet of things is also helping in real-time monitoring of the product performance, which leads to better insights and faster development of new products. The Internet of Things (IoT), combined with powerful analytics, is also automating and improving the decision-making in businesses and, most of the IoT data is used for anomaly detection and control.
Furthermore, growing demand for IoT in Industry 4.0 in the manufacturing industry for big data, powerful analytics, and collecting data that can be used by them will lead to robust the global IoT market in the next few years.
Component Overview in the Global Internet of Things (IoT) Market
Based on components, the global Internet of Things (IoT) market categorized into software solutions, services, and platforms. The Software segment expected to dominate the market during the forecast period, 2020-2027. Owing to its application for various purposes such as monitoring, infrastructure management, industrial applications, energy management, medical & healthcare systems, etc.
Platform Overview in the Global Internet of Things (IoT) market
Based on the platform, the global Internet of Things (IoT) Market classified Device Management, Application Management, Network Management, and Cloud Platform. The device Management segment estimated to exhibit maximum revenue by 2027. IoT helps in connecting various smart devices to ease the operation and sharing of data amongst themselves. There are numerous smart devices, such as sensors, smartphones, and wearable's, which collect necessary data from the devices which further can utilized to enhance customer's experience.
Software Solution Overview in the Global Internet of Things (IoT) Market
Based on software solutions, the global Internet of Things (IoT) market categorized into Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, and Others. The Real-Time Streaming Analytics segment predicted to dominate due to the growing demand for real-time data in various industries such as banking, e-commerce, healthcare, etc. for analysing data decision making and smoothing operations process.
End-Users Overview in the Global Internet of Things (IoT) Market
Based on End-Users, the global Internet of Things (IoT) market segregated into Building and Automation, Smart Cities, Manufacturing, Connected Logistics, Smart Retail, Connected Healthcare, Banking, and Financial Services, Government & Defense and Others (Smart Agriculture, Smart Mobility and Transportation, etc.,). The smart cities segment prophesied to lead the market by 2027 as smart cities need high speed connected and distributed networks for solving various problems such as governance, electricity, traffic management, economy, etc. which will sorted with the help of the Internet of Things (IoT).
Regional Overview in the Global Internet of Things (IoT) Market
By geography, the Global Internet of Things (IoT) Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America anticipated dominating the market owing to the rapid digitalization across various industries, increasing adoption of smart connected devices, and technological advancements in the USA.
Global Internet of Things (IoT) Market: Competitive Landscape
Companies such as Intel Corporation, SAP SE, Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, International Business Machine, PTC Inc., Google Inc., Hewlett-Packard Enterprise, Amazon Web Services Inc., Bosch Software Innovation GmbH, Qualcomm, Huawei Technologies, Alcatel Lucent, Gemalto NV and General Electric are the key players in the Global Internet of Things (IoT) Market.