The exponentially growing scope in the field of cloud computing has augured well for the global internet of things (IoT) market, enabling it surge at an impressing 20.55% CAGR between 2016 and 2024. As internet of things has helped cloud computing platforms efficiently tackle storage and energy related issues. Besides this, with urbanization and globalization picking pace worldwide, promising growth seems on card for the global internet of things market. This is because in the near future the demand for accessing increased volume of online data will rise, subsequently fuelling prospects for the IoT market. In addition, the rising demand for automation has bode well for the overall market.
On the downside, escalating security concerns regarding online data are posing threat to the market. Furthermore, if the market continues to reel under lack of real-time data analytics and high cost implementation, its pace of growth may get compromised with in the coming years. Nonetheless considering the various advancements underway, the global internet of things market is likely to exhibit strong growth in the near future. The market’s valuation is expected to reach US$1490.31 bn by 2024, from US$280.70 bn in 2015.
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Asia Pacific to Showcase Lucrative Growth Prospects for IoT Market
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regions within the global internet of things market. Among these, North America held dominance in terms of revenue in 2015. North America and Europe’s cumulative share in the global market accounted for 60% in the year. Besides this, emerging nations in Asia Pacific exhibit lucrative prospects for the market. For instance, rising inclination toward smart devices, portable electronic gadgets, and connected consumer electronics has fuelled the demand for IoT technology in nations such as India and China.
Assuming, Asia Pacific will continue showcasing increasingly attractive opportunities, there is high likelihood for the region to emerge at the global IoT market’s fore by the end of the forecast period. Taiwan is also expected to offer increased sales opportunities to the market players. However, China will remain the hub of manufacturing electronic components in the east, thus retaining its lead in the Asia Pacific IoT market.
ZigBee to Remain at Fore as Leading Segment by Technology
In terms of technology, the global internet of things market can be segmented into near field communication, ZigBee, Bluetooth, RFID, and Wi-Fi. Of these, the ZigBee held command as the leading segment in the market. It contributed nearly 33.21% to the overall revenue generated by various technology segments in the market in 2015. Also ZigBee is forecast to remain at the market’s fore through the forecast period.
Based on application, the global internet of things market can be segmented into manufacturing, media, medical and healthcare, consumer application, and energy management. Of these, the medical and healthcare segment held dominance in 2015 and is expected to remain the lead through the forecast period.
The global internet of things market has a fragmented vendor landscape, which has rendered it highly competitive. The leading players in the market are competing based on price, quality, support, performance, product innovation, and services. Some of the prominent companies operating in the global internet of things market are Microsoft Corp., Amazon, Intel Corp., Apple Inc., Cisco Systems, Inc., Google, Inc., General Electric, AT&T, and Honeywell International Inc.