Published on : Mar 09, 2017
ALBANY, NY, March 09, 2017: The global IoT market is likely to follow a notable growth track owing to the burgeoning demand for cloud computing worldwide, because IoT communication can help mitigate the issues faced by cloud computing. Moreover, the rapid globalization and urbanization across the world are providing a significant boost to the growth of the market. In today’s time, an overwhelming number of users in all regions have access to information technology, storage and data sharing methods, communication portals, and cloud computing solutions. The IoT technology adds a beneficial layer to all of this and is, therefore, experiencing a flurry of demand.
Despite the array of drivers, the lack of robust real-time analytics for IoT is hampering the growth of the market. As the scope and usage of this technology are increasing, there is a dire need for real-time assessment of failures and data integrity across all networks.
The report methodically examines the key trends in the market across 14 major verticals, which are livestock/pets, retail/commerce, agriculture, transport, security, smart home, smart city, wellness, logistics, healthcare, manufacturing industry, consumer electronics, utilities, and automotive. The healthcare, utility, and retail/commerce sectors are poised to offer ample growth opportunities for companies operating in the market. The growing popularity of concepts such as improved food delivery, connected televisions, next-gen door locks and security systems, and room settings controlled remotely is driving the adoption of the IoT technology in these sectors.
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The key regions covered in the report are Asia Pacific, North America, Latin America, and Europe. North America and Europe will collectively account for a large chunk in the market throughout the review period. The incessant technological advancements in the field of IoT coupled with its early adoption are escalating the growth of these regions. Moreover, a large number of key players in the market are headquartered in the U.S., which facilitates the tremendous growth of the North America market. Asia Pacific will be a promising destination for global players in the market.
The burgeoning demand for smart devices and other portable and connected consumer electronics in emerging countries such as India, Taiwan, and China is providing a fillip to the growth of the region. The heavy production of electronics in these countries along with high export and import values is contributing to the growth of the region.
The global IoT market is majorly dominated by giants from the consumer electronics or ICT sector. Some of the leading global participants in the market are Apple Inc., Amazon, Cisco Systems, Google Inc., Intel Corp., and Microsoft Corporation. These players are ahead in the competition in terms of acquisition of proprietary technologies and development rates. The market is anticipated to witness an influx of players of all sizes, which will intensify the competition in the market in the near future.
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