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IoT Market in Nordic Region to Exhibit 15.11% CAGR during 2016-2020 boosted by Growing Demand for Big Data Analytics

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Published on : Jun 22, 2016

ALBANY, New York, June 22, 2016: A recent research report added to the collection of ResearchMoz.us provides a comprehensive overview of the Internet of Things (IoT) market in the Nordic regions and projects the market to expand at a CAGR of 15.11% during the period between 2016 and 2020. The report, titled “IoT Market in Nordic 2016-2020,” analyzes the growth prospects of this regional market and calculates the market size on the basis of revenue generated from the IoT platforms, consolidated revenue of network operators, and revenue generated from the connectivity services. The growth of the market across some of the major countries in the Nordic region has been analyzed. Furthermore, the report profiles some of the key players operating in the IoT market in the Nordic region. 

Internet of Things or IoT refers to a network of interconnected devices that are able to communicate among themselves and with the external and internal environments. IoT connects communication services, hardware devices, IT services, and embedded software. In today’s world, IoT is instrumental in the creation of smart homes, smart transportation, smart healthcare, and smart shopping. IoT is expected to emerge as an ecosystem of IP-connected devices in the years to come.  

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The report states that the reduced prices of connected devices have played a key role in the growth of the IoT market in the Nordic region. The increased adoption of IoT solutions by organizations has also supported the market’s growth. Various technologies such as barcodes, RFID, GPS, and sensors are utilized in IoT and hence, it is used to manage and monitor physical assets in an enterprise. The growing need for effective monitoring of business processes and improvement in business values will drive the demand for IoT. However, the lack of standardization is anticipated to hamper the growth witnessed by the regional market during the forecast horizon. Nowadays, IoT is being increasingly used across supply chain management. The report has identified the rising demand for big data analytics as one of the key trends prevalent in this regional market.  

The report studies the IoT market in the Nordic region across Norway, Sweden, Finland, and Denmark. Considering the various micro- and macro-economic factors, the growth of the market across each of these countries has been analyzed in the report.  In these countries, government initiatives to digitize information has fuelled the need for IoT systems and the market is witnessing demand from various sectors including smart buildings, consumer electronics, automotive, cities, and utilities. 

Describing the competitive landscape, the report profiles some of the key players in the IoT market in the Nordic region such as Tele2, Ericsson, TeliaSonera, Telenor Group, Tieto, Cisco Systems, Accenture, Huawei, Intel, IBM, Gemalto, Nordic Semiconductors, Orange Business Services, Novatel Wireless, SAP, Qualcomm, Wipro, Sierra Wireless, and Wireless Matrix (CalAmp). Though currently the market is being dominated by a few key players, the entry of new vendors will intensify the competition. 

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