The Internet of Things(IoT) market was worth USD 605.69 billion in 2014 owing to rising
requirement for internet connectivity worldwide coupled with technological
advancements. The emergence of start-ups in different industries to satisfy
growing need of consumers is anticipated to result in increasing venture
capital investments. The market is estimated to grow at 15.2 % to reach over
USD 1.88 trillion by 2022.
 |
| North America IoT market revenue by application, 2012 - 2022 (USD Billion) |
IoT
market is projected to increase at a significant pace on account of its ability
to improve efficiency and enable new services. IoT connects devices including
industrial equipment and consumer electronics through a network that allows
users to gather information and manage devices via software. Key factors that
are expected to propel future growth include improving connectivity and
internet access, data processing requirements and decreasing costs of internet
enabled sensors. In addition, the market is likely to witness significant
growth opportunities over the forecast period owing to increase in demand for
gadgets such as wearable devices and futuristic elements including connected
homes, vehicles, and cities coupled together with industrial internet of things
(IIoT)
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research report on Internet of Things Market: www.grandviewresearch.com/industry-analysis/iot-market
The absence of universally accepted standards that
give rise to security and privacy issues are expected to hamper growth in the industry.
Moreover, the introduction of stringent rules and regulation in the U.S and
Europe to tighten data security and privacy for internet users are anticipated
to restrict further market growth.
The global IoT market was dominated by device
segment comprising of sensors and modules and contributed to over 30.0% of the
overall market in 2014. The device segment is projected to witness significant
growth opportunities through introduction of innovative IoT platforms as a
substitute for competitor devices such as HomeKit by Apple Inc and Brillo by
GoogeInc
A significant revenue share in the IoT market is
anticipated to be occupied by the consumer electronics application segment
followed by manufacturing and retail. The introduction of new concepts such as connected
cars in the transportation sector is expected to propel demand for IoT over the
forecast period. In 2014, about 25.0% of the overall industry was acquired by
this segment.
Emerging economies such as Japan, India and China
are expected to be the key drivers of IoT industry on account of manifestation
of major component and technology manufacturers such as Huawei and Samsung
coupled with the potential for the high-speed broadband internet. Asia Pacific
is thereby projected to grow at a CAGR of approximately 16.0% over the next
seven years.
IoT is a dynamic market majorly fuelled by new
product developments and enhancements in technology. Organizations are
focussing on investing in IoT divisions, innovation labs, and R&D to obtain
the first-mover advantage to expand globally and mark their presence. Key
companies include major telecom and technology giants such as Alcatel-Lucent,
Accenture PLC, Google Inc., Apple Inc., General Electric, IBM, Freescale
Semiconductors, SAP SE and Samsung Electronics.
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reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global IoT market on the basis of
component, application and region:
IoT
Component Outlook (Revenue, USD Billion, 2012 - 2022)
- Devices
- Connectivity
- IT
Services
- Platforms
IoT
Application Outlook (Revenue, USD Billion, 2012 - 2022)
- Consumer
Electronics
- Retail
- Manufacturing
- Transportation
- Healthcare
- Others
IoT
Regional Outlook (Revenue, USD Billion, 2012 - 2022)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
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Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-iot-market
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View Research:
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
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