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.
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)
To request a
sample copy or view summary of this report, click the link below:
Further key findings from the study suggest:
- 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.
See More
Reports of This Category:
About
Grand View Research:
Grand 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 reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
No comments:
Post a Comment