Internet of Things Market Introduction
Internet of Things (IoT) has major impact on the business process and people connected on integrated networks. IoT is a user of connected systems and devices to leverage data generated and gathered by sensors embedded in these physical objects. IoT has become a mainstream technology and is transforming crucial aspects of business and life ranging from business productivity, efficiency, security, to education and health dramatically. Widespread adoption of intelligent and connected devices will create opportunity window and open revenue streams for IoT solutions and services providers worldwide.
Increasing investment on process automation, robotics, and smart grid deployment is by major end user verticals is anticipated to boost growth of the Internet of things market across the globe. Additionally, introduction of favorable government regulations and smart city initiatives is increasing the demand for IoT enabled systems, solutions and services at a significant rate, propelling growth of the market. However, high cost associated with deployment of IoT technologies to transform traditional business models to digital one is impeding growth of the IoT market to some extent. Further, data security and privacy issues, and inefficient connectivity infrastructures are other roadblocks hindering adoption of IoT technologies among end user industries.
The global Internet of things (IoT) market covers major segments such as offering, hardware, service, solution, and end user industry. The solution segment consists of asset management & monitoring, supply chain management, enterprise resource planning, data analytics, security solutions, and other solutions. Based on services, the Internet of things market is further sub-segmented into consulting, software development, implementation & integration, repair & maintenance, and other support services. The major end user industries covered in the research scope are BFSI, manufacturing, public sector, automotive, energy & utilities, IT & telecom, healthcare, retail, transportation, consumer packed goods and other industries.
Major regions to be studied in the research study are North America, Latin America, Western Europe, Easter Europe, Asia Pacific, and Middle East & Africa. Increasing spending on IoT by major end-user verticals such as BFSI, manufacturing, public sector, and energy & utilities is projected to create revenue opportunities for IoT vendors in North America and Asia Pacific. Also, Asia Pacific is anticipated to witness healthy CAGR, in terms of revenue, owing to favorable governed regulations and monetary support to adopt IoT technology. Emerging countries in Internet of things space are China, India, and Brazil that are expected to become lucrative markets for prominent IoT vendors.
Internet of Things Market Competitive Landscape
Prominent players in the market are focused towards introducing industry-specific solution and services to end users to increase customer base and differentiate themselves from competitors. Some of the major players identified in the IoT market are salesforce.com Inc., Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., Google Inc., Hewlett Packard Enterprise, Amazon Web Services, Inc., Bosch Software Innovations GmbH, and General Electric.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on IoT market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.