Market Research Future (MRFR) has announced the release of a new market research report on the global Internet of Things (IoT) market. The report presents a detailed profile of the global Internet of Things market based on the historical growth trajectory and key components of the market, and provides studied forecasts for the market’s growth over the forecast period from 2017 to 2022. The report predicts stable growth for the global Internet of Things market at a CAGR of around 19.75% over the forecast period. The market is expected to reach a valuation of USD 2,488 billion by the end of the forecast period.
The Internet of Things is a software solution for connecting multiple devices so that they can work in synchronization and data can be gathered from each individual element of the module. The Internet of Things is particularly used to refer to a network in which objects that traditionally lack wireless connectivity are imparted wireless connectivity for a specific purpose. The objects in question can range from various components in a manufacturing line to the multiple electrical fittings in a house. The Internet of Things works through the implementation of sensors on the individual objects in question, which join up through a wireless connectivity platform to provide synchronized results.
The manufacturing sector has embraced the Internet of Things in recent years, as it allows for smoother production and more efficient use of resources across the manufacturing line. The growing demand for smart manufacturing and technologically superior manufacturing processes is likely to lead to a steady growth in demand for IoT technology. The development of cheaper and more efficient processors has been crucial to the development of the Internet of Things market, as it has allowed easy adoption of the technology in more diverse sectors.
On the other hand, the security risk posed by the presence of an Internet connection among objects and their importance to the overall functionality of commercial endeavors such as manufacturing operations could pose a threat to the global Internet of Things market. Innovating more cyber-secure IoT protocols and technology is thus likely to be high on the agenda of major market players over the forecast period.
The global Internet of Things market is segmented on the basis of software, hardware, service, platform, organization size, end-use industry, and region.
By software type, the global Internet of Things market is segmented into data management, network management, remote monitoring, and security solutions.
By hardware, the global IoT market is segmented into sensors, cameras, and network devices.
By service type, the global Internet of Things market is segmented into professional services, managed services, and others.
By platform, the global Internet of Things market is segmented into application management platform, device management platform, and connectivity platform.
By organization size, the global IoT market is segmented into SMEs and large-scale organizations.
By end use industry, the Internet of Things market is segmented into IT & telecom, healthcare, retail, manufacturing, logistics, and automotive.
Regionally, the global Internet of Things market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America is likely to remain the major regional segment of the global Internet of Things market over the forecast period. Due to the presence of several leading players in the IoT sector, the North American market has witnessed easy adoption of successive advances in the IoT design as well as high awareness among the consumers about the benefits of the Internet of Things. Europe also has a solid market share in the global Internet of Things market due to the growing efforts from various industries to adopt smarter, more efficient processes.
Asia Pacific could also emerge as a strong player in the global Internet of Things market over the forecast period due to the growing governmental support to smart city initiatives.
Leading players in the global Internet of Things market include Amazon Web Services Inc., Cisco Systems Inc., Oracle Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., IBM, Hitachi Data Systems, Dell Inc., Google Inc., and AT&T Inc.
In January 2019, technology inspection firm SGS collaborated with technology firm AIMsight to produce an IoT-based solution for tackling the problem of overdue inspections of bridges and other civil properties. The system keeps track of the cracks in the construction, the temperature, and other such markers to provide the human monitoring team with valuable updates about the building’s condition.
More Information : https://www.marketresearchfuture.com/reports/internet-of-things-market-1176
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