Internet Of Things (IoT) Market to Witness Rapid Growth in Demand During 2023

The global internet of things (IoT) market should grow from $52.3 billion in 2018 to $141.2 billion by 2023, at a compound annual growth rate (CAGR) of 22.0% for the period of 2018-2023.

Report Scope:

The report is a compilation of the existing BCC reports in IoT markets. Topics analyzed within the report include a detailed breakdown and analysis of the global markets for IoT by components, platforms and end-users.

The scope of this report extends to sizing of the IoT market and an analysis of global market trends with market data for IoT technologies at global level in 2017, which is considered as the base year, 2018 as the estimate year and forecast for 2023 with projection of compound annual growth rate (CAGR) from 2018 to 2023. The scope is limited to the recent studies published by BCC Research on IoT.

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The report focuses on assessment of IoT technologies and an analysis of companies/platforms and the related service providers. Market dynamics such as drivers, restraints, opportunities and challenges are also discussed in the report. The study forecasts the market value of the IoT market for key technologies.

Report Includes:

- 28 tables
- An overview of Internet of Things (IoT), its evolution and advancements in IoT Technologies
- Analyses of global market trends with data from 2017, 2018 and projections of compound annual growth rates (CAGRs) through 2023
- Detailed study of network connectivity management IoT platforms and description of common features and functionalities of IoT connectivity platforms
- Comparative study of IoT security, cybersecurity and enterprise IT security
- Information on application enabled platforms (AEP) and coverage of future AEP technology trends
- Description of smart home devices, their technology and architecture and comparison of smart devices vs. smart hubs
- Detailed company profiles of major players in the market, including Marvel Semiconductor Inc., Haystack, Oracle Corp., Stmicroelectronics, Sigma Designs Inc., Withings USA, Double Robotics

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Summary

The IoT industry is highly fragmented with a large number of small startups entering the market.

An interesting trend shaping the industry is the growing interest of many of the larger IT solutions/service providers who view IoT platforms as high margin solutions that will generate a steady revenue stream through cloud-based, subscription revenue models. This has spurred number of high value acquisitions in the past three years, for instance Jasper’s acquisition b Cisco in 2016.

The IoT industry is also seeing activities from many global mobile network operators for connectivity management platforms as well as IT solution developers for application enablement platforms. The market has benefitted from the combined effects of a strong lineup of new IoT platforms, a marketing push to educate IT decision makers on the scope of their platforms and a sustained demand for platforms in the enterprise and consumer applications segment.

Reasons for Doing the Study

IoT is in its growth stage and there are significant revenues to be attained even in the components segment of the market. The subject matter of this study is critical in providing additional intelligence for decision-makers all along the value chain within the IoT industry. The emergence of artificial intelligence and smart home devices and innovations in the sensor technologies are primarily supporting the growth of the market. In view of these trends, BCC Research has decided that this is an appropriate time to provide a general outlook of current scenario in order to provide readers with an up-to-date understanding of the value and structure of the global IoT industry.

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