The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Expansion of technology along with rising investments is anticipated to drive the overall market over the next seven years. Remarkable progress in the telecommunication, as well as increasing penetration of broadband services and internet, has furthermore propelled the industry growth.
Big companies in technology along with corporate investors are witnessed to make notable investments in IoT industry. Companies like Dell and Intel actively started opening innovation labs and IoT divisions. Also, startups of innovative technology which includes Electric Imp, Zuli, and IoT cloud service provider and smart plug maker have mastered to attract comprehensive funding due to the growing use of products across various verticals of an industry.
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At the same time, security and privacy related issues like unofficial access to connected devices or entering the system of connectivity can restraint the growth of the market. Also, a dearth of universally accepted operational standards as well as the existence of various strategic associations in the industry is expected to influence the industry growth.
On the basis of application, IoT market is segmented into Healthcare, Transportation, Manufacturing, Retail and Consumer Electronics. The segment of consumer electronics application dominated the market and held a market share of about 30%. IoT couples various devices and appliances using the internet thus enabling real-time wireless communication with users.
The concept of connected car has shown one more successful use in the industry of IoT. Connected car is associated with the network and gives information that is necessary to the customers from a car. In the case of urgency, connected cars deliver a message pursuing attention, thus indicating the location coordinates.
Technologies which are IoT-based are capable of enhancing the visibility in producing in such a manner that each production unit can be viewed throughout the process of production. Also, expansion and growing installations of industrial robots have truly influenced the industry.
On the basis of components, the industry is segmented into Platforms, IT services, Connectivity, and devices. The connected devices as well as components allow associativity and interchanging information. Internet of things sensors and modules gained over 30% revenue of industry. The price of such sensors is anticipated to decrease drastically due to the improvement in the technological manufacturing of such devices and sensors. The aim of IoT is to construct platforms like Qualcomm’s Alljoyn, IoTivity by Intel Corporation appear as a platform or a center to link different devices on a network. Additionally, the launch of Google Brillo along with Apple HomeKit, focusing on mainstream IoT are anticipated to achieve reputation due to the platforms that are consumer-friendly and seamless with full assimilation with their particular application stores.
Due to the existing major technology providers, North America has become a dominant force in the IoT market. The entrance of technological giants which includes Samsung, Google Inc., and Cisco into the market is the reason for the progress of creative connectivity solutions across different applications as well as devices.
To make an associated environment for optimal security, the regulators in U.S. have acted on the major issues of privacy and security of data in Iot.
The region of Asia Pacific dominated the market in 2014 in terms of revenue with a share of around 35%, and it is predicted to grow at a CAGR near to 18% from 2015 to 2022. The industry growth is driven by growing penetration of internet services which gives high speed along with a decline in the average selling price for modules and sensors, in the region throughout the forecast period.
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Competitive Market Share Insights
To achieve the prior mover advantage, technological giants has increased their investment in R&D in the sector. Also, companies are heading towards mergers and acquisitions for the growth and entry in the market.
There is huge competition in the industry which is driven by innovations in the product and There is huge competition in the industry which is driven by innovations in the product and technology. Major Key players are Oracle, IBM, Accenture PLC, Huawei Technologies, Alcatel-Lucent, Hewlett-Packard, Amazon, Google Inc., Cisco Systems and Atmel Corporation.
IoT Component Outlook (Revenue, USD Billion, 2012 – 2022)
• IT Services
IoT Application Outlook (Revenue, USD Billion, 2012 – 2022)
• Consumer Electronics
IoT Regional Outlook (Revenue, USD Billion, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
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