MarketsandMarkets expects the IoT Connectivity Market to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a compound annual growth rate (CAGR) of 18.7% during the forecast period 2019-2024.
Based on component, services segment to record a higher growth rate than the platform segment during the forecast period
Base on the component, the services segment is expected to grow at a higher rate than the platform segment during the forecast period. The services segment has a significant influence on the IoT connectivity market growth. The demand for services is increasing with the growing adoption of IoT connectivity by enterprises across major application areas. These services assist end-users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can connect their edge devices effectively.
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Among services, managed services segment to register a higher growth rate than the professional services segment during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their IoT connectivity operations from consultancy to deployment and maintenance. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
The IoT connectivity provides secure, reliable, and continuous connectivity among the IoT/M2M connected devices throughout the IoT ecosystem. IoT connectivity provides connectivity management solutions which focus on connectivity between edge devices of the connected ecosystem. It also allows for Bring Your Own Device (BYOD) in which enterprises can have their own connectivity types, such as LTE, NB-IoT, LoRa, and Sigfox. It is widely adopted in the IoT ecosystem owing to its benefits, such as cost efficiency, easy deployment, and low maintenance.
IoT is not a new term for the tech industry; rather it is an evolutionary perception, equivalent to the evolution on the networking technologies of present (such as the internet, service platforms, and wireless). Its application across industries is still in the nascent stage. The concept of IoT has revolutionized the way organizations across industry verticals interact with their customers; it helps them in increasing their operational efficiency and optimizing business outcomes. Various new applications of existing IoT devices are creating new solutions for the industry, such as smart parking, traffic management, smart street lights, and smart utilities.
Key and emerging market players include AT&T (US), Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless (Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy), Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany), and Moeco (US). These players have adopted various strategies to grow in the IoT connectivity market.
Since the acquisition of Jasper in March 2016 for approximately USD 1.4 billion, Cisco has made exponential growth in the IoT connectivity market. The company focuses on adopting inorganic growth strategies. For instance, the company collaborated with KaR-Tel in April 2018, to help enable enterprises in Kazakhstan launch, manage, and monetize IoT services. In February 2019, Cisco partnered with THREE Group, part of the conglomerate CK Hutchison, and launched IoT services globally. THREE Group’s enterprise customers can launch IoT services using Cisco’s powerful connectivity management platform, Control Center. Cisco also collaborated with Telenor Norway, a provider of mobile and network services in Norway in February 2018. With this collaboration, Cisco will help enable enterprises throughout the country to launch, manage, and monetize IoT services. Telenor Norway’s mobile network with the Cisco Jasper IoT Connectivity Management Platform enables enterprises to quickly and cost-effectively deliver new connected services through connected devices that create valuable experiences for customers and unlock new revenue channels.
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Huawei is expanding its business by forming strategic partnerships with various companies. In 2016, the company collaborated with Intel to improve network performance. In September 2018, the company launched a new product called IoT CEP Cloud, which is an operational connectivity management platform designed explicitly for telco requirements. It enables telcos and enterprises for IoT deployments and to share network and device APIs with enterprises and developers. In 2016, Huawei and MTN entered into a joint venture for developing smart water solution in Africa. This partnership helped Huawei increase its market share in Africa.
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