Internet of Things Market

Internet of Things Marketis having a major impact on businesses and consumers alike consequently changing the face of global economy in upcoming future. Accordingly, with 2015 as a base year, 30 Billion Devices are to be connected to the internet by 2020, representing nearly half (46 percent) of total connected devices. Also, Global Internet of Things (IoT) market reached USD 598.2 Billion in 2015 and is expected to reach USD 2.12 Trillion by 2024. At a Compound Annual Growth Rate (CAGR) of 17.21% during the forecast period 2016-2024 globally. As per our research, 96% of global businesses consider IoT important to better monitor and control physical assets; efficiency being the major driving force. An efficient IoT market to manage such high device volumes, diversity and geographies is the need of the time. A free-flowing conversation between man and machine, software and hardware enabled through the network of physical devices, home appliances and other items embedded with Softwares, sensors, actuators, electronics and connectivity is termed as internet of things or internet of everything. Maximize Market Research has carried out extensive research about the current Global IoT Market outlook with respect to its corresponding segments including its applications in various fields as well as the assuring future of the technology in those sectors. Report segments Global IoT Market by Technology, Application and Regions, providing the comprehensive analysis of ecosystem of industry, which will be useful to take informed strategic decision to the stakeholders in the industry. Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Global IoT Market. The driving forces as well as considerable restraints have been explained in depth. Hardware domain, with nearly $250 billion investment towards modules and sensors along with some spending on infrastructure and security will be the largest technology category currently. Services will occupy the second place followed by software and connectivity. By 2024, around 60% of total IoT spending will be for software and services. The software will also be the fastest growing technology segment with a five-year CAGR of 17% led by application software along with analytics software, IoT platforms, and security software. Services spending will also grow at a faster rate than overall spending with a CAGR of 18.1% and will nearly equal hardware spending by the end of the forecast. Based on the end user, report segments the market broadly in two categories i.e. Business to Consumer (B2C) and Business to Business (B2B).For the applications where services are directly provided to the consumers (B2C) market is divided between sectors such as Home automation, Lifestyle, Health, Mobility and Others. Whereas B2B market is distributed between various industries such as Healthcare, Manufacturing, Banking and Finance Services, Insurance, Agriculture, Public Services, Retail & Wholesale and Others. Though The B2B segment is in dominance for the forecast period, the growth prospect of B2C shows the formidable upward trajectory during the same period. Amongst the industries, Manufacturing, Transportation and Healthcare and Utilities are the forth runners in spending most on IoT solutions. IoT spending among manufacturers will be intensively targeted towards solutions supporting manufacturing operations and production asset management. Freight monitoring followed by fleet management occupies nearly two-third share of IoT spending in Transportation. Smart grids for electricity, gas, and water will dominate the Utilities sector whereas Cross-Industry IoT areas such as connected vehicles and smart buildings, will be nearly XXX billion in 2018 and rank among the top areas of spending throughout the forecast years. If global regions are taken into consideration, North America. Europe and Asia Pacific (APAC) will form three key regions contributing to the global demand of Internet of Things Market. Asia Pacific, a dynamic group of rapidly developing economies is expected to grow at the highest rate for Internet of Things Market with presence of IT industries along is expected to hold the largest market share in forecast years. Rapid digitization along with technological dependency and further advancements have acted as key drivers for growth of Internet of Things Market in North America. APAC, with surge in IT infrastructure development acting as some of the major factors to boost overall demand. In 2018, Asia/Pacific Region will spend more than $300 Billion followed by North America at around $200 billion. Nation wise China carries the baton with around $215 Billion investment in IoT which is driven by investments from manufacturing, utilities, and government. USA is following closely with $190 Billion spending led by manufacturing, transportation, and the consumer segment. Japan ($70 billion) and South Korea ($30 billion) will be the third and fourth largest countries in 2018. Looking at the future, Latin America is supposed to deliver fastest overall growth with a CAGR of around 30%.

This Information is submitted by Market ResearchCompany (Maximize Market Research.com PVT.LDT.)

This Information Submitted By Market Research Company(Maximize Market Research Pvt.Ltd)