Press release
Internet of Things (IoT) Market Will Be Valued at Just Over US$ 260 Bn By The Year 2025
North America is the largest region in the IoT market and is a market opportunity approaching US$ 100 Bn by the end of the forecast period. However, APAC accounts for a slightly higher CAGR and key stakeholders in the IoT market would do well to take this into consideration while devising their investment strategies.
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The IoT Analytics and IoT Sensor segments are estimated to hold the maximum share of the IoT market by component in 2017. Nonetheless, IoT Data Transport and IoT Platform are widely considered to be the future of the IoT market as both are poised to grow by a CAGR in excess of 25%, making them critical in the long term.
The Smart Grid and Wearable Computing Devices application segments have a market attractiveness index of 5 and 4.6 respectively and companies would be highly recommended to focus on these two in the IoT market. Wearable computing in particular is anticipated to become critical as continuous innovations bring this technology to the forefront of public consciousness and make it mainstream.
Energy and Utility and the Government are sectors that should gain the most from the IoT market in the form of smart grids and smart cities respectively. Even Manufacturing is likely to benefit from the impending IoT market boom and will grow to nearly US$ 90 Bn by the end of the study period.
Persistence Market Research has profiled some of the most prominent companies active in the global IoT market. The companies featured in the report include IBM Corporation, Microsoft Corporation, AT&T, Apple, Google, General Electric, Samsung Electronics Co., Comcast Corporation, Intel Corporation, Cisco Systems, Oracle Corporation, Hewlett Packard Enterprise, Fujitsu Limited, Qualcomm Technologies, Honeywell International, Accenture PLC, ARM Limited, Amazon Web Services, SAP SE, Zebra Technologies, and Texas Instruments.
IoT can be effectively deployed across industries making the potential of the IoT market unlimited. The U.S military deploys IoT technology to assist their combat troops in warfare; retail stores allow customers to alter shopping lists in real time and also enable the linking of retail apps with physical stores. Electricity suppliers and travel agents have installed smart sensors to detect downtimes and transportation routes respectively. The food industry uses sensors to inform the system about the optimum temperature to keep food fresh. The IoT market has a bright future ahead of it.
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