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Global Internet of Things (Iot) Market Growing at A CAGR of 21.6% During

03-02-2020 01:17 PM CET | IT, New Media & Software

Press release from: Ozone Market Reports

The global IoT market was valued at USD 185.2 billion in 2018 and is expected to reach USD 905.5 billion in 2026, growing at a CAGR of 21.6% during the forecast period.

Internet of Things (IoT), also known by its abbreviation IoT, is an interconnected computing device system which is coupled with mechanical and digital machines having unique identifiers (UIDs). Such systems possess the ability to utilize networks and transfer data without human interference. Global IoT market growth is characterized by the growing use of cloud computing solutions in diverse industry verticals.

The industry is highly competitive and still in the developing stage. Furthermore, the rising trend of smartphone device applications and its integration to perform multiple functions is anticipated to fuel the global market in the forecast period. Key industry players are investing strategically to develop and introduce new technologies.

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However, growing threats for data privacy and demand for bandwidth are some of the factors which pose a significant hindrance to the market growth. On the other hand, growing adoption of the internet of things in small and medium scaled industries is anticipated to offer multiple growth opportunities in the near future. The security solution segment expected to grow at the fastest rate of 25% CAGR during the forecast period Based on the software solution, the global IoT market has been segmented into real-time streaming analytics, security solution, data management, remote monitoring, and network bandwidth management. Growing emphasis on offering identity security which is coupled with rising demand for data management is resulting into rapid growth of internet of things market.

Based on the service, the professional service segment is expected to hold 78% in the market Based on the service, the market has been segmented into professional service and managed service. Moreover, the professional service segment is expected to hold 78% in the market in 2018. Rapidly growing adoption of internet of things in SMEs as well as large scale industries is fuelling the demand for professional service market globally.

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Based on the platform, the device management segment is expected to lead during the forecast period Based on the platform, the market has been segmented into device management, application management, network management, and cloud platform. The device management segment accounted for the major share in the global IoT market owing to increasing IoT infrastructure development with high adoptability of cloud computing solutions. While, the cloud platform segment is expected to register a highest CAGR of 23% in the global market throughout the forecast period.

Based on the application, the banking and financial services segment is expected to lead during the forecast period Based on the application, the market has been segmented into building and automation, smart energy and utilities, smart manufacturing, connected logistics, smart retail, connected healthcare, banking and financial services and others. The growth of IoT applications in banking and financial services sector is attributed to increasing efforts to impart efficiency into this sector while addressing bulk of consumer requirements. North America to dominate the IoT market throughout the forecast period North American region dominated the global IoT market in 2018 by accounting more than 40% of market share.

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On the other hand, Asia Pacific region is anticipated to showcase tremendous growth rate in forecast period owing to rapid demand from applications segments and increasing investments. Company Profiles and Competitive Intelligence: The major players operating in the global IoT market are Affectiva (US), Beyond Verbal (Israel), iMotions (Denmark), Kairos (US), Noldus Information Technology (Netherlands), Cogito (US), Tobii (Sweden), Sentiance (Belgium), NVISO (Switzerland), Lexalytics (US), Sensum (UK), IBM Corpoaration (US), Microsoft Corporation (US), Google, Inc. (US), Gorilla Technology (Taiwan), and Adoreboard (Antrim) among others.

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