Press release
Global IoT Connectivity Market Size to Grow at a CAGR of 20.9% in the Forecast Period of 2022-2027
IoT Connectivity Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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IoT Connectivity Market Share, Size, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 20.9%
Companies rely on IoT (Internet of Things) technology to obtain data-driven insights, increase revenue streams, and expand business, boosting the market growth of IoT connectivity. The global IoT connectivity market is expected to register growth during the forecast period on account of increased productivity and efficiency provided by IoT connectivity.
The rising trend of innovative automation in industrial processes is further supporting the market demand for IoT connectivity for improved monitoring and faster troubleshooting.
The increased usage of IoT connectivity in the healthcare industry is expected to enhance the IoT connectivity market demand across the globe. This is due to IoT wearables facilitating remote monitoring of patients, helping improve patient outcomes and quickly alert on any downturns. IoT wearables are also utilised to track the safety and health of workers working in dangerous situations, contributing to market growth.
Managed services support clients in their IoT connectivity operations, providing services from consultancy to maintenance and deployment which is further expected to aid the market growth.
The increase in awareness regarding the advantages of IoT connectivity, such as network-wide visibility, and quickly gaining critical data and insights from edge computing-enabled systems, are further likely to increase the market opportunities.
IoT Connectivity Industry Definition and Major Segments
IoT connectivity or Internet of Things connectivity, refers to the points in an IoT ecosystem that interconnect the various components, devices, and solutions. They include equipment such as routers, sensors, platforms, gateways, and applications.
The various types of equipment are then connected with a suitable network, depending upon bandwidth consumption and range.
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Based on component, the market is segmented into:
• Platform
• Services
By organisation, the market is bifurcated into:
• Large Enterprises
• Small and Medium-Sized Enterprises
On the basis of application, the market is classified into:
• Smart Retail
• Smart Manufacturing
• Connected Health
• Building and Home Automation
• Smart Transportation
• Smart Grid and Utilities
• Others
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
IoT Connectivity Market Trends
Geographically, the Asia Pacific region is anticipated to gain momentum over the coming years in the IoT connectivity market on account of various ongoing as well as forthcoming development projects across the region.
China is holding significant growth in the market share for IoT connectivity due to the rapid growth in the construction and building industry and flourishing demand for the housing and real estate markets.
Meanwhile, the North American region is expected to witness growth in the IoT connectivity market share over the forecast period as the region is considered an early adopter of connectivity technologies like cellular-based as well as unlicensed low-power wide-area networks (LPWAN).
Canada and the United States have well-established and sustainable economies which support high investment in research and development activities for the growth of innovative technologies.
The introduction of SMEs as well as the growing digitalisation by large organisations have supported the growth of IoT connectivity platforms across North America. There is a growing focus of organisations towards incorporating IoT technologies into their processes, supporting trending technologies like IoT, AI, mobility, and big data.
Key Market Players
The major players in the global IoT connectivity market report are:
Jasper Technologies, Inc.
Huawei Technologies Co., Ltd.
AT&T Inc.
Vodafone Group Plc
Orange S.A.
Hologram Inc.
Telit
Telefónica, S.A.
Telefonaktiebolaget LM Ericsson
Sierra Wireless
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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