IoT Communication Protocol Market Competitive insights by 2024

In Internet of Things, the interconnected devices are usually of short range, low power, wireless devices with their own predefined set of operations. Moreover, these devices are not compatible to existing internet protocol due to which a new set of protocols are developed to cater the requirements of the IoT. Some of the most widely used protocols in IoT are Message Queuing Telemetry Transport (MQTT), Constrained Application Protocol (CoAP) etc. These protocols facilitates in power conservation making devices operate for a longer duration of time.

The IoT communication protocol market has been experiencing massive growth in the recent years due to growing popularity of Internet of Things and the increasing adoption of smart watches and activity trackers in consumer markets. Continuous growth in demand for smartphones and other connectivity devices and increasing demand for cloud computing is expected to drive the market in near term. Additionally, expansion in use of wireless sensors and low-power wide-area network is further expected to fuel the market growth. However, lack of communication standard across platforms and high power consumption by connected devices is hindering the market growth. Significant government funding across globe for Internet of Things and increasing adoption of wearable devices in multiple application areas such as healthcare, industrial, and military is expected to create huge opportunities for the companies operating in global IoT communication protocol market.

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The global IoT communication protocol market is segmented on the basis of connectivity technology, end-use application and geography. Based on the connectivity technology, the market is broadly classified into Wi-Fi, Bluetooth, ZigBee, Near Field Communication (NFC), global navigation satellite system (GNSS), EnOcean, ANT+, cellular and others. Among these EnOcean, is expected to show sustainable market growth during the forecast period. The development of IoT needed for ultra-low power devices and sensors is expected to increase need for EnOcean protocol technology. In terms of end-use application, the market for IoT communication protocol is segmented into wearable devices, healthcare, automotive and transportation, building automation, industrial, consumer electronics, and precision farming. Among these, building automation segment is expected to dominate the market due to high demand for energy efficiency and security & safety required in buildings. Moreover, advancements in the wireless communication technologies and convergence of IoT and building automation is expected to further increase the growth of the building automation system market. On the basis of geography, the global IoT communication protocol market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, Asia Pacific is expected to lead the IoT communication protocol market during the forecast period due to huge potential for the applications of Internet of Things in developing economies such as China and India. Moreover, Middle East & Africa (MEA) and Latin America is expected to tender growth opportunities owing to the increasing in consumer devices market.

Some of the leading companies operating in the global IoT communication protocol market with significant developments include Synopsys, Inc., Stmicroelectronics N.V., Mediatek Inc., Gainspan Corporation, Ceva, Inc., NXP Semiconductors N.V., Texas Instruments Inc., Enocean GmbH, Atmel Corporation and Mindtree Ltd.

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