According to the latest report published by Variant Market Research, the global internet of things (IoT) market is estimated to reach $1599.3 Billion by 2024, from $346.1 Billion in 2016, at a CAGR of 21.1% from 2016 to 2024.
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Rising demand for smart wearables to drive the global internet of things (IoT) market
The global internet of things (IoT) market is driven by factors such as rising demand for smart wearables, high penetration of Wi-Fi connectivity, rising adoption of cloud platform, and technological enhancements in wireless network technologies. Security risks, and requirement of high bandwidth may hamper the market growth. Furthermore, growing development of smart transportation and smart cities would provide an opportunity for market players of internet of things (IoT) market.
The global internet of things (IoT) market is classified into technology, application, and geography. Technology segment includes ZigBee, Bluetooth low energy (BLE), near field communication (NFC), Wi-Fi, and RFID.Industrial, automotive, consumer electronics, retail, healthcare, and other segments are covered under the application sub segment. North America (U.S., Mexico, and Canada), Europe (France, Germany, UK, Italy, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global internet of things (IoT) market.
Wi-Fi, by technology, is estimated to dominated the global market in 2016
Wi-Fi held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to Wi-Fi permits local area networks (LANs) to operate without cables and wiring, making it a widespread choice for home and business networks. Wi-Fi can also be used to offer wireless broadband Internet access for many modern devices, such as smartphones, laptops, tablet computers, and electronic gaming consoles. Wi-Fi-enabled devices are able to connect to the Internet when they are near areas that have Wi-Fi access, called “hot spots.”
Industrial, by applications, is estimated to dominated the global market in 2016
Industrial held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to adoption of IoT for industrial applications, which enables to interconnects and harmonizes the individual stages of manufacturing, ranging from production to advanced plant-wide efficiency, allowing businesses to develop advanced models and simulation for optimizing the manufacturing process.
Asia-Pacific is estimated to witness fastest CAGR from 2016 to 2024
Asia-Pacific is predicted to grow at a fastest CAGR over the forecast period 2016 to 2024. The growth is attributed to increasing adoption of IoT in emerging countries such as India and China, high rate of mobile and internet usage, and development of next-generation technologies.
The key market players of the market are Hewlett Packard Enterprise, Google Inc., Microsoft Corporation, SAP SE, International Business Machine (IBM) Corporation, Amazon web services, Intel Corporation, Oracle Corporation, Cisco Systems Inc., and Bosch Software innovation GmbH, among others.
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Scope of the Global IoT Market
- Bluetooth Low Energy (BLE)
- Near Field Communication (NFC)
- Consumer Electronics
- Other Applications
- North America
- Asia Pacific
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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