The Internet of Things is recognized as a connected network system composed of embedded dives that makes communication without human intervention possible. Further, services supporting essential components and features of IoT network are known as IoT services.
Over the past several years, the world’s IoT services market enjoyed considerable growth, spurred by ongoing technological advancements, burgeoning consumer electronics industry and rising initiatives to automate processes. Enhancing need for data analytics (driven by expanding adoption of BYOD, increasing intelligent transportation system sector and extremely escalating volume of data) also fuels growth in the world’s IoT services market in the 5 years ahead.
Although, strong demand for Internet of Things services from pole to pole is coming from smart homes & buildings, healthcare, smart cities, etc., the manufacturing sector took lead in the overall IoT services market in the previous year, owing to rising demand for data analytics and enhancing need to reduce costs.
From the current year till 2021, the worldwide market for IoT services is anticipated to witness exponential CAGR of more than 24%. Growth in this market will likely be impelled by expanding industrial IoT adoption, constantly increasing smartphone and Internet adoption, rising number of smart city projects worldwide, among other factors.
The managed services sector dominated the overall Internet of Things market in the past year; this trend is expected to continue through 2021 owing to the rising number of government initiatives aimed at digitization and also growing IT spending on security services.
This cutting-edge topical report gives reliable data on the Internet of Things services market performance at different geographical scales, investigates the competitive landscape, reviews the market dynamics, touches upon the top and emerging trends, discusses the regulative initiatives and also provides valuable strategic recommendations. It discloses trustworthy statistics, presents historical insights, describes the current scenario, examines the major growth influencing factors as well as gives access to comprehensive forecasts through 2021.
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