Internet of Things (IoT) Services Market to Exhibit a CAGR of Over 24% Till 2021 Says TechSci Research
NEW YORK, October 13, 2016 /PRNewswire/ --
Rising demand for connected devices across various sectors and increasing internet penetration to drive demand for Internet of Things (IoT) services through 2021
According to TechSci Research report, "Global Internet of Things (IoT) Services Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021", global IoT services market is projected to exhibit a CAGR of over 24% during 2016-2021, on account of growing cloud computing services market, rising government initiatives for development of smart cities, coupled with increasing number of connected devices that generate large amount of data. Moreover, Internet users across the globe were 3.14 billion in 2015, and this is estimated to surpass 3.29 billion by 2016. Furthermore, global smartphone user base is projected to increase from 1.89 billion in 2015 to 2.12 billion by 2016. Growing internet and smartphone user base, coupled with rising need for analytics for exponentially growing volumes of data to drive global IoT services market through 2021.
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Browse 65 market data Tables and 102 Figures spread through 215 Pages and an in-depth TOC on
"Global Internet of Things (IoT) Services Market"
North America dominated global IoT services market in 2015, and the region is further anticipated to continue its dominance in the coming years as well, owing to rising demand for smart homes & buildings, and presence of various IoT service providers in the region. Moreover, manufacturing sector dominated global IoT Services market in 2015, and this trend is further expected to continue during the forecast period, on account of growing government efforts towards Industrial IoT (IIoT), growing need for industrial automation, coupled with rising need for cost-cutting in manufacturing sector.
Figure: United States Electricity Consumption in Residential Sector, 2011 - 2015 (Million KW/hr)
Electricity
Consumption (Million
Year KW/hr)
2011 1422.80
2012 1374.51
2013 1394.81
2014 1407.21
2015 1399.88
Source: US Energy Information Administration
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"Rising demand for intelligent transportation systems, growing adoption of bring your own device concept (BYOD) concept, increasing demand for industrial internet of things (IIoT), etc., are projected to boost growth in the global market for IoT services in the coming years. Additionally, rising adoption of Internet of things (IoT) technology across various including manufacturing, healthcare, smart homes & buildings, smart cities, etc., is projected to augur well for global IoT services market. Use of IoT technology requires integration of managed IoT services at each layer of IoT ecosystem, which would further pump growth in global IoT services market through 2021." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Internet of Things (IoT) Services Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021" has evaluated future growth potential of global Internet of Things (IoT) services market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global Internet of Things (IoT) services market.
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