By the year 2020, it is estimated that there will be 30 billion devices connected to the Internet. The possibilities will be truly limitless if all these connected devices such as smartphones, smart homes, smart grids, and smart vehicles could seamlessly communicate with each other. Persistence Market Research has conducted an exhaustive study on the global IoT Market in its report 'Global Market Study on Internet of Things (IoT): IoT Platform Projected to be the Most Attractive Segment in Terms of Value"as the IoT Market is on the cusp of transforming society and industry. The IoT market is expected to witness an exponential CAGR of 21.5% during the eight-year study period and be valued at just over US$ 260 Bn by the year 2025.
Region -North America and APAC Critical in the IoT Market
North America is the largest region in the IoT market and is a market opportunity approaching US$ 100 Bn by the end of the forecast period. However, APAC accounts for a slightly higher CAGR and key stakeholders in the IoT market would do well to take this into consideration while devising their investment strategies.
Component - Data Transport and Platforms the Future in the IoT Market
The IoT Analytics and IoT Sensor segments are estimated to hold the maximum share of the IoT market by component in 2017. Nonetheless, IoT Data Transport and IoT Platform are widely considered to be the future of the IoT market as both are poised to grow by a CAGR in excess of 25%, making them critical in the long term.
Application - Smart Grids and Wearable Computing Extremely Attractive in the IoT market
The Smart Grid and Wearable Computing Devices application segments have a market attractiveness index of 5 and 4.6 respectively and companies would be highly recommended to focus on these two in the IoT market. Wearable computing in particular is anticipated to become critical as continuous innovations bring this technology to the forefront of public consciousness and make it mainstream.
Industry - Energy and Utility and Government Primary Target in the IoT Market
Energy and Utility and the Government are sectors that should gain the most from the IoT market in the form of smart grids and smart cities respectively. Even Manufacturing is likely to benefit from the impending IoT market boom and will grow to nearly US$ 90 Bn by the end of the study period.
Persistence Market Research has profiled some of the most prominent companies active in the global IoT market. The companies featured in the report include IBM Corporation, Microsoft Corporation, AT&T, Apple, Google, General Electric, Samsung Electronics Co., Comcast Corporation, Intel Corporation, Cisco Systems, Oracle Corporation, Hewlett Packard Enterprise, Fujitsu Limited, Qualcomm Technologies, Honeywell International, Accenture PLC, ARM Limited, Amazon Web Services, SAP SE, Zebra Technologies, and Texas Instruments.
IoT can be effectively deployed across industries making the potential of the IoT market unlimited. The U.S military deploys IoT technology to assist their combat troops in warfare; retail stores allow customers to alter shopping lists in real time and also enable the linking of retail apps with physical stores. Electricity suppliers and travel agents have installed smart sensors to detect downtimes and transportation routes respectively. The food industry uses sensors to inform the system about the optimum temperature to keep food fresh. The IoT market has a bright future ahead of it.
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