PUNE, India, July 9, 2019 /PRNewswire/ -- Organizations around the world are increasingly adopting advanced technologies, which is driving the global Internet of Things (IoT) Market. Fortune Business Insights in a report, titled 'GLOBAL INTERNET OF THINGS (IOT) MARKET: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026' states that IoT technology holds significant potential in the ICT sector. As per the report, the global market was valued at US$ 190.0 Bn in the year 2018 and is anticipated to reach US$ 1111.3 Bn by 2026. The analysts in the report predict that the global market will expand at a ferocious CAGR of 24.7% throughout the forecast years.
BFSI Segment Leads the Market by Covering 21.1% Share
Banking and Financial Institutions (BFSI) accounts for the majority of share in the global IoT market. This segment offers ample growth opportunities as the demand for IoT solutions in the banking sector is increasing rapidly. Customer relationship with banks has transformed over the years with this new ear of connectivity. Adoption of IoT in banking helps to make faster payments and enhances operational efficiency. Not only this, IoT technology allows credit and debit cardholders to easily access banking services. Moreover, several banking firms are planning to use this technology in order to improve the banking experience of their customers by making it more personal. According to the report, in 2019, the BFSI segment holds a share of 21.1% in the global market. With the increasing adoption of cloud computing solutions, the BFSI sector is expected to rise at a substantial share during the forecast period.
Browse Complete Report Details with Table of Content and Figures:
Growing Demand for Smart Devices in Canada and the U.S. Drives the Market in North America
In 2018, the market in North America covered US$ 83.9 Bn. The region is anticipated to lead the global IoT market through the forecast period. Large-scale adoption of technologies such as Cloud computing and Artificial Intelligence (AI) in this region contributes to the growth of the market. Several mergers and acquisitions (M&A) between leading players and IT companies in North America is another factor driving the market. Apart from North America, other regions such as Asia Pacific and Europe are expected to grow considerably in the forecast years.
Mounting Demand for Real-time Data Offers Fillip to the Market
"IoT technology offers digital transformation to organizations by either upgrading their existing processes or creating a new one," states a lead analyst at Fortune Business Insights. "Small-scale enterprises are also adopting IoT solutions with an aim to enhance their productivity and cost-efficiency," he added. IT industry is aggressively adopting cloud-based solutions to gain easy access to enormous amounts of data. This will further provide significant impetus to the market. The demand for real-time data among businesses is increasing at an exponential rate. This, coupled with increasing penetration of automation, is expected to create growth opportunities for the market by 2026. By adopting the internet of things (IoT) solutions, enterprises can gain real-time insights into their business, which can eventually enhance their decision-making processes. IoT offers several software solutions which include security, remote monitoring, network band management, and real-time streaming analytics. Against this backdrop, the demand for IoT applications is likely to increase over the next few years.
Apple, Dell, Cisco are Among the Leading Players in the Market
Key players in the global IoT market are Using IoT platforms such as application management, device management, and network management to sustain the market. Google, Cisco, Hewlett Packard Enterprise, Microsoft, Dell Technologies, Apple, Oracle, Facebook, Intel Corporation are some of the leading companies in the global market. These companies are increasingly using cloud-computing networks across several platforms. Some companies are likely to invest in research and development (R&D) activities in order to develop innovative IoT solutions. Such activities are expected to help companies gain an edge over the competition.
The report provides insights on SWOT analysis of key companies, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis about alternative therapies to the internet of things, reimbursement scenario, and key industry trends.
Key companies covered in the report
- Google LLC
- Intel Corporation
- Microsoft Corporation
- Cisco Systems, Inc.,
- Apple Inc.,
- Oracle Corporation
- The Hewlett-Packard Company
- Facebook, Inc.,
- Dell Technologies.
- Among others.
Table of Content:
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Industry SWOT Analysis
- Porter's Five Forces Analysis
- Global Internet of Things (IoT) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts – By Platform (US$ Bn)
- Device Management
- Application Management
- Network Management
- Market Size Estimates and Forecasts – By Software & Services (US$ Bn)
- Software Solution
- Real-Time Streaming Analytics
- Data Management
- Remote Monitoring
- Network Band Management
- Market Size Estimates and Forecasts – By End Use Industry (US$ Bn)
- IT & Telecom
- Market Size Estimates and Forecasts – By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- Competitive Analysis
- Strategic Recommendations
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/internet-of-things-iot-market-100307
Browse Related Reports:
- Push-To-Talk (PTT) Market Size, Share and Global Trend by Network (PoC, LMR), Component (Hardware, Software, Services), Application and (Public Safety & Security, Transportation & Logistics, Manufacturing & Construction, Travel & Hospitality Defense) Geography Forecast till 2025
- Video On Demand Market Size, Share and Global Trend by Technology (SVOD, TVOD, AVOD), Content Type (Sports, Music, TV Entertainment, Kids, Movies), and Geography Forecast till 2025
- Fraud Detection and Prevention Market Size, Share and Global Trend by Deployment (Cloud & On premises), By Service Type (Fraud Analytics & Authentication), by Industry Vertical (IT and Telecommunication, Retail, Consumer Electronics, Manufacturing, Automotive, Transportation and Logistics, Energy and Utilities) and Geography Forecast till 2026
- Identity And Access Management Market Size, Share and Global Trend By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Geography Forecast Till 2026
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner
Pune - 411045, Maharashtra, India
Email: [email protected]
SOURCE Fortune Business Insights