Internet of Things (IoT) Market By Component (Hardware, Software, Services) By Application (Consumer Electronics, Manufacturing, Transportation, Utilities, Healthcare, Retail, Others) and Region - Global Forecast to 2026
31 January 2018
- find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global internet of things (IoT) market is estimated to value US$ 847.0 Bn in 2016 and is projected to register a CAGR of over 21% in terms of value during the forecast period 2017–2026. The report offers in-depth insights, revenue details, and other vital information regarding the global internet of things (IoT) market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report includes PEST analysis, Porter’s Five Forces analysis, and opportunity map analysis for in-depth understanding of the market. The report offers insightful and detailed information regarding the various key players operating in the global internet of things (IOT) market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, SWOT analysis, acquisitions & mergers, and market footprint. The global internet of things (IoT) market report has been segmented on the basis of type, sales channel, application, and region.
The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Global Internet of Things (IoT) Market Dynamics:
Growing demand for wireless networking devices from various end-use industries such as banking & finance, automobiles, transportation sector, healthcare sector and power generation industries drive growth of the global internet of thing market over the forecast period. Businesses, around the world, are seeking new operating models to create a connected enterprise for merging operational and information departments of the industry.
Report Coverage and Deliverables
In addition, government initiatives towards adoption of digitization, along with increasing investments for development of Internet of Things (IoT) infrastructure, and various technological advancements to make user friendly devices with increased accuracy of various connected devices are other factors expected to fuel growth of the global Internet of Things (IoT) market.
Increasing cyber-attack and rising awareness related to data security and privacy among enterprise and individual is restraining growth of global internet of thing (IOT) market.
Opportunity Map Analysis:
Global Internet of Things (IoT) Market Segments Analysis:
Analysis by component:
Among the three component segments, hardware segment is expected to contribute major revenue share in the global IoT market. The hardware segment’s share in terms of revenue to the global market is expected to be 37% in the year 2021. Internet enabled hardware, edge devices and chips such as processors, sensors, connectivity IC, etc. are hardware used in internet of things (IoT) market.
The software considered in the global internet of thing (IoT) market are embedded software, hub software, communication software, security solutions, data management software, etc.
Analysis by application:
The consumer electronic segment is expected to account for major revenue share of over 25%, and is expected to continue its dominance during the forecast period. Smart homes which connects domestic appliances such as heating modules, air conditioning units, television sets, lighting systems, PCs, entertainment systems, security devices, and camera systems using communication units such as smartphones and connected tablets is expected to boost growth of consumer electronic segment in internet of things (IoT) market.
Analysis by region:
North America market is estimated to dominate the global Internet of Things (IoT) market during the forecast period. Revenue share of North America IoT market to global market is over 30% in 2017. Increasing preference for smart homes cloud based monitoring and controlling of devices such as security cameras, doors, washing machines, etc. is a key factor expected to driving growth of the Internet of Things (IOT) North America market. Increasing adoption of smart grid sensors by distribution companies to remotely monitor power network lines, transformers and other equipment is expected to boost growth in this region. For instance, according to US department of energy around 65 million smart meters will be installed across the nation by 2015 and is expected to grow.
According to department of commerce of US total U.S. export revenues for the transmission and distribution equipment sub-sector reached nearly $2.0 billion in 2015. which is expected to support growth of internet of thing market. Canada and Mexico accounted for almost 45 % of this total.
To meet the rising demand related to healthcare hospitals are using IOT solution to capture and analyze data moreover use of cloud-based radiology applications are factors expected to drive growth of US IOT market.
Collaboration of hospitals with major IoT solution and service providers is a major factor driving growth of the US IoT market. For instance, GE medical systems partnered with New York-Presbyterian Hospital with service and management technique GE will help hospital to connect and track hospital beds using sensors. GE medical systems also partnered with Harvard University’s teaching hospitals to develop artificial intelligence systems for medicine.
Europe IoT market is expected to hold second-largest revenue share in the global market. Increasing adoption of IoT systems such as sensors in transportation sector to avoid accidents, traffic jam, public transport fleet and route management is expected to drive growth of the internet of thing (IOT) market in Europe. In addition, through various innovative systems and services such as connected cars with different categories such as V2V, V2I, and V2X is expected to fuel growth of the internet of thing IOT market in Europe.
Asia pacific IoT market is expected to register highest CAGR between 2017 and 2026, owing to initiation of smart cities projects which include smart parking, intelligent transport system, smart grid, smart city maintenance, etc. in countries such as India and various steps towards digital India taken by Indian government. Moreover, in smart agriculture where with help of sensors monitoring of soil moisture, vibration, earth density and pests can be calculated, which is expected to fuel growth of internet of thing (IOT) market in this region.
Global Internet of Things (IoT) Market Segmentation:
Segmentation on the basis of component:
- Network Devices
- Storage Devices
- Data Management
- Real-Time Analytics
- Remote Monitoring
- Network Management
- Deployment and Integration
- Support and Maintenance
- Managed Services
Segmentation on the basis of application:
- Consumer Electronics
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Google Inc.
- Cisco Systems, Inc.
- IBM Corporation
- Fujitsu Ltd.
- HP Inc.
- Dell Inc.
- Arm Limited
- Intel Corporation
- Infineon Technologies AG
- Infosys Limited
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Component
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 2.3 Opportunity Map Analysis
- 2.4 IoT Revenue Opportunity Sector-wise
- 3.0.1 Global Internet Of Things (IoT) Market Dynamics
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