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Albany, New York, March 22, 2019 (GLOBE NEWSWIRE) -- The global Internet of Things (IoT) market bears a highly fragmented, competitive, and emerging vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is solely because of the existence of large, medium, and small-scale vendors in the market. Cisco System, Intel Corp, Apple, Microsoft Corp, and Google are the dominant players working in the global Internet of Things market.
Out of the various strategic alliances adopted by players in the global Internet of Things market to hold a sizeable stakes, capitalizing on the emerging opportunities and focusing on participating in mergers and acquisitions has gained maximum popularity. The level of competition among vendors is getting escalated with rising use of technologies and smart devices which operate through the internet. The global Internet of Things market is expected to grow steadily due to the presence of highly established players who are concentrating on improving their product quality, facilitating product differentiation, and enhancing geographical reach. These companies are also attempting to introduce advanced and new products into the industry on a daily basis.
According to experts from TMR, the global Internet of Things (IoT) market stood at US$334.22 bn in 2016. This revenue is expected to gain an impressive value of US$1490.31 bn by the end of 2024. Experts project this growth to occur with a stellar CAGR of 20.55% during the forecast period from 2016 to 2024.
Among various technologies in the global Internet of Things (IoT) market, ZigBee holds substantial share, which is expected to boost the global Internet of Things market during the forecast period. This is because of rising use of ZigBee in various IoT applications which need low-bandwidth and low-power. Region wise, North America is expected to lead the global Internet of Things market in the coming years. This is attributed to a strong technological infrastructure and rapid adoption of new technologies in the region.
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Development of Wireless Networking Technologies to Fuel Market’s Growth
Internet of Things mainly helps in connecting several smart devices to ease the operation and data sharing amongst the peers. Nowadays, Internet of Things and related technologies are highly adopted in various end-use industries for numerous applications. The demand for Internet of Things is rising day by day with the growing use of machine learning technologies and advanced analytics. Thus, increasing need for data analysis, and rapid adoption of AI in connected devices are driving the global Internet of Things market. Apart from this, incorporation of advanced technologies in wireless networking has increased connectivity at a high extent, which led individuals to purchase IoT devices. Such factors are also propelling expansion in the global Internet of Things market.
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Furthermore, rising use of cloud computing networks in various platforms, and rapid enterprise shift to cloud-based services from legacy systems are also the major factors fuelling demand in the global Internet of Things market. Along with these, increasing use of smartphone devices worldwide, and high dependency on the internet are also boosting the global Internet of Things market.
Privacy Issues and Chances of Data Theft May Hamper Market Growth
Growing concerns about privacy of information for protecting data against hacking, leaking, and stealing data, and poor quality of IoT based services in remote areas are some of the major challenges in the global Internet of Things market. Nonetheless, persistent demand and rising adoption of Internet of Things among SMES is believed to help industry players overcome these challenges in the near future.
The review is based on a market research report by TMR, “Internet of Things (IoT) Market (Technologies - Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, and RFID; Applications - Media, Manufacturing, Medical and Healthcare, Consumer Application, and Energy Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.
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The segmentation of global Internet of Things (IoT) market is based on:
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