Internet of Things Market, IOT Market - Global Size, Growth, Trends & Share

Internet of Things Market

IoT has become a mainstream technology in the IT industry, utilized to connect all smart objects over an integrated network through the Internet. This enables end-users to control and monitor connected devices and processes in real time. Broadening application areas of IoT technology, especially in healthcare, automotive, and transportation sectors, boosting the market growth across the globe. Additionally, the rising deployment of digital solutions to transform existing business processes to connect one demand for IoT hardware, solution, and services is projected to increase over the forecast period. In contrast, threats associated with data privacy and security impede the uptake of connected devices to a certain extent. This, in turn, is hampering the growth of the Internet of things market.

Report Scope

This report analyzes the global Internet of things market in terms of type, software, service, end-user vertical, and geography. The global internet of things market has been segmented based on type into hardware, software, and service. The software segment is further sub-segmented into data management, security, analytics, communication, and other software. Based on services, the market is bifurcated into consulting, implementation & integration, operation management, repair & maintenance, and other services. Based on the end-user vertical, the global internet of things market is segmented into consumer and B2B verticals. The B2B vertical segment is further sub-segmented into the public sector, retail, BFSI, healthcare, manufacturing, energy & utility, IT & telecom, and transportation sectors. The global Internet of things market covers major geographies such as North America, Europe, Asia Pacific, and the Rest of the World.

1.1 Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Internet of Things Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global Internet of things market.

Target Audience

Industry Investors
IoT Solutions and Service Providers
Communication Hardware Providers
End-users

Overall, the research study provides:

A holistic view of the global Internet of things market.
Offering market size and estimates for the period from 2014 to 2023.
Keeping in mind the above-mentioned factors.

Based on the deployment model, the global Internet of things market is categorized into the following sub-segments:

On-premise
Cloud-based

Their contribution to the global Internet of things market in 2015 and 2023 is as shown in the figure below.

Currently, the on-premise segment dominates the global Internet of things market, holding over half of the market share. However, by the end of 2023, the cloud-based deployment model segment is projected to emerge as the largest sub-segment driven by enterprises’ increasing inclination toward cloud computing technology to reduce costs associated with IT infrastructure. This encourages IoT solution providers to introduce industry-specific cloud-based IoT platforms and solutions.

Based on the end-user vertical, the global Internet of things Market is categorized into the following segments:

Consumer Vertical
B2B Vertical
Public Sector
Retail
BFSI
Healthcare
Manufacturing
Energy & Utility
IT & Telecom
Transportation

As of 2015, the global Internet of things market was dominated by B2B end-user segment. The B2B end-user segment accounted for over three-fourths of the global Internet of things market revenue in the same year. By B2B, the manufacturing end-user was the largest sub-segment in 2015, constituting more than 1/3rd of the overall B2B segment revenue. The emergence of industrial IoT is transforming the way manufacturers run production processes using various smart factory systems and solutions. The Internet of things market in the healthcare sector is projected to expand at the highest CAGR over the forecast period. The growing deployment of clinical trial tracking systems, remote patient monitoring systems, and telemedicine solutions is increasing the uptake of IoT technologies in the sector.

Based on service, the global Internet of things market is categorized into the following sub-segments:

Consulting
Implementation & Integration
Operation Management
Repair & Maintenance
Other Service

Among services, the implementation and integration was the largest sub-segment, constituting over 40% of the overall market in 2015. Demand for implementation & integration services is rising significantly as end-users verticals increasingly deploy smart machines, intelligent systems, and smart sensors. Additionally, the operation management service sub-segment is anticipated to exhibit the fastest growth in terms of revenue over the forecast period. This growth is mainly driven by the growing digitization of business processes across large and mid-sized enterprises across major end-user verticals.

Based on software, the global Internet of things market is categorized into the following sub-segments:

Data Management
Security
Analytics
Communication
Other Software

As of 2015, security software was the largest sub-segment among all types of software in the global Internet of things market, accounting for 1/3rd of the overall segment revenue. Additionally, the sub-segment is expected to remain dominant over the forecast period. The growing cyber-attack threat encourages major end-users, especially BFSI and telecom sectors, to deploy advanced security software. Further, communication software is projected to expand at the highest CAGR from 2016 to 2023, driven by ongoing advancements and innovations in networking technologies and the rising adoption of LTE and small cell technology across the globe.

The global Internet of things market is segmented based on geography into the following regions and countries.

North America
U.S.
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia Pacific
Japan
China
India
Rest of Asia Pacific
Rest of the World
Latin America
Middle East and Africa

In 2015, North America was the largest regional market, with more than 30% market share, followed by Asia Pacific. The U.S. is a major market for IoT hardware, solutions, and service providers in North America. Major end-user industries such as manufacturing and public sectors in the country are increasingly investing in IoT technologies and solutions to improve business productivity and citizen services. However, the market in Asia-Pacific is expected to grow at the fastest CAGR owing to the introduction of favorable government initiatives supporting the deployment of IoT technologies in manufacturing, energy & utility, and public sectors. Additionally, Asia Pacific is projected to surpass North America in revenue by 2023.

Frequently asked questions :

The market for Internet of Things Market is expected to reach US$ XX Bn in 2023.

The Internet of Things Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2016-2023.

The base year of this report is 2021.

IBM Corporation, Cisco Systems, Inc., Google Inc., Hewlett-Packard Company, Microsoft Corporatio are some of the major players in the global market.

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