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Region : Global | Latest Update: Sep, 2019 | Published Date: Jul, 2019 | Report ID: FBI100307| Status : Published
The global internet of things market was valued at USD 190.0 Bn in 2018 and is projected to reach USD 1,111.3 Bn by 2026, exhibiting a CAGR of 24.7% in the forecast period.
The internet of things (IoT), encompasses a set of advanced equipment (sensors and meters), network connectivity architecture, smart devices and software, that helps to interchange the information between machines and devices. The internet of things (IoT) technology holds significant potential in the overall IT and communication industry in developing countries. The internet of things (IoT) technology market is gaining rapid growth due to the rising adoption of AI (Artificial Intelligence) and connected device based on machine learning (M2M, M2P). IoT technology is the keystone for several organizations by providing them digital transformations, empowering them to upgrade existing processes by creating and tracking new business models. The key players in the internet of things (IoT) market are developing strategies by completing deliberate mergers and partnerships, to develop new advanced IoT products and solutions. Small and medium enterprises are immensely adopting IoT solutions to maintain the cost efficiency, productivity and operation enhancements in their business. Also, the rapid adoption of cloud-based solutions in the IT industry is acting as a key factor for the internet of things market expansion during the forecast period.
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BFSI to Develop as Most Attractive End-Use Industry Type
BFSI holds a major share in terms of market revenue of the global internet of things (IoT) market, in 2019. The BFSI segment in the end-use industry is the most lucrative segment among others. The internet of things market growth is mainly due to the growing demand for IoT solutions in the banking industry to monitor the supply of liquid cash in various branches, ATMs, bank partners, and others. IoT solutions also help to collect the useful information of the customers. The key benefits of using the internet of things (IoT) solutions in the banking industry is offering easy-to-access services to both debit and credit card customers. Further, the rising adoption of cloud computing solutions across the globe is anticipated to contribute to the global internet of things market revenue of BFSI with a remarkable CAGR during 2019-2026.
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Increasing Implementation of Advanced Technologies Such as Artificial Intelligence and Cloud Services Assists Market to Exhibit Highest CAGR in North America
The internet of things (IoT) market in North America generated a revenue of US$ 83.9 Bn in 2018 and is projected to emerge as a leading region in the global IoT market during the forecasted period. The internet of things market growth detected in this region is probably to be driven by growing mergers and acquisitions between key players & IT companies. These mergers and acquisitions aim to develop and deploy solutions based on machine learning, cloud services and AI in the USA. However, the overall market of North America is expected to increase at a comparatively higher CAGR during 2018-2025, which is attributable to the rising numbers of smart devices in countries such as the USA and Canada. Furthermore, in Asia Pacific, China is expected to witness the high implementation of IoT devices during the forecast period. Also, at the end of 2017, the country reported around 273 Mn IoT devices are readily connected and is building network site density at a considerable rate.
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The report provides quantitative and qualitative insights on the global internet of things Industry and completes the analysis of the internet of things market size & growth rate for all likely segments in the market. The internet of things (IoT) market is segmented by platform, software & services, end-use industry, and geography. By platform, the global IoT market is categorized into device management, application management, and network management. Based on the software & services, the global market is segmented into real-time streaming analytics, security, data management, remote monitoring, and network band management. Based on end-use industry, the global market is segmented into BFSI, retail, government, healthcare, manufacturing, transportation, IT & telecom, and others. Geographically, the IoT market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report also 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 technologies to internet of things, current scenario, and key industry trends.
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· Device Management
· Application Management
· Network Management
By Software & Services
· Software Solution
o Real-Time Streaming Analytics
o Data Management
o Remote Monitoring
o Network Band Management
By End-Use Industry
· IT & Telecom
· North America (the USA and Canada)
· Europe (U.K., Germany, France, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)