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The global internet of things (IoT) market was valued at US$ 190.0 Bn in 2018 and is projected to reach US$ 1,102.6 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.
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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 the key driver for the growth of the internet of things (IoT) market during the forecast period.
"BFSI and Agriculture to Develop as Most Lucrative End-Use Industry"
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. This 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 IoT solutions in the banking industry is offering easy-to-access services to both debit and credit card customers.
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Further, the rising adoption of cloud computing solutions across the globe is anticipated to stimulate the growth of BFSI with a remarkable CAGR during 2019-2026. In agriculture, field-based sensors are capable of measuring soil moisture and communicate with weather stations for the latest forecasts. This data is used by large farming operations and smart agriculture schemes of government are likely to utilize the benefit by ongoing implementation of smart IoT sensors.
"Advancement in Connectivity Technologies (5G) and Investment in New Network Infrastructure Assists Market to Exhibit Healthy CAGR in Europe and APAC"
Asia Pacific generated a revenue of US$ 74.5 Bn in 2018 and is projected to emerge as a leading region in the global internet of things (IoT) market during the forecasted period. China has the world’s largest IoT market, boasting 64 percent of the 1.5 billion global cellular connections including the rapidly growing Mobile IoT licensed LPWA technologies2.
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Further, support of the European Union in Europe and the Chinese government in Asia has a role to play in boosting business uptake of the IoT. IoT interventions are increasingly common in advanced economies. North America to exhibit moderate growth during the forecast period with the presence of major market leaders. Further, Companies in LATAM and MEA have started focusing on implementing connected devices across diverse end use industries including healthcare, retail, transportation, etc.
The report provides quantitative and qualitative insights on the global internet of things market and completes the analysis of market size & growth rate for all likely segments in the market. The market is segmented by component, end-use industry, and geography. The components include platform, solutions and services. By platform, the global internet of things (IoT) market is categorized into the device management, application management, and network management.
Based on the solution & services, the global internet of things (IoT) market is segmented into real-time streaming analytics, security, data management, remote monitoring, and network band management. Based on the end-use industry, the global internet of things (IoT) market is segmented into BFSI, retail, government, healthcare, manufacturing, agriculture, sustainable energy, transportation, IT & telecom, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The report also provides insights on SWOT analysis of key companies, recent industry developments such as mergers & acquisitions, porter’s five forces analysis, an analysis of the internet of things market dynamics, current scenario, and key industry trends.
By Software & Services
By End-Use Industry
The global IoT market was valued at US$ 190.0 Bn in 2018, and it is anticipated to reach US$ 1,102.6 Bn by 2026 at a CAGR of 24.7% during the forecast period (2019 -2026).
BFSI and agriculture are projected to emerge as the fastest-growing end use industry segments in terms of CAGR. Ongoing implementation of smart IoT sensors in agriculture and IoT potential of collecting the vast and useful information of the customers in BFSI sector is likely to create growth opportunities.
Rising implementation of edge and fog computing is favoring the Internet of Things (IoT) adoption by providing improved functionality for data management and analysis across varied application areas.
Data management IoT solution holds a large market revenue share with the emergence of big data analytics and the need to manage immense data generated by internet-enabled devices.
Among the key trends witnessed in the internet of things (IoT) market include the adoption of cloud computing in connected devices & machines along with ongoing development of machine learning (ML) and deep learning (DL) technology which helps IoT devices to connect and interact with other smart devices securely.
The top players in the Internet of Things (IoT) market are Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Bosch Software Innovations GmbH and Oracle Corporation and hold about half of the global market revenue. These players are making heavy investments in the research and development to expand their IoT offerings, strengthen the brand name and build a strong customer base.