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IoT (Internet of Things) Market to Exhibit 24.9% CAGR till 2027; Rising Usage of Connected Devices to Augment Growth

July 09, 2020 | Information & Technology

The global Internet of Things (IoT) market size is projected to reach USD 1,463.19 billion by 2027. It is expected to gain impetus from the adoption of smart sensors for gaining more intelligent, accurate, and reliable solutions. The healthcare industry, for instance, uses smart sensors for the remote monitoring of patients. This information is given by Fortune Business Insightsin a recent report, titled, Internet of Things (IoT) Market Size, Share & Covid-19 Impact Analysis, By Component (Platform, Solution and Services), By Platform (Device Management, Cloud Platform, and Network Management), By Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, Network Band Management), By End-Use (BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT & Telecom, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 250.72 billion in 2019. However, it is set to exhibit a CAGR of 24.9% during the forecast period between 2020 to 2027.


Cisco Introduces IoT Security Architecture to Deliver Enhanced Visibility


In January 2020, Cisco, a multinational technology conglomerate headquartered in California launched an IoT security architecture for providing improved visibility across both IoT and IT environments. It is capable of protecting the processes. It also offers the extraction and collection of information from the IoT edge so that the companies can surge their efficiencies to boost their digitization projects and make enhanced business decisions. The company’s latest security architecture includes the following features:



  • Simple IoT cyber security solutions that can be efficiently managed from any gateway, routers, or switches.

  • Simplification of data extraction from the network edge.

  • Streamline of data delivery to on-premise and multi-cloud destinations for enhancing competitiveness of the organizations.

  • Cisco Talos’ threat intelligence to deliver real-time data about cyber security threats that can severely affect safety, productivity, and uptime.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307


Rising Development of Smart Cities to Skyrocket Demand


As per a report by McKinsey, by the end of 2025, the total population worldwide living in the cities is expected to surge astonishingly. The infrastructural needs and environmental pressures are persistently giving rise to the demand for better quality of lives in the cities. Therefore, several countries have begun investing heavily in building smart cities. Such cities would eliminate the challenges that people are facing today. To build a smart city, advanced technologies, namely, connected devices, smartphones, and artificial intelligence (AI) are required. Internet of Things plays an important role in the operation of connected devices. It would be able to provide real-time data and alerts. However, the increasing usage of connected devices is, in turn, raising the concerns regarding data privacy and security. This factor may hamper the IoT market growth in the near future.


Cisco Maintains Leading Position by Delivering Unique Solutions to End-users


Out of all the prominent companies present in the global market, Cisco is in the leading position stoked by its possession of an extensive product portfolio. It delivers unique solutions to a large number of industries, such as utilities, retail, transportation, and manufacturing. It is also investing hefty amounts of money on research activities to create technologically advanced solutions.


Fortune Business Insights™ lists out the names of all the IoT solution providers operating in the global market. They are as follows:



  • Amazon.com Inc. (US)

  • AT&T Inc. (US)

  • Bosch Software Innovations GmbH (Germany)

  • Cisco Systems, Inc. (US)

  • IBM Corporation (US)

  • Intel Corporation (US)

  • Oracle Corporation (US)

  • Microsoft Corporation (US)

  • SAP SE (Germany)

  • Siemens AG (Germany)


A Notable Industry Development-



  • November 2019: IBM Corporation introduces Maximo Asset Monitor, its newest AI-powered IoT monitoring solution. It is specifically designed to aid operations and maintenance leaders to better understand and remold the performance of their assets.


Further Report Findings-



  • Asia Pacific held USD 98.86 billion revenue in 2019 and would lead the market on account of the increasing implementation of advanced technologies in several industries. In India, the government is planning to develop around 100 smart cities. It would also contribute to the market growth in this region.

  • North America is set to remain in the second position owing to the rising investment by the private venture capitalists and the governments of several countries in the deployment of IoT solutions.

  • In terms of platform, the device management segment procured 35.5% IoT market share in 2019. This growth is attributable to the increasing adoption of connected devices by the organizations. Such platforms aid in offering real-time insights of these devices to the organizations.


The global market can be segmented in the following way:














































 ATTRIBUTE



  DETAILS



Study Period



  2016–2027



Base Year



  2019



Forecast Period



  2020–2027



Historical Period



  2016– 2018



Unit



  Value (USD billion)



Segmentation



By Component



  • Platform

  • Solution & Services



By Platform



  • Device Management

  • Cloud Platform

  • Network Management



By Solution



  • Real-Time Streaming Analytics

  • Security

  • Data Management

  • Remote Monitoring

  • Network Band Management



By End-Use



  • BFSI

  • Retail

  • Government

  • Healthcare

  • Manufacturing

  • Transportation

  • IT & Telecom

  • Others



By Region



  • North America (US and Canada)

  • Europe (UK, Germany, France, Scandinavia, Austria, Switzerland and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)



 

Internet of Things (IoT) Market
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