Global Internet of Things (IoT) Market Expected to Rise at 24.7% CAGR, Rising Demand for IoT Solutions in BFSI

The rising adoption of artificial intelligence (AI) and 5G infrastructure is helping the global IoT market register tremendous growth. Fortune Business Insights in a new study, titled “GLOBAL INTERNET OF THINGS MARKET: GLOBAL INDUSTRY ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” provides key insights into trends prevailing in the market. IoT technology helps to exchange information between machines and devices. It plays a crucial role for some organizations by offering digital transformations and upgrading their existing processes to create new business models.

In 2018, the internet of things market was valued at US$ 190.0 Bn and is anticipated to reach US$ 1,102.6 Bn by 2026. IT industry is rapidly adopting cloud-based solutions, which is contributing to the growth of the market. Considering this and other factors, the market is expected to rise at a noteworthy CAGR of 24.7% during the forecast period.   

Microsoft Corporation, Cisco Systems, Inc., SAP SE, and Others Lead the Market

Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Bosch Software Innovations GmbH, SAP SE, and Oracle Corporation are some of the savvy players in the global internet of things market. Several players are developing strategies such as new product launches, mergers and acquisitions, and develop new solutions to expand their market share.

Several small-scale and medium-scale enterprises are planning to adopt IoT solutions to increase productivity, enhance operational efficiency, and maintain cost efficiency in their business. Companies are likely to adopt these strategies to stay ahead of the competition during the forecast years.

BFSI Sees an Upward Trajectory Over Other Segments

In 2019, manufacturing and healthcare together cover the majority of the share in the global internet of things market. The healthcare segment covered a share of 16.2% in the year 2018. As per the report, BFSI sector is the most lucrative segment in terms of growth opportunities.

IoT solutions help to track the supply of liquid cash in ATMs, bank branches among others. The demand for IoT solutions is increasing at an aggressive rate in the banking industry. Banking firms aim at fulfilling the customer requirements and IoT solutions help to gather useful and relevant information of customers. By adopting IoT solutions in the banking industry, debit and credit cardholders can get easy access to banking services. 

Furthermore, the BFSI sector is planning to adopt cloud-based solutions, which will stimulate growth in the market. With the rising demand for IoT solutions in this industry, the IoT market is expected to rise at a higher CAGR through the forecast years.

Advancement in Connectivity Technologies (5G) and Investment in New Network Infrastructure Drives Market in Europe and Asia Pacific

Asia Pacific generated a revenue of US$ 74.5 Bn in 2018. The market is anticipated to emerge dominant in this region. 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. Overall the market in North America is projected to exhibit a higher CAGR primarily on account of rising adoption of smart devices in Canada and the U.S.

Other regions such as North America is also expected to grow considerably in the forecast years. The growth in this region is attributable to the rising number of mergers and acquisitions (M&A) between IT companies and leading players. These M&As, especially in the US will help companies to deploy IoT solutions based on artificial intelligence, cloud services, and machine learning. Rising technological advancements in Latin America and Middle East & Africa is likely to drive the IoT market in the projected period.

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

The global internet of things (IoT) market can be segmented into the following categories: