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Internet of Things Market To Exceed $560 Billion USD by 2022

IoT Market by Software Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, and Network Bandwidth Management), Service, Platform, Application Area, and Region – Global Forecast to 2022

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Pune, India (June 14, 2017) – According to a new market research report, Internet of Things (IoT) Market by Software Solution, Service, Platform, Application Area, and Region: Global Forecast to 2022, published by MarketsandMarkets™, the IoT Market size is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9%.

The major forces driving the IoT Market include the adoption of cloud Platform as a Service (PaaS). Moreover, the advent of advanced data analytics and data processing is also fuelling the growth of the IoT Market, as advanced analytics and data processing are useful in deriving results from the high volumes of data collected using the machine-to-machine communication.

Service is the fastest-growing component during the forecast period

Factors such as the increasing adoption of connected devices across organizations and the evolution of high-speed networking technologies have encouraged organizations in every industry sector to adopt IoT solutions. However, the integration of new services and solutions into the company's contemporary functioning system or the infrastructure necessitates the company to be acquainted with comprehensive detailed insights about the services. Additionally, the organizations also need to have an in-depth knowledge about the benefits that the new service can offer to their customers and employees. This knowledge is provided through a specific set of channelized services offered by the IoT service providers, and sometimes the solution providers themselves.

Smart manufacturing application area is expected to hold the largest market share

Smart manufacturing is the integration of machine gathered data and human intelligence, and the data sharing between sensors, computerized control, IT, and production management software. It interconnects and harmonizes the individual stages of manufacturing, ranging from production to advanced plant-wide efficiency. It allows businesses to develop advanced models and simulation for optimizing the manufacturing process. The Industrial Internet of Things (IIoT) represents a unique opportunity of deploying the platform-based approach; a single flexible hardware architecture deployed across multiple heterogeneous applications.

North America is expected to contribute the largest market share

North America is expected to hold the largest market share in the IoT Market during the forecast period. The countries in this region have established economies, which empowers them to strongly invest in R&D. The rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and the technological advancements have further fuelled the growth of the IoT Market in this region.

The major vendors in the Internet of Things Market include Google Inc. (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electronics (US), Intel Corporation (US), SAP SE (Germany), Cisco Systems Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), International Business Machine (IBM) Corporation (US), and PTC Inc. (US).

About the Report

Browse 52 market data tables and 50 figures spread through 150 pages and in-depth TOC: Internet of Things (IoT) Market.

Request a PDF brochure or make an inquiry about this report.

About MarketsandMarkets

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Source: MarketsandMarkets


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