The Global Market for Internet of Things (IoT) is Forecast to Reach 41 Billion Connected Devices by 2024
Internetization of
Businesses, Industries and Homes to Drive the Future of Internet of Things
(IoT), According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Internet of Things (IoT) market. The global market for Internet of Things (IoT) is forecast
to reach 41 billion connected devices by 2024, driven by the frenzied pace of diffusion, adoption and deployment of
internet-based technologies and processes.
The world is at the cusp of
transformational change. Internet of Things (IoT) is redefining connectivity.
IoT is driving change in the 21st century at dizzying speeds. The proliferation
of the technology is almost universal in virtually every sector of society,
economy and life. Connected devices are today increasingly becoming ubiquitous
in manufacturing plants, warehouses, business processes, logistics systems,
retail stores, hospitals, public/government services, smart cities, and
consumer homes, among others. The technology is becoming the foundation for
social, business and economic innovation that promises to generate value to
human civilization in ways hitherto thought impossible. Despite the seeming
omnipresence of the technology, IoT is still in the early stages of evolution.
Venture capital (VC) investments in the
technology are gaining strong momentum as the technology categorically proves
it’s’ might in generating real world value and benefits. In the consumer sector, IoT promises to offer
unprecedented convenience, automated control, and safety by intelligently
connecting household appliances, and consumer mobile devices. In the public
sector, it promises to enable better and more sustainable management of scarce
natural resources such as water, gas, electricity, fuel; reduce pollution;
provide more responsive public services and help build smart and fully
integrated cities for the world’s continuously growing population. In the
enterprise sector, the technology promises to build more profitable companies
by providing them with intuitive business intelligence to support
decision-making that enables provision of more responsive services; provide
enhanced experiences to consumers, reduce wastage of resources and operational
costs and pass on efficiency gains to consumers and society at large. In the healthcare care, the technology brings
the promises of providing affordable and equitable healthcare through telehealth; reduce
healthcare costs; enhanced management of drugs, improved patient and disease
management, reduced risks of errors and social and financial burden associated
with preventable infections and co-morbidities.
Few of the factors supporting growth in
the market include rise of cloud computing
as a backbone technology for IoT; rapidly plummeting costs of IoT sensors; developments
in big data analytics geared to drive real world commercial benefits of IoT; omnipresence
of smartphones and tablets given their role as gateways for controlling and monitoring
IoT devices; developments in internet and broadband technologies; rise of
wireless short range communications; application of blockchain and its
resulting revolutionizing influence on IoT security; and growing Investments in
4G/LTE & 5G, among others.
As stated by the new market research
report on Internet of Things (IoT), Asia-Pacific represents the largest and the fastest
growing market worldwide with a CAGR of 33.3% over the analysis period. Growth
in the region is led by the development of the Internet and telecom infrastructure;
digitalizing lifestyles of the middle class population and a parallel increase
in appetite for digital consumer technologies; growing cloud readiness of Asian
economies; rising smartphone penetration; falling cost of connected devices; growing
focus on achieving business, industrial, and manufacturing productivity improvements
via deployment of disruptive technologies like IoT and rising acknowledgement
of the fact that internetization is currently the most basic prerequisite for
developing countries to achieve internationalization goals.
Major players in the market include Bitdefender,
DigiCert, Gemalto N.V., Karamba Security, Symantec Corporation, Trustwave
Holdings Inc., Verizon Enterprise Solutions, Amazon Web Services, Google Inc.,
Microsoft Corporation, General Electric Company, Salesforce.com Inc., Telit
Communications PLC, Zebra Technologies Corporation, ARM Ltd., Bosch Software
Innovations GmbH, Honeywell International Inc., Infineon Technologies AG,
InvenSense Inc., IBM Corporation, STMicroelectronics N.V., Atmel Corporation,
Freescale Semiconductor Inc., Intel Corporation, Qualcomm Technologies Inc.,
Texas Instruments, AT&T Inc., Telefónica S.A., Vodafone Group Plc, Verizon
Communications Inc., Ayla Networks, B-Scada, CLX Communications, ErgoTech
Systems, Fujitsu Limited, Greenwave Systems, Ingenu Inc., Silver Spring
Networks, Samsung Electronics Co. Ltd and SAP SE, among others
The
research report titled “Internet of Things (IoT): A
Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The report provides market estimates and projections for all major
geographic markets such as the USA, Canada, Japan, Europe (France, Germany,
Italy, UK Spain and Rest of Europe), Asia-Pacific, Latin America, and Rest of
World. Internet of Things market is analyzed by two major end-use sectors that
include Consumer and Industrial/Business sectors. Further, value analytics in
the Internet of Things market is analyzed by Technology that include Services,
Security, Applications & Analytics and Others (including IoT Sensors,
Communication Modules, Microcontrollers, and Processors) and by end-use sectors
including Manufacturing/Industrial, Transportation & Logistics, Utilities,
Consumer (B2C), Healthcare, Retail and Others (includes Government, and
Insurance among Other sectors.
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