Internet of Things Technology Market to Grow to $883.55 Billion by 2022
The report “Internet of Things Technology Market by Hardware (Processor, Sensor, Connectivity Technology), Platform (Device Management Platform, Application Management Platform, Network Management Platform) Software Solutions, and Services, Application, and Geography – Forecast to 2022“, published by MarketsandMarkets, The IOT technology market size, in terms of value, is expected to grow from USD 130.33 Billion in 2015 to USD 883.55 Billion by 2022, at a CAGR of 32.4% between 2016 and 2022.
Increasing Internet connectivity, ever-increasing penetration of smartphones, tablets, and the rising demand for connected devices is driving the Internet of Things Technology Market. The increasing business demand for enhancing operation efficiency and cost-savings would make IoT a dominant model for organizations across verticals in the future.
The software solutions market expected to grow at the highest CAGR during the forecast period
The market for software solutions is expected to grow at the highest rate during the forecast period. The software solution segment includes real-time streaming analytics, network bandwidth management, remote monitoring system, security solution, and data management. Software solutions are designed to meet interoperability challenges that arise due to varied heterogeneous device, and to manage large volume of data and its security and privacy. Software solutions help in mitigating interoperability issues that create flexibility and help in various business functions.
Automotive and transportation application expected to hold the largest market share
The automotive and transportation application s expected to hold the largest share of the Internet of Things technology market by 2022. Automotive component suppliers across the globe as automobile manufacturers are investing in IoT to deliver the next generation of automobile vehicles and related services to their customers. The market for the consumer electronics application is expected to grow at a high rate between 2016 and 2022.
APAC expected to hold the largest market share by 2022 and witness highest growth during the forecast period
The APAC region is expected to hold the largest share by 2022 and experience the fastest growth in the Internet of Things technology market between 2016 and 2022. The market in APAC consists of developing economies such as China and India which have a huge potential for the applications of Internet of Things and Japan, an important player in the semiconductor component supplier worldwide. The APAC region is the most densely populated region. The demand for consumer devices is majorly driven by this region.
The major players in the Internet of Things technology market include Intel Corporation (U.S.), International Business Machines Corp. (U.S.), Cisco Systems (U.S.), NXP Semiconductors N.V. (Netherlands), and General Electric Co. (U.S.) among others.