According to a new report published by K D Market Insights, Demand for “Internet of Things Market Insights, Trends, Opportunity & Forecast, 2020-2025,” the global internet of things market size is anticipated to witness exponential growth during the forecast period i.e. 2020-2025. Factors such as the growing adoption of IoT technology across various end-user industries worldwide, the growing need and development of wireless networking technologies globally, the emergence of advanced data analytics across regions, the increasing adoption of cloud platforms, the increasing need for data analysis & integration of data analytics and the growing penetration of internet, broadband services and affordable devices across regions are the primary factors driving the growth of the global internet of things market.
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Furthermore, the growing amount of investments, the rising advancements in telecommunication, the increasing usage of smart sensors owing to their ability to digitally analyze processes and the adoption of cloud data management in large scale IoT applications are further expected to create ample growth opportunities for the internet of things market during the forecast period.
The Asia Pacific region held the largest share and was estimated to be the fastest growing regional market in the internet of things market in 2020. It is expected to retain its dominance in the market during the forecast period. This can be attributed to factors such as the massive adoption of IoT, the growing implementation of the ‘Make in India’ policy which promotes investment in manufacturing, the rising number of smart city initiatives by governments, the increasing penetration of high-speed internet services and the falling average selling price for sensors and modules in the region. The North American region followed by the European region held the second largest share in the IoT market in 2020. Being one of the most prominent regional markets in the IoT industry, the region is anticipated to account for tremendous growth during the forecast period also. The growth in the region could be attributed to factors such as the existence of majority companies and major technology providers, the increasing investments for the development of IoT and the high presence and adoption of superior technological advancements in the region.
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According to software solution, the security solution segment is projected to attain the highest CAGR during the forecast period i.e. 2020-2025. According to platform, the device management segment is anticipated to register growth at the highest CAGR during the forecast period of 2020-2025.
The global internet of things market is segmented into software solution, service, platform, application area and region. Based on software solution, the market is bifurcated into real-time streaming analytics, security solution, data management, remote monitoring system and network bandwidth management. Based on service, it is classified into professional service, deployment & integration, support & maintenance, consulting service and managed service. Based on platform, it is classified into device management, application management and network management. Based on application area, it is classified into building & home automation, smart energy & utilities, smart manufacturing, connected logistics, smart retail, smart mobility & transportation and others.
The global internet of things market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). Countries such as India, China and Japan in the Asia Pacific and the U.S. and Canada in North America are among the major contributors to the internet of things market.
Key Insights of Internet of Things Market
- On the basis of software solution, the security solution segment is projected to attain the highest CAGR during the forecast period i.e. 2020-2025.
- On the basis of platform, the device management segment is anticipated to register growth at the highest CAGR during the forecast period of 2020-2025.
- On the basis of region, Asia Pacific held the largest share and was estimated to be the fastest growing regional market in the Internet of Things market in 2020. It is expected to retain its dominance in the market during the forecast period.
- On the basis of region, North America followed by Europe held the second largest share in the IoT market in 2020.
Some of the major internet of things companies profiled in the report include Hewlett-Packard Enterprise, Accenture PLC, Alcatel-Lucent, Atmel Corporation, SAP SE, Cisco Systems Inc., Microsoft Corporation, PTC Inc., Google Inc. and Huawei Technologies.
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