Diverse Applications across various Sector Speeds up Growth of IoT Market Worldwide

Published Date : Apr 24, 2017

ALBANY, New York, April 24, 2017- MarketResearchReports.biz has recently announced the addition of its report, “Internet Of Things (IoT) Market Shares, Strategies, And Forecasts, Worldwide, 2017 To 2023” to its offering. The 678 page report sheds light on the key growth drivers, deterrents, and developments in the global market for IoT. 

As the use of devices such as cameras, sensors, and platforms deployed in the implementation of precision in digital control and in the sending of alerts for the management of machinery and other devices is growing, the global Internet of Things (IoT) market is slated for high growth. The increasing popularity of Internet, growing adoption of smart phones and other smart devices, and favorable government initiatives are driving the market. Video streaming, online gaming, and social media are increasingly garnering more attention worldwide. 

The rising adoption of Internet of Things is called the next industrial revolution, owing to the emergence of Industrial Internet of Things (IIoT). The recent developments in the IoT and IIoT market suggest that Internet of Things will have a great impact on all businesses, governments, and consumers at large. The increasing demand for more data has fuelled the growth of the data centers. The increasing internet speed offered by key vendors is a key trend in the IoT market. 

The rising rate of data consumption, introduction of big data, and the growing use of smartphones is responsible for the increasing speed of Internet. Several Cloud data centers have switched from 10 Gbps to 100 Gbps. However, the growth of the worldwide IoT market can get hindered on account of privacy and security issues, along with lack of standardization. 

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A number of vendors are opting for partnerships, acquisitions, collaborations, and mergers to improve their product portfolio and cater to the increasing demands of their customers. For instance, in April 2017, India-based Reliance Group’s IoT business unit, Unlimit, announced its strategic partnership with a prominent software provider, Cumulocity, with a view to launch an entire new suite of IoT products under their new platform, called “Enablement”. 

By geography, Argentina, Spain, China, South America, Australia, India, and Brazil are some of the key segments analyzed in the report. North America, owing to early and widespread adoption of IoT across innumerable domains, is likely to lead the global IoT market over the next few years. European countries such as France, Italy, Germany, and the U.K. are also likely to register high growth. Asia Pacific, however, offers the most lucrative opportunities. This is because several industrial verticals such as automotive, consumer electronics, home appliances, agriculture, aviation, defense, and banking, financial, and insurance services (BFSI) are adopting Internet of Things.   

Hewlett Packard Enterprise, Google, IBM, Huawei, Siemens, SAP, Verizon, Cisco, Apple, Intel, Bosch, Samsung, GE, Panoramic Power, Schneider Electric Software, LLC, Softbank, and Oracle are some of the leading companies operating in the global market for Internet of Things (IoT). 

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