By the year 2020 each person will own an average of 7 connected devices in the communications. The technological advancements in telecommunication and internet connectivity are the major growth driver for internet of things (IoT) industry. Moreover, the rising adoption of wearable electronics and affinity for full time connectivity is bolstering the demand for internet of things (IoT).
Global internet of thing (IoT) Market Outlook
Global internet of things (IoT) market is segmented into Component types such as:
- Internet of Things (IoT) Devices
- Non-wearable Devices
- Wearable Devices
- Internet of Things (IoT) Platforms
- Connectivity/M2M Platforms
- Infrastructure-as-a-Service (Iaas) Backend Platforms
- Hardware specific software Platforms
- Consumer/Enterprise Software Extension Platforms
- Sensors & Actuators
- Internet of Things (IoT) Devices
According to our research, IoT has the potential to support total service spending of more than USD 250 billion in the year 2016. By 2025, manufacturing segment is expected to have global economic impact of USD 3.7 trillion. The global Internet of things (IoT) market accounted for USD 510.2 Billion in 2015 and it is expected to reach USD 810.2 Billion by the end of the forecast period i.e. 2024. Further the market is anticipated to expand at a compound annual growth rate of 21.2% over the forecast period i.e. 2016-2024.
There major regional variations between established markets such as North America, Europe and Oceania, where total share of M2M's connections exceeds the global average and rapidly developing markets such as Asia, which have which experienced annual growth of 55% a year between 2010 and 2013. M2M connections share of total connections is an indicator of M2M market maturity. By this measure globally top four markets were Sweden, Norway, New Zealand and Finland.
Advancement in telecommunication technology: Impetus
Rising adoption of advanced smart wearable and affinity for full time connectivity strengthen the demand for internet of things (IoT). Internet of things has dynamic control of Industry and daily life by providing better relationship between human and nature, also contributing in forming an intellectual entity by integrating human society and physical systems. Recent developments in network enhancement and increasing penetration of smart phones expected to drive the growth significantly.
However, high cost of internet of things (IoT) devices and cost associated with the maintenance of IoT ecosystem are the two major risk factors for the internet of things (IoT) market. Likewise, rising number of cybercrimes across the globe is increasing the data breaches. This will further create cynicism among the end-users to shift from traditional technology to advanced Internet of Things (IoT) technology. These factors along with high cost of infrastructure further restrain the market growth of global Internet of Things (IoT) Market.
Global Internet of Things (IoT) Market Outlook 2024 contains detailed overview of the Global Internet of Things (IoT) market in terms of market segmentation by components, by software, by applications, by product types, by End Users.
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To know more about this research, kindly visit:Global Internet of Things (IOT) Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024