TechsPlace | According to latest market study, Internet of Things (IoT) Industry is anticipated to drive the overall market over the next seven years due to expansion of technology along with rising investments.
Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Remarkable progress in the telecommunication, as well as increasing penetration of broadband services and internet, has furthermore propelled the industry growth.
Big companies in technology along with corporate investors are witnessed to make notable investments in IoT industry. Companies like Dell and Intel actively started opening innovation labs and IoT divisions. Also, startups of innovative technology which includes Electric Imp, Zuli & IoT cloud service providers and smart plug maker have mastered to attract comprehensive funding due to the growing use of products across various verticals of an industry.
On the basis of application, IoT market is segmented into Healthcare, Transportation, Manufacturing, Retail and Consumer Electronics. The segment of consumer electronics application dominated the market and held a market share of about 30%.
On the basis of components, the industry is segmented into Platforms, IT services, Connectivity, and devices. The connected devices as well as components allow associativity and interchanging information. Internet of things sensors and modules gained over 30% revenue of industry.
According to latest research study available with Million Insights, Due to the existing major technology providers, North America has become a dominant force in the IoT market. The entrance of technological giants which includes Samsung, Google Inc., and Cisco into the market is the reason for the progress of creative connectivity solutions across different applications as well as devices.
To make an associated environment for optimal security, the regulators in U.S. have acted on the major issues of privacy and security of data in Iot.
The region of Asia Pacific dominated the market in 2014 in terms of revenue with a share of around 35%, and it is predicted to grow at a CAGR near to 18% from 2015 to 2022. The industry growth is driven by growing penetration of internet services which gives high speed along with a decline in the average selling price for modules and sensors, in the region throughout the forecast period.
To achieve the prior mover advantage, technological giants has increased their investment in R&D in the sector. Also, companies are heading towards mergers and acquisitions for the growth and entry in the market.
There is huge competition in the industry which is driven by innovations in the product and technology. Major Key players are Oracle, IBM, Accenture PLC, Huawei Technologies, Alcatel-Lucent, Hewlett-Packard, Amazon, Google Inc., Cisco Systems and Atmel Corporation.