Proliferation of high speed networking technologies and rise in volume of connected devices has allowed potential end-users to adopt IoT technologies to leverage opportunities tapped behind the data silos. Either as part of their strategy to enhance customer experience or optimize the processes at back end, direct or indirect monetization of data has been a trend gaining traction in recent years among the consumer facing verticals or those with high capital investment. Though acceptance of IoT has being slow on consumer front due to reasons associated with privacy and cost of these devices, industrial sector has been forerunner, in particular the utilities, automotive, logistics and smart manufacturing. With more network operators entering the filed, ample opportunities for customers are created to leverage on scale of deployment they require.
According to a new market research report published by Transparency Market Research entitled “Internet of Things Market (By technology- Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, RFID, By Application- Media, Manufacturing, Medical and Healthcare, Consumer Application, Energy Management, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2024 – 2027,” the global Internet of Things market is expected to reach US$ 2,746.32 Bn by 2027. The market is anticipated to expand at a CAGR of 21.7% during the period from 2020 to 2027.
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Global Internet of Things (IoT) Market: Overview
The internet of things (IoT) market has made giant strides in growing potential use of the related technologies in various applications in end-use industries. The growth of the internet of things market is increasingly propelled by the growing use of advanced analytics and machine learning technologies to make sense of staggering volumes of data from connected devices. High advances related to data security technologies and processing methods in various parts of the world has resulted in enterprises embracing advanced technologies and automation as part of strategy to optimize resource utilization. Furthermore, the rapid enterprise migration to cloud-based services from legacy systems has made IoT data more useful for end users, especially among small- and medium enterprises. The rising adoption of artificial intelligence in connected devices has made real-time use of IoT data more useful. Moreover, the global IoT market is gaining increasing momentum from rapid advances made in wireless networking technologies.
ZigBee use in Low-Bandwidth Application Areas account for Prominence of Technology
The internet of things market is notably fueled by advances in high communication protocols, with industrial application areas benefitting the most. The various technologies whose prospects are evaluated in the report are ZigBee, near field communication (NFC), radio-frequency identification (RFID), Bluetooth, and Wi-Fi. Of these, ZigBee is expected to hold substantial shares in the global internet of things market. In the coming years of the assessment period, the segment is expected to lead. The rising use of ZigBee in IoT applications that need low-power and low-bandwidth is fueling the expansion of the market.
The various applications areas covered in the analyses are media, manufacturing, medical and healthcare, consumer application, and energy management. Of these, the medical and healthcare application segments are prominent segments and is expected to show promising growth trajectories over the assessment period.
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North America to generate Substantial Chunk of Revenues in Global Market
The key regional markets for internet of things comprise Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Of these, North America contributed the major share in the global market in 2018. The region is expected to hold its sway in the next few years as well. The growth is reinforced by the staggering pace with which end-use industries are adopting connected technologies. The presence of several globally prominent players domiciled in the region is also boosting the regional market. The U.S. will be contributing large shares in the North America market, driven by constant advances in communication protocols to be used in IoT.
Asia Pacific to witness Promising Uptake of IoT Technologies
This regional market is trailed by Europe, which is also expected to rise at substantial growth rate over the forecast period. On the other hand, Asia Pacific is expected to emerge at increasingly promising pace in the coming years. The growth of the regional market is fueled by burgeoning demand for smart consumer devices in several economies, notably home automation devices. Moreover, the growing incorporation of IoT in portable electronics is also boosting the regional market.
The Global Internet of Things Market has been segmented into:
Internet of Things Market, by Technology
- Zigbee
- Bluetooth Low Energy
- Near Field Communication
- Wi-Fi
- RFID
Internet of Things Market, by Application
- Media
- Manufacturing
- Medical and Healthcare
- Consumer Application
- Energy Management
- Others
Internet of Things Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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