Global 2016 $883.55 Billion Internet of Things Technology Market – Forecasts to 2022 – Research and Markets – PR Newswire (press release)

September 26, 2016 Facebook Twitter LinkedIn Google+ Uncategorized

DUBLIN, September 26, 2016 /PRNewswire/ —

Research and Markets has announced the addition of the “Internet of Things Technology Market – Forecast to 2022” report to their offering.

According to the forecast, the Internet of Things technology market, in terms of value, is expected to grow from USD 130.33 Billion in 2015 to USD 883.55 Billion by 2022, at a CAGR of 32.4% between 2016 and 2022.

The market is highly diversified and competitive with market players that include top-tier and mid-tier companies and as well as start-up firms. With the rate of proliferation of wireless sensors, the increasing adoption of emerging technologies, and mainstreaming of many smart consumer applications, the IoT has become the most popular concept across domains, such as automotive, healthcare, and consumer electronics among others.

This report covers the Internet of Things technology market segmented on the basis of hardware components, platform, software solutions, and services, application, and geography. The overall market is composed of the hardware component market and the platform, software solutions, and services market.  The key applications of the market include consumer electronics, building automation, industrial, automotive and transportation, healthcare, retail, oil & gas, and agriculture.

The software solutions segment held the largest share of the Internet of Things technology market. Software solutions are designed to meet interoperability challenges that arise due to varied heterogeneous device, and to manage large volume of data and its security and privacy. The market for services is expected to grow at the highest CAGR during the forecast period. Factors such as increasing adoption of connected devices across organizations and evolution of high-speed networking technologies have encouraged organizations in every industry sector to adopt IoT solutions.

The North America region held the largest share of the Internet of Things technology market in 2015. The major driving factors for the growth in the North America region are increased research and development in the field of IoT, high penetration of Internet and smartphones, and growth of a number of IoT startups. The APAC region is expected to grow at the highest CAGR during the forecast period and become the largest market for Internet of Things technology by 2022.

Lack of common communication standards across platforms and low power efficiency of IoT devices act as restraints for the growth of this market. The Internet of Things technology market provides huge scope for innovative cross domain applications and development of comprehensive system solutions. The increasing interconnectivity of IoT-enabled devices collecting and sharing data significantly increases the number of potential vulnerabilities within the IoT ecosystem causing major data security and privacy issues.

Key Topics Covered:

1 Introduction

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Media Contact:

Research and Markets
Laura Wood, Senior Manager


SOURCE Research and Markets