The global Internet of Things market size is forecast to reach US$280 billion by 2027, growing at a CAGR of 15% from 2022 to 2027. The Internet of Things (IoT) consists of web-enabled smart devices that use embedded systems, such as processors, wireless sensor network and hardware devices, to collect, send and act on data they acquire from their environments. These technologies use Internet protocol, Bluetooth, Wi-Fi and other networks for communication. A growing portion of IoT devices are created for consumer use, including connected vehicles, home automation, wearable technology, connected health, and appliances with remote monitoring capabilities. Factors such as growing demand of automation and remote controlling, rise in big data for data management, increasing research in cloud computing platform, artificial intelligence and machine learning and growing government projects for smart cities and 5G technologies are fueling the market growth. However, challenges in technical integration and lack of connectivity in developing countries restrain the growth of Internet of things market. In 2020, according to Gartner report, after the Covid19 outbreak, 47% of organizations are making plans for new investments in the Internet of Things (IoT) and 35% of organizations have already reduced their investments.
Competitive Landscape :
The top 5 players in the Internet of Things Industry are –
1. Microsoft Corporation
2. Amazon Web Services
3. IBM Corporation
4. Google Inc.
5. Cisco Systems Inc.
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Segmental Analysis :
1. The Internet Of Things market by offering has been segmented into hardware, software (Integration software, End point detection and response software, Predictive analytics software, others) and services (Consulting service, Support and maintenance, Deployment and integration, Managed service, Professional service).
2. The Internet Of Things market by application has been segmented into automated systems, data processing & management, security solution , remote monitoring system, real-time streaming, others.
3. The Internet of Things market by geography is segmented into North America, Europe, Asia-Pacific (APAC), South America, and the rest of the world (RoW).
By Organization Size:
Large Enterprises, Small and Medium Enterprises
Automated systems, Data Processing & Management, Security Solution , Remote Monitoring System
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges :
1. The rise in applications of Internet of things solutions in agriculture is driving the internet of things market growth: Internet of Things (IoT) based devices enables the user to automate the process and analyze the data collected on real-time basis.
2. The increasing number of smart city and infrastructure projects by governments is propelling the growth of internet of things market: Governments across the world have initiated smart city and infrastructure projects based on Internet of Things technologies.
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