About the IoT Market in Nordic Region
IoT is a network of tangible objects that are interconnected and can communicate among themselves as well as with the internal and external environments. It connects hardware devices, embedded software, communication services, and IT services. It creates smart communication environments such as smart homes, smart shopping, smart transportation, and smart healthcare. It is an emerging ecosystem of Internet protocol (IP)-connected devices with the potential to deliver business benefits valued at trillions of dollars in the future across varied industries.
Technavio’s analysts forecast the IoT market in Nordic region to grow at a CAGR of 15.11% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the IoT market in Nordic region for 2016-2020. To calculate the market size, the report considers the following:
Technavio Announces the Publication of its Research Report – IoT Market in Nordic Region 2016-2020
Technavio recognizes the following companies as the key players in the IoT market in Nordic region: Ericsson, Tele2, Telenor Group, TeliaSonera, and Tieto.
Other Prominent Vendors in the market are: Accenture, Cisco Systems, Gemalto, Huawei, IBM, Intel, Nordic Semiconductor, Novatel Wireless, Orange Business Services, PTC, Qualcomm, SAP, Sierra Wireless, Wipro, and Wireless Matrix (CalAmp).
Commenting on the report, an analyst from Technavio’s team said: “One trend that will definitely boost market growth is the increased adoption of IoT in supply chain management. IoT technology plays a vital role in the improvement of supply chain processes. IoT services allow enterprises to improve their existing supply chain processes by enabling the remote monitoring of vehicles. These services also permit the provision of real-time updates about cargo shipments.”
According to the report, a key growth driver is the low price of connected devices. IoT connects billions of devices and sensors to develop innovative applications. IoT communication primarily connects various devices, such as smartphones, laptops, and tablets, with people and systems. This connection also helps send data to the centralized server through networks such as wireless local area network (WLAN), radio frequency identification (RFID), and Bluetooth. These sensors have become an integral part of M2M or IoT communications in many applications, including smart homes, connected cars, connected health, and precision agriculture.
Further, the report states that one challenge that could restrict market growth is the lack of standardization as it hinders the large-scale commercial use of IoT. In the IoT network, standardization is necessary for the technical and application layers.
Ericsson, Tele2, Telenor Group, TeliaSonera, Tieto, Accenture, Cisco Systems, Gemalto, Huawei, IBM, Intel, Nordic Semiconductor, Novatel Wireless, Orange Business Services, PTC, Qualcomm, SAP, Sierra Wireless, Wipro, Wireless Matrix (CalAmp).
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