Global Internet of Things Market - Segmented by Solution (Monitoring, Attainment, Operational, Life), Services (Managed, Professional), End User (Automobile, Manufacturing, Energy, Retail, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global Internet of Things market is expected to register a CAGR of 21% during the forecast period of 2018–2023. The scope of the report is limited to solutions including monitoring, attainment, operational, and life, services including managed, and professional, and end users including automobile, manufacturing, energy, retail, healthcare, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also emphasizes the benefits of implementation of the Internet of Things by diverse industries and the prospect of the same.
Internet of Things helps in connecting various smart devices to ease the operation and sharing of data amongst the peers. There are various smart devices, such as sensors, smartphones, and wearables, which collect data from the devices that can be utilized to enhance customer’s experience. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.
Rising Adoption of Cloud Platform
The adoption of cloud platform is on the rise owing to the ease of storage and sharing with diverse set of people. Furthermore, it offers high security from natural disasters and data loss, which is likely to boost the market over the next six years. The downtime in traditional storage can increase owing to hardware maintenance, whereas cloud offers comparatively less downtime, owing to which, it is highly preferred over its counterpart. This is expected to boost the utilization of cloud platform thereby propelling the market growth over the forecast period.
Managed Services to Exhibit Highest Growth
Managed services are becoming popular owing to companies’ increasing focus on core competencies. Further, the third party companies also offer enhanced data management with regular maintenance, which is likely to boost the market growth over the forecast period. Moreover, the organizations outsource their cloud and other IT services in order to increase the competencies.
Asia-Pacific to Show Highest Growth
The rising influx of technology companies coupled with increasing investment in the region is expected to propel the market growth rate. Moreover, the government of various countries in the region are focusing majorly on Internet of Things (IoT) in order to enhance the operations and to develop the nation. This is projected to fuel the market over the next six years. In addition, the disposable income of the consumers in the region is increasing, which is likely to boost the Internet of Things market.