Internet of Things Market

Internet of Things Market to Expand at A Ferocious CAGR of 20.55% Owing to Rising Demand
for Latest Technologies
The global internet of things market depicts the presence of a highly competitive, fragmented,
and emerging vendor landscape, says Transparency Market Research on the basis of a newly
published report. Such competitive mainly exists due to a rapid rise in the use of smart devices
and technologies that operate through the internet. With the number of companies expected
to increase in the next few years, the competition is predicted to highly intensify. Most players
are focusing on improving their product quality, enhancing geographical reach, and facilitating
product differentiation. Many companies in the global internet of things market are also
focusing on participating in mergers & acquisitions, partnerships, and collaborations. Microsoft
Corp., Cisco Systems, Inc., Amazon.com, Intel Corp, Google, Inc., and Apple, Inc., are key players
operating in the global internet of things market. These companies are attempting to introduce
new and advanced products into the industry on a regular basis.
According to market experts, the global internet of things market had registered revenue worth
US$334.22 bn in 2016, which is further expected to rise up to US$1490.31 bn by the end of
2024. This growth is predicted to occur with a stellar and a phenomenal CAGR of 20.55% CAGR
between 2016 and 2024.
Geography-wise, the global internet of things market is spread across North America, South
America, Asia Pacific, Europe, and the Middle East and Africa. Of these, a strong technological
infrastructure as well as large-scale adoption of new technologies in North America has made
this region hold a leading stance in the global internet of things market. Apart from North
America, Europe too holds an impressive presence in the global internet of things market.
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Widespread Use of Smart Devices Boosts Market’s Growth
An increasing use of cloud computing networks in a variety of platforms is majorly driving the
global internet of things market. Moreover, with rising use of smartphone devices, the market
is expected to grow with leaps and bounds in the near future. Many players are expected to
bring forth new technologies to the table, which could certainly propel the market extensively.
Moreover, the emergence of advanced data processing and analytics coupled with reduction in
the cost of connected devices is further expected to induce an extensive acceleration in the
global internet of things market’s growth. In addition, we live in an internet age, wherein this
service is required in almost every sector. Such a high dependency on the internet too is
majorly proving to be beneficial to the global internet of things market splendid growth.
Privacy Concerns and Chances of Data Theft Dampen Expansion
However, rising concerns data security and privacy of information to protect it against stealing
and leaking is majorly restricting growth of the global Internet of Things market. In addition, the
lack of common standards in many regions, coupled with an increase witnessed in the demand
for extensive bandwidths too are major obstacle numerous players in this market. Moreover,
quality internet of things-based services might not be easily available in remote and
underdeveloped regions. This factor too hinders the market’s growth from a geographical
perspective. Nonetheless, an increasing adoption of Internet of Things-based process among
SMES along with the shared security model, are some of the factors predicted to offer lucrative
growth opportunities for market players during the next few years.
This information is based on the findings of a research report published by Transparency
Market Research (TMR), titled “Internet of Things Market (Technologies – Zigbee, Bluetooth
Low Energy, Near Field Communication, Wi-Fi, and RFID; Applications – Media, Manufacturing,
Medical and Healthcare, Consumer Application, and Energy Management) – Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Key Takeaways:
An increasing use of cloud computing networks in a variety of platforms is majorly driving the
global internet of things market. Moreover, with rising use of smartphone devices, the market
is expected to grow with leaps and bounds in the near future.

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