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.
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.
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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.