Dublin, March 10, 2022 (GLOBE NEWSWIRE) -- The "Global IoT Market with COVID-19 analysis by Component (Hardware, Software Solutions and Services), Organization Size, Focus Area (Smart Manufacturing, Smart Energy and Utilities, and Smart Retail) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global IoT market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026. The major factors fueling the IoT market include Access to low-cost, low-power sensor technology, the availability of high-speed connectivity and an increase in cloud adoption.
Services to grow at a higher CAGR during the forecast period
IoT is transforming and redefining virtually all markets and industries in fundamental ways. The rising internet penetration throughout the world, increased demand across industrial and commercial applications, and technological developments are some of the key growth drivers of the IoT market. Today, each company is focusing on integrating new IoT services and solutions into their contemporary infrastructure, due to which, companies are required to be acquainted with comprehensive, detailed insights about the IoT services.
Moreover, organizations should be aware of all the benefits provided to their employees and customers by the services. There are various channels through which organizations can gain this knowledge. Based on service, the IoT market has been segmented into professional services and managed services. The professional services segment includes deployment and integration services, consulting services, and support and maintenance services.
In organization size segment, Large enterprises to have a higher market share during the forecast period
Large enterprises are the early adopters of advanced technologies, as they have a more budget and established IT infrastructure. Organizations are adopting IoT for greater visibility and control over operational processes. This service can help them identify new revenue opportunities by collecting customer data and business insights. Large organizations are expected to continue adopting IoT to enhance the remote monitoring of their businesses with process improvements across regions and comply with various standards and regulations.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the global IoT marketplace.
Market Dynamics
Drivers
- Access to Low-Cost, Low-Power Sensor Technology
- Availability of High-Speed Connectivity
- Increase in Cloud Adoption
- Increasing Use of Data Processing and Analytics
Restraints
- Data Security and Privacy
- Lack of Advancements in Communication Technology and Poor Operational Efficiency in Developing Economies
Opportunities
- Increase in Smart City Initiatives Worldwide
- Increase in Connected Devices to Drive the Growth of IoT
- Emerging 5G Technology to Help IoT Adoption, Globally
Challenges
- Lack of Knowledge Among the People About IoT and Smart Cities
- Disruption in Logistics and Supply Chain
- COVID-19 Impact on Market Dynamics
Companies Mentioned
- Arm
- Aws
- Ayla Networks
- Cisco
- Clearblade
- Confidex
- GE Digital
- Hitachi
- Hologram
- Hqsoftware
- IBM
- Intel
- Litmus Automation
- Losant
- Microsoft
- Oracle
- Particle
- PTC
- Qualcomm
- Samsara
- Sap
- Siemens
- Software Ag
- Telit
For more information about this report visit https://www.researchandmarkets.com/r/lqesog
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