Pune, May 13, 2020 (GLOBE NEWSWIRE) -- The global IoT market is likely to gain impetus from the ever-increasing utilization of connected device based on machine learning, as well as artificial intelligence (AI). Fortune Business Insights™ provided this information in an upcoming report, titled, “Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 – 2026.” The IoT market size stood at USD 190.0 billion in 2018. It is projected to reach USD 1,102.6 billion by 2026, thereby exhibiting a CAGR of 24.7% in the forecast period.
This Report Answers the Following Questions:
- Which segment is set to lead the global market in the coming years?
- Which region would dominate the market in the forthcoming period?
- What are the growth drivers, trends, opportunities, and challenges in the market?
- Which strategies are the companies following to intensify competition?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
Need to Develop New Business Models to Spur Demand for IoT Solutions
IoT revolves around a set of innovative equipment, such as meters and sensors, software solutions, smart devices, and network connectivity architecture that aid in interchanging the data between devices and machines. This state-of-the-art technology has immense potential in the communication and IT industry, especially in the emerging economies. Owing to this technology, numerous companies are able to track and develop new business models to upgrade their pre-existing processes, thus experiencing digital transformations. These factors are likely to propel the IoT market growth in the coming years.
Segment-
Usage of Cloud Computing to Favor Growth of BFSI Segment
In terms of end use industry, the market is divided into IT & telecom, transportation, manufacturing, healthcare, government, retail, BASF, and others. Amongst these, the BFSI segment generated 21.1% IoT market share in 2018. This growth is attributable to the high demand for IoT software solutions from the banking sector for examining the supply of liquid cash in several bank partners, ATMs, and branches. Such solutions aid in collecting significant data about the consumers. They also help in providing both credit and debit card consumers with easy-to-access services. In addition to that, the increasing usage of cloud computing solutions would boost growth of this segment.
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Regional Analysis-
Asia Pacific to Lead Fueled by China’s Major Contribution
Geographically, the market is classified into the Middle East and Africa, Asia Pacific, Latin America, Europe, and North America. Out of these, Asia Pacific held USD. 74.5 billion revenue in 2018 and is set to lead the market throughout the forthcoming period. China majorly contributes to this growth as it is considered to be the largest IoT market. North America, on the other hand, is expected to showcase moderate growth in the near future backed by the presence of several industry giants in the region. Organizations, namely, MEA and LATAM are persistently engaging in promoting the usage of connected devices across a wide range of end users, such as transportation, healthcare, and retail.
Competitive Landscape-
Key Companies Partner Up with Other Prominent Players to Strengthen Position
The market comprises of several companies that are focusing on research and development activities to introduce novel IoT solutions in the market. Some of the enterprises are also adopting the strategy of partnerships with educational institutes to test new devices. Below are a couple of the key industry developments:
- November 2018: Samsung Electronics, a multinational electronics company headquartered in South Korea, is planning to invest around USD 22 billion in AI, IoT, and 5G networking. Its main goal is to procure around 20% of market share in network equipment by the end of 2020. This 5G network will also be deployed in the company’s semiconductor factory situated in Austin.
- February 2017: Ericsson and Vodafone U.K. joined hands with the academic at King’s College London to test 5G with a prototype device. It was done in Central London under the 3.5 GHz spectrumfield trial.
Fortune Business Insights™ provides a list of all the IoT providers operating in the market. They are as follows:
- Microsoft Corporation
- Amazon
- Siemens AG
- AT&T Inc.
- SAP SE
- Bosch Software Innovations GmbH
- Oracle Corporation
- Cisco Systems, Inc.
- Intel Corporation
- IBM Corporation
- Huawei Technologies
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Global Internet of Things (IoT) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts – By Platform (US$ Bn)
- Device Management
- Application Management
- Network Management
- Market Size Estimates and Forecasts – By Software & Services (US$ Bn)
- Software Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Network Band Management
- Services
- Software Solution
- Market Size Estimates and Forecasts – By End Use Industry (US$ Bn)
- BFSI
- Retail
- Government
- Healthcare
- Manufacturing
- Transportation
- IT & Telecom
- Others
- Market Size Estimates and Forecasts – By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Have a Look at Related Research Insights:
IoT in BFSI Market Size, Share & Industry Analysis, By Component (Solutions and Services), By Application (Customer Experience Management, Security, Monitoring, Data Management and Others (Payment Management, etc.)), and Regional Forecast, 2019-2026
IoT in Healthcare Market Size, Share & Industry Analysis, By Component (Devices, Software, and Services), By Software (Remote Device Management, Data Analytics, Compliances & Security, Asset Performance Management, Others), By Application (Telemedicine, Patient Monitoring, Operations and Workflow Management, Remote Scanning, Sample Management), By End-use (Laboratory Research, Hospitals, Clinics) and Regional Forecast, 2019-2026
IoT in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026
IIoT Technology Market Size, Share and Global By Deployment Type (Hardware & Software), By Industry Vertical (Manufacturing, Oil &Gas, Metal & Mining), By Applications (Distribution Management System, Visualization Software, Transit Management System, and others) and Geography Forecast till 2026
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