Internet of Things (IoT) Market to Exhibit 24.9% CAGR till 2027; Urgent Need to Virtually Monitor Operations will Boost Growth: Fortune Business Insights™
November 25, 2020 at 11:53 AM EST
Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global Internet of Things (IoT) market is set to gain impetus from the rising adoption of digital twin by a wide range of industries. They help in transforming the physical assets of the industries into a virtual representation. It further aids in controlling, examining, and viewing the operations based on the digital platform. Fortune Business Insights™ provided this information in a recent study, titled, “Internet of Things (IoT) Market Size, Share & Covid-19 Impact Analysis, By Component (Platform, Solution and Services), By Platform (Device Management, Cloud Platform, and Network Management), By Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, Network Band Management), By End-Use (BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT & Telecom, and Others), and Regional Forecast, 2020-2027.” The study further states that the Internet of Things (IoT) market size was USD 250.72 billion in 2019 and is projected to reach USD 1,463.19 billion by 2027, exhibiting a CAGR of 24.9% during the forecast period.
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Highlights of This Report:
Drivers & Restraints-
Usage of Smart Sensors Owing to Their Ability to Digitally Analyze Processes will Spur Growth
A crucial factor driving the IoT market growth is the increasing adoption of smart sensors. They aid in measuring the external environments such as light intensity, position, flow, pressure, force, and temperature. Also, they measure physical inputs and convert them into raw data. The data is then stored digitally for analyzing the processes. The IoT solutions require persistent flow of data from the surroundings for functioning in a much better way. For instance, the data of the user’s activities is provided by the smart sensors integrated with the connected devices.
Will the COVID-19 Pandemic Affect the Market Severely?
Device Management Segment to Grow Steadily Fueled by Need to Manage Several Devices
In terms of platform, the market is divided into network management, cloud platform, and device management. Amongst these, the device management segment held 35.5% Internet of Things market share in 2019. This growth is attributable to the rising need to manage multiple devices owing to the increasing number of connected devices present on the IoT platforms. It provides in-depth information about the working state of the devices and remotely manages the errors. This platform also reduces the testing and development time of solutions by automating the network and device administration. In an organization, such platforms aid in delivering real-time insights and centralized management of the integrated and connected devices.
Asia Pacific to Remain at Forefront Backed by ‘Make in India’ Initiative
In 2019, Asia Pacific generated USD 98.86 billion revenue because of the rapid adoption of IoT in developing countries, such as India. The ‘Make in India’ policy, for instance, covers 25 sectors of the country’s economy. It promotes investment in manufacturing, as well as encourages the organizations to manufacture their products in the country. The Government of India is presently planning to build 100 smart cities in the coming years. Such steps would help the region in maintaining its dominant position in the market.
North America is set to remain in the second position throughout the forthcoming years on account of the presence of the maximum number of companies in the U.S. They are frequently investing in the development of new solutions to surge sales. The European countries, on the other hand, are focusing on enhancing their SMEs by deploying various digital solutions. The U.K. and Germany are anticipated to generate maximum revenue. The governments of these countries are investing extensively in implementing the latest technologies for refining the advancements across a wide range of industries.
Key Companies Aim to Launch New Solutions to Intensify Competition
The market houses a large number of enterprises that are currently aiming to launch new products for intensifying competition. They are also investing in research and development activities to bring in their in-house products. Below are two of the key industry developments:
List Of Key Companies Profiled in IoT Market
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