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Global internet of things market: 33% CAGR between 2012 and 2016

Press Release   •   Feb 25, 2013 11:10 GMT

The Global Internet of Things market is to grow at a CAGR of 32.67 percent over the period 2012-2016. One of the key factors contributing to this market growth is the growing number of connected devices. The Global Internet of Things market has also been witnessing increasing availability of IPv6. However, the security and privacy concerns could pose a challenge to the growth of this market.

Internet of Things (IoT) services can be provided over various networks such as satellite networks and mobile networks. Currently, mobile networks are expanding their reach considerably. As 3G and 4G networks are undergoing expansion, service providers are able to provide higher bandwidth to their customers. This enhances the quality of IoT services and hastens data transmission. Developing IoT services is an advantage for mobile operators that provide 3G and 4G services through their network. This is because 3G and 4G services facilitate faster data transmission and also, improve network efficiency. Hence, as mobile networks expand, the number of IoT users also increases.

The growing number of connected devices across the world is a major factor that drives the demand for IoT communication. Connected devices include portable navigation devices, media players, and imaging devices with cellular connections. The number of connected devices across the world is expected to increase by 2016. As the number of devices increases, it becomes increasingly difficult to manage, monitor, and maintain them. Thus, the demand for machine-to-machine (M2M) and machine-to-human communication increases as it helps end-users simplify the management and maintenance of connected devices. This need is expected to lead to the increased adoption of IoT, resulting in the growth of the Global IoT market.

The key vendors dominating this market space are Ericsson Inc., Huawei Technologies Co. Ltd., Alcatel-Lucent SA, and Cisco Systems Inc. The other vendors mentioned in the report are ZTE Corp., Nokia Siemens Networks B. V, NEC Corp., IBM Corp., Intel Corp., Qualcomm Inc., Broadcom Corp., Gemalto N.V., Sierra Wireless Inc., NXP Semiconductors, STMicroelectronics N. V, Freescale Semiconductor Inc., Texas Instruments Inc., Hewlett-Packards Co., Amdocs Ltd., Verizon Communications Inc., Vodafone Group plc., RF Micro Devices Inc., Facebook Inc., Twitter Inc., Google Inc., Pinterest, LinkedIn Corp., Yahoo Inc., Microsoft Corp.

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