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Internet of Things Market Future Trends and Scope Analysis By 2024

Press Release   •   Feb 07, 2017 06:50 EST

The global internet of things market is currently being boosted by its growing scope in the field of cloud computing. Cloud computing platforms can benefit a lot from the use of IoT concepts to increase their efficiency and solve storage and energy related issues. The market is also being propelled by the growing rate of urbanization and globalization, two factors that are creating a larger number of users that are capable of accessing a higher volume of online data. The global internet of things market is also being driven by factors such as the growing need for automation in process and manufacturing. However, factors such as high safety and security concerns of online data, insufficient speed of development in real-time data analytics, and high cost of implementation are disturbing the overall rate of growth of the global internet of things market.

The global internet of things market was valued at US$280.70 bn in 2015. It is expected to reach US$1490.31 bn by the end of 2024, after expanding at a phenomenal CAGR of 20.55% during forecast period from 2016 to 2024.

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APAC of High Interest for Global Internet of Things Market Players

The key regions within the global internet of things market are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2015, North America held the leading share in the market in terms of revenue. North America and Europe collectively held over 60% of the global internet of things market in terms of revenue in 2015. Currently, a growing preference of consumers for smart devices and other portable and connected consumer electronics from emerging economies such as China and India is expected to drive overall market for IoT over the coming years. Key players from the global internet of things market are expected to show a high rate of interest in Asia Pacific which is already known to hold a massive population of smartphone users, especially in China.

Till 2024, Asia Pacific is regarded to be the leading region in the global internet of things market in terms of growth rate by revenue. China, India, and Taiwan especially have concentrated presence of electronic manufacturers. China is also the main hub for the manufacturing of electronics components in the east, and the export as well as import value of electronics manufactured here is on a heavy upswing.

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ZigBee Leads Global Internet of Things Market

Based on technology, the global internet of things market is segmented into ZigBee, Bluetooth (low energy), near field communication, Wi-Fi, and RFID. ZigBee led the market in 2015 in terms of revenue, due to its exceptionally high value function and demand in the booming smart home markets on a global front. ZigBee held 33.21% of the global internet of things market in 2015 in terms of revenue and is likely to continue leading the market till 2024. The leading applications of the global internet of things market are media, manufacturing, medical and healthcare, consumer application, and energy management. Medical and healthcare applications accounted for a substantial share of the overall market in 2015. The scope of use of IoT tech in cyber-physical systems in terms of boosting their productivity in the production process and supply chain is expected to be a key driver for the global internet of things market within the industrial sector.

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Multiple players led the global internet of things market in 2015. The leading players generally competed on the basis of price, performance, quality, support, services and product innovations. Some of the key players global internet of things market for 2015 included Amazon, Intel Corp., Cisco Systems, Inc., Microsoft Corp., AT&T, Google, Inc., General Electric, Apple Inc., and Honeywell International Inc.

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