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:
- In-depth information about market growth drivers, dynamics, and obstacles.
- Elaborate data about the challenges and opportunities.
- Extensive analysis of the latest trends in the market.
- Profiles of all the companies operating in the market.
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?
- The spread of the coronavirus infection has a varied impact on market growth.
- As per the guidelines given by the governments, the percentage of the workforce is set to be lowered after the opening of the industries.
- Such measures are expected to increase the dependency of people on technologies.
- Therefore, multiple organizations worldwide would consider investing hefty amounts of money in digital technology.
- Integration of artificial intelligence and cloud in IoT solutions is expected to contribute to the growth of the market during the current scenario.
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:
- February 2020: Cisco launched its tighter integration and machine learning capabilities between vendors and service providers. It was done in its IoT management platform. The machine learning model would help the company in detecting the errors and resolving them before they impact the services.
- May 2016: Bosch Software Innovations unveiled its cloud for Internet of Things to compete with Amazon AWS. Bosch’s goal is to enhance data security and privacy with its cloud. Its plan is to connect all its products to the solutions.
List Of Key Companies Profiled in IoT Market
- Amazon.com Inc. (US)
- AT&T Inc. (US)
- Bosch Software Innovations GmbH (Germany)
- Cisco Systems, Inc. (US)
- IBM Corporation (US)
- Intel Corporation (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Siemens AG (Germany)
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- 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
- Data Management
- Remote Monitoring
- Network Band Management
- Software Solution
- Market Size Estimates and Forecasts – By End Use Industry (US$ Bn)
- IT & Telecom
- Market Size Estimates and Forecasts – By Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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