Expansion of the retail sector and increase in demand for real-time analytics technology is expected to drive the global internet of things market through 2025
According to TechSci Research report, “Global Internet of Things Market By Platform (Network Management, Application Management and Device Management), By Component (Hardware, Services and Software), By Application (Consumer Electronics, Smart Mobility & Transportation, Building & Home Automation, Connected Logistics, Smart Retail, and Others), By Region, Competition, Forecast & Opportunities, 2025”, the global internet of things market is projected to grow at CAGR of over 19% in the next five years to reach USD480.39 billion in 2025. Growth of the telecommunication sector in addition with higher penetration of internet is expected to fuel the global internet of things market growth. Miniaturization of sensors and reduction in the cost of smart sensors is aiding manufactures to integrate sensors with smart devices, which is considered a major driver for the growth of the global internet of things market.
Research and development across various industry verticals and the need for connected device is contributing to the surge in demand for global internet of things market throughout the forecast period. Rising concerns over security and consumer preference shift for higher living standards, is raising the demand for development of smart cities across various regions. Integration of internet of things with existing infrastructure to provide higher efficiency, optimize operations, and provide better quality for life is expected to fuel the market growth.
However, security challenges comprising of privacy breaching and data leak may hinder the growth of the global internet of things market.
Browse 158 market data Figures spread through 148 Pages and an in-depth TOC on “ Global Internet of Things”.
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Global internet of things market is segregated based on platform, component, application, company, and region. Based on platform, market is categorized into network management, application management and device management. Increasing adoption of IoT across different end user verticals globally is resulting in rising need of platform management, especially for network related issues. In order to meet the dynamically changing demand from end users, network management is playing a crucial role in Global IoT market. Moreover, to provide scalable networking for meeting the ad-hoc computing power, end users are focusing on network management platform.
International Business Machines Corporation, Cisco Systems, Inc., Microsoft Corporation, Amazon Web Services, Intel Corporation, Huawei Technologies Co., Ltd., SAP SE, Alphabet Inc., Oracle Corporation, Hewlett Packard Enterprise Development LP, and others are some of the leading players operating in global internet of things market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Growing adoption of connected devices and deployment of IoT platform for both personal and commercial use, are generating large amount of data. In order to utilize these large volumes of data for useful purposes, data analytics and managed services are required. Moreover, growing number of connected devices is fueling security risk related to the data being monitored, thereby boosting demand for services required to avoid any security breach within the network.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Internet of Things Market By Platform (Network Management, Application Management and Device Management), By Component (Hardware, Services and Software), By Application (Consumer Electronics, Smart Mobility & Transportation, Building & Home Automation, Connected Logistics, Smart Retail, and Others), By Region, Competition, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global internet of things market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global internet of things market.
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