Internet of Things (IoT) Market to Cross the US$ 2 Trillion Mark by 2023
According to a new market research report published by Credence Research “Internet of Things (By Component – Sensing Devices, Network Connectivity, IT Solutions & Services and IoT Platforms) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global Internet of Things (IoT) market was valued at US$ 690.43 Bn in 2015 and is estimated to expand with a CAGR of 15.7% from 2016 to 2023.
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Internet of Things (IoT) refers to a network of different physical objects including electronic devices, automobiles, buildings and other objects equipped with the IoT network component. The concept of IoT works on the principle of connecting various types of objects that can be assigned with an internet protocol (IP) address. The IoT infrastructure is designed to allow an object in the network to be monitored and controlled remotely thereby achieving a higher level of integration. The objects in the IoT network are connected using wireless communication technology.
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The IoT market is highly driven by the ever rising penetration of mobile devices such as smartphones and tablets along with the deepening penetration wireless communication services. With further rising penetration mobile devices and advancement in the wireless communication technology, the IoT market is predicted to register high growth in the coming years. Additionally, the IoT market is strongly driven by the rising development of smart grids, smart homes and smart cities.
Nevertheless, the IoT market is strongly hindered due to lack of standardization in the industry and issues related to the data privacy and security. Large number of devices connected in the IoT infrastructure generates huge volumes of data which attracts various security attacks. This is among the serious concerns for the global IoT industry.
The global Internet of Things is highly competitive in nature with numerous technology giants trying to increase their footprint in the market. The IoT market is highly technology driven and hence it becomes essential for the IoT service vendors continue the advancement of their solutions. The companies are focused on providing of IoT platforms, majorly as a complete suite. Companies such as Microsoft Corporation, Google, Inc., Cisco Systems, Inc., IBM Corporation, Samsung Electronics Co., Ltd. and others are investing significantly for marking their presence in the market.
Focus on development of comprehensive IoT platform suites
Cloud-based services for communication in the IoT ecosystem
Strong investment by major technology and telecommunication companies in the IoT sector
Rising penetration of connected devices
Acquisition and partnerships for entering/strengthening the position in the market
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