Internet of Things is combination of information technology with operational technology connected via virtual intelligence and interface used in various sectors to send, control, and receive data with/without human intervention. The technology simplifies human efforts and reduces the need for manual interference.
The growth of the global IoT market is driven significantly by increasing usage of the internet, coupled with favorable government initiatives in various countries. In addition, increasing adoption of automation technologies by various sectors such as manufacturing, automotive, etc. that can be monitored and operated via the internet is another factor driving the growth of the global internet of things market, and this trend is expected to continue over the forecast period.
Rising investment in technology and various start-ups entering are also driving adoption of IoT in the global market. Moreover, various technological advancements to increase efficiency and accuracy of various connected devices and to make them more user-friendly are some other factors expected to fuel the growth of the global internet of things market during the forecast period.
Major factors hampering the growth of the global IoT market are lack of awareness in some countries and poor or no network or internet connectivity. In addition, concerns related to security, integrity, and privacy of data are expected to further hamper the growth of the global IoT market.
The global IoT market is currently at a nascent stage but is forecast to witness significant growth owing to rising investment and growth of the semiconductor and processor industry in various economies. Moreover, increasing adoption of IoT technology and devices in the healthcare and IT sectors are expected to further drive the growth of the market during the forecast period.
The global internet of things market report has been segmented on the basis of components, application, and region.
North America market is expected to dominate the global IoT market and is expected to maintain its position in the global market during the forecast period. Revenue from the IoT market in North America is expected to remain steady.
Among the other markets, Asia Pacific market is projected to witness relatively fast and significant growth during the forecast period, owing to increasing investments in this region and increasing adoption of connected devices.
Key players operating in the global Internet of Things market include Google Inc., Cisco Systems, Inc., IBM Corporation, Fujitsu Ltd., HP Inc., Dell Inc., Arm Limited, Intel Corporation, Infineon Technologies AG, and Infosys Limited.