Internet Of Things (IoT) Market: —
The global internet of things (IoT) market is expected to decline from $255.83 billion in 2019 to $247.97 billion in 2020 at a compound annual growth rate (CAGR) of -3.07%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $519.87 billion in 2023 at CAGR of 27.99%.
The Internet of Things (IoT) market consists of sales of IoT and related services that are used in building and home automation, smart energy and utilities, connected logistics, smart retail, smart mobility, and transportation. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction.
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North America was the largest region in IoT market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
The IoT devices collect a great deal of data of all types. Managing this data and analyzing it will help maximize its value for the company. Data analytics will help in analysis of IoT data in several areas such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). In 2020, major cloud vendors such as Amazon, Microsoft and Google, are increasingly using data analytics for business improvement and various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value and make informed decisions from the increasing data volumes.
The IoT market covered in this report is segmented by platform into device management; application management; device management. It is also segmented by end use industry into BFSI; retail; government; healthcare; manufacturing; transportation; IT & telecom; others and by application into building and home automation; smart energy and utilities; smart manufacturing; connected logistics; smart retail; smart mobility and transportation; others.
The concerns with data security impact the growth of the IoT market. The rate of data intrusions is also increasingly growing with the advances in technology. IoT systems are being newly built and often have loopholes that can help the hacker to easily enter the system, serving as a major obstacle to the growth of the market for IoT sensors, since enterprise data protection is of great importance when designing analytical solutions for many vertical applications. Ransomware and denial-of-service attacks (DoS attacks) will continue to rise and be among the most common cybersecurity threats. Therefore, the data security issues limit the growth of the IoT market.
In August 2019, Vodacom, a South Africa-based cellular and accessory provider for individual and business customers, acquired IoT.nxt for an undisclosed amount. This deal will significantly accelerate Vodacom’s IoT strategy and transform its dedicated IoT business unit. IoT.nxt, a South Africa based company, focuses on delivering innovative software and hardware solutions for the Internet of Things (IoT).
The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.
Major players in the internet of things (IoT) market are Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, International Business Machine (IBM) Corporation, Google Inc., Hewlett-Packard Enterprise, Amazon Web Services Inc., Bosch Software Innovation GmbH, Huawei Technologies, and Intel Corporation.
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