Internet of Things Market Growing 26.9% CAGR to Hit $561.04 Billion by 2022

Internet of Things (IoT) market is projected to grow from $170.57 billion in 2017 to $561.04 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9%. Internet of things market research study and the market size forecast is done from 2017 to 2022.

The target audience of the Internet of Things Market are machine-to-machine (M2M), and telecom and IOT providers, IOT platform/middleware providers, device and sensor providers, application developers and aggregators, third-party integration providers, application program interface (API)integrators, consultancy firms and advisory firms, regulatory agencies, governments.

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The IoT market comprises vendors providing IoT services to their commercial clients. Companies such as Intel Corporation (US), SAP SE (Germany), Cisco Systems, Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), International Business Machine (IBM) Corporation (US), PTC Inc. (US), Google Inc. (US), Hewlett Packard Enterprise (US), Amazon Web Services Inc. (US), Bosch Software Innovation GmbH (Germany), and General Electric (US) have adopted partnerships and collaborations as their key strategy to expand their market reach. This strategy accounted for the largest share of the total strategies adopted by the market players.
The vendor offerings were taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the IoT market from the revenue of the key IoT service providers in the market.

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After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through a primary research, by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments.
Internet of Things Market research report segments into the following submarkets:
By Software Solution: Real-time Streaming Analytics, Security solution, Data management, Remote monitoring system, Network bandwidth management.
By Platform: Device management, Application management, Network management.
By Service: Professional service, Deployment and integration, Support and maintenance, consulting service, managed service.
By Application Area: Building and home automation, Smart energy and utilities, Smart manufacturing, connected logistics, Smart retail, Smart mobility and transportation.

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The research methodology used to estimate and forecast the IoT market began with the collection and analysis of data on key vendor revenues through the secondary research, such as annual reports and press releases, investor presentations of companies, conferences and associations, such as IoT Association, Institute of Electrical and Electronics Engineers (IEEE) Standards Association, IoT Alliance Australia, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases.

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Release ID: 255142