According to a new market research report "Internet of Things (IoT) Market by SoftwareSolution (Real-Time Streaming Analytics, Security Solution, Data Management,Remote Monitoring, and Network Bandwidth Management), Service, Platform,Application Area, and Region - Global Forecast to 2022” ", published by MarketsandMarkets™, TheIoT market size is expected to grow from USD 170.57 Billion in 2017 to USD561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9% from2019 to 2022.
The major forces driving the IoT market include the adoptionof cloud Platform as a Service (PaaS). Moreover, the advent of advanced dataanalytics and data processing is also fueling the growth of the IoT market, asadvanced analytics and data processing are useful in deriving results from thehigh volumes of data collected using the machine-to-machine communication.
Browse 60 market data Tables and 48 Figures spread through162 Pages and in-depth TOC on "Internet of Things (IoT) Market by Software Solution (Real-Time StreamingAnalytics, Security Solution, Data Management, Remote Monitoring, and NetworkBandwidth Management), Service, Platform, Application Area, and Region - GlobalForecast to 2022"
Major Key Players
The majorvendors in the IoT market include Google Inc. (US), Hewlett Packard Enterprise(US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany),General Electric (US), Intel Corporation (US), SAP SE (Germany), Cisco Systems Inc. (US), MicrosoftCorporation (US), Oracle Corporation (US), International Business Machine (IBM)Corporation (US), and PTC Inc. (US).
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The advent of advanced data analytics and data processingtechniques have enabled the analysis of high volumes of IoT data. Theintegration of IoT projects is implemented in 3 different stages: analysis ofhigh volumes of data, identification and integration of the relevant data, andreporting of the data. Analytics and data processing is useful in increasingthe uptime of smart sensors and devices, accelerating the business output, anddetecting and controlling the errors with the sensor data.
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The smart retail application area is estimated to grow at thehighest CAGR during the forecast period owing to the increasing use of RadioFrequency Identification (RFID) tags in products. The retailers are using IoTdevices to track and analyze their store’s traffic. This analysis helps theretailers understand the shopping patterns of their customers. Moreover, ithelps customize the in-store shopping experience of customers and provide themwith a rich digital marketing inside the store.
The increase in number of connected devices is expected todrive the growth of the security solution software component during theforecast period. This software allows users to securely manage IoT devices withshared liability, prevents device tampering, automatically detects devices andgateways, performs routine maintenance, and collects diagnostics to keep thedevice configuration secure.
Asia Pacific (APAC) is estimated to be the fastest-growingregion for the IoT market during the forecast period. This region consists ofemerging economies, such as India, China, Japan, and Singapore. The highadoption rate of new technologies has made this region lucrative for the ITindustry. The growth of the IoT market in this region is also supported by thegovernment policies. Countries such as India, China, and Japan haveincorporated IoT in their government policies. For instance, Japan hasestablished the IoT Acceleration Consortium (ITAC), with the motive of creatinga suitable environment for developing and adopting IoT. Moreover, APAC has alarge number of smart city projects, which further supports the growth of theIoT market
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