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The concept of Internet of Things aims at connecting the stock-still devices at offices, industries & household to the internet. The Global Internet of Things Market has a vast potential to grow over years and the consumers at various levels like government and non-government enterprises, households and other are considering the advantages offered by Internet of Things and thus contributing in growth of Global IoT Market.
Global IoT Market Size: Market Analysis
Various research analysis are conducted by independent firms to analyze the scope and market trend of emerging Global IoT Market Size with a prominent base. These research report reflects the data regarding how Internet of Things technology is growing to prove beneficial for various sectors of economy and how well the sectors of economy are going to adapt the Internet of Things technology.
As per a report from BI intelligence, the Global Internet of Things Market will undergo the following change
- Global IoT Market will have USD 1.7 Trillion of contribution to global economy by 2019
- Device shipment is expected to grow at a Compound Annual Growth Rate (CAGR) of 61% for time period of 2014 – 2019 and is expected to attain value of 6.7 Billion in 2019.
Above graph depicts the growth of Global IoT Market over period of time and the contribution of different sectors in its growth. BI intelligence forecasts that the growth in Internet of Things is at its peak in the year 2015 and the pace of growth will have a gradual fall over period of 2015 – 2019.
It can also be seen that Enterprise sector have the maximum contribution in growth of Global Internet of Things Market.
International Data Corp. (IDC) forecasts the value of Global IoT Market size to grow almost by three fold attaining a value of USD 7.1 Trillion by the year 2020 in compared to Global IoT Market value as USD 1.9 Trillion in 2013 with a CAGR of 17.5% over the period of 2013 – 2020.
Carrie MacGillivry said “IoT solutions are at the heart of IDC’s view of the third Platform and the four pillars — mobility, social business, big data/analytics, and cloud — resulting in millions of applications available to billions of end points,” representing IDC.
She added “The worldwide IoT market is exploding, and IDC’s research examines the full breadth of the IoT ecosystem, including intelligent and embedded systems shipments, connectivity services, infrastructure, purpose-built IoT platforms, applications, security, analytics, and professional services.”
In comparison to IDC, another research report published by TechNavio forecasts the Global Internet of Things Market to grow at a CAGR of 31.72% over the period of 2015 – 2019.
Global Internet of Things Market: Market Leaders
According to the research report published by TechNavio, the key players in the Global IoT Market are
- Cisco System
- Intel Inc.
Global IoT Market: Market Driving Factors
The major reason behind the double digit Compound Annual Growth Rate (CAGR) can be identified as follows :-
Rise in number of Connected Device – There is a significant growth in number of devices connected to the internet across the world. As per Gartner Report (2014), the number of physical devices connected to the internet will attain a growth of 30 folds by the year 2020.
Benefits offered by IoT – On one hand the business sector is adopting IoT technology considering the advantage of increased operating efficiency and reduced cost of operations. In addition to this Household sector is also reaping the benefit of IoT technology enabling the real time tracking of activities and can remotely manage and control activities at their home thus boosting home security. In parallel to this Industries are also contributing in Global Internet of Things Market with development of Industrial Internet of Things (IIoT).
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