Internet of Things Technology Market worth 639.74 Billion USD by 2022

According to the latest market research report "Internet of Things Technology Market by Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), Network Infrastructure, Software Solution, Platform, Service, End-use Application, and Geography - Global Forecast to 2022", the IoT technology market is expected to be valued at USD 639.74 Billion by 2022, growing at a CAGR of 25.1% from 2017 to 2022.

The market has a huge potential across various industry verticals such as industrial, automotive & transportation, and building automation. The major factor driving the IoT technology market is the growing penetration of Internet connectivity, the increasing adoption of cloud platforms, and increased IP address space with the introduction of IPv6. Additionally, large investments by the industry giants in IoT to introduce new IoT-based products would create demand for more IoT hardware, software, and service.

IoT technology market for software solution is expected to hold the largest share during the forecast period

The IoT technology market for software solution is expected to lead the market during the forecast period. As a huge amount of data are generated from IoT devices, there would be a high requirement for software solutions that can analyze data to provide trends. By implementing the IoT software solutions, the businesses are aiming to get a competitive edge with predictive analytics as well as optimize their operations.

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Industrial end-use application held the largest share of the IoT technology market in 2016

The industrial end-use application held the largest share of the IoT technology market in 2016. The major factor driving the growth of this market is the growing demand of the Industrial IoT vendors to achieve control over multiple heterogeneous industrial processes by integrating advanced IoT platforms and solutions to automate industrial operations.

North America leads the IoT technology market in terms of market size in 2016

North America held the largest share of the IoT technology market in 2016. It is one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The increasing adoption of smart connected devices and rapid digitalization across various end-use applications have fueled the growth of IoT in this region.

The companies profiled in this report are Intel (US), QUALCOMM (US), Texas Instruments (US), International Business Machines (US), STMicroelectronics (Switzerland), General Electric (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft (US), Amazon Web Services (US), Symantec (US), PTC (US), and Alphabet (US). The report also covers some of the new players in the Internet of Things (IoT) Technology market such as Ayla Networks (US), Losant IoT (US), Notion (US), Pepper (US), and Helium Systems (US).

This report describes the market trends, drivers, restraints, opportunities, and challenges for the IoT technology market and forecasts till 2022. The report also includes the value chain analysis of the market along with a detailed view of the market across four major regions: North America, Europe, Asia Pacific, and Rest of the World (South America and MEA). The report profiles the 13 most-promising players in the IoT technology market.

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