Global IoT Market By Technology is estimated to surpass $ XX Trillion marks in 2018 and to reach USD XX Trillion by 2026, at CAGR of XX % during the forecast period 2019-2026 globally.
Global IoT Market By Technology
IoT Technology is having a major impact on businesses and consumers alike consequently changing the face of the global economy in the upcoming future. Accordingly, 30 Billion Devices are to be connected to the internet by 2020. Also, as per our research, 96% of global businesses consider IoT important to better monitor and control physical assets; efficiency being the major driving force. An efficient IoT market to manage such high device volumes, diversity and geographies is the need of the time
Maximize Market Research has comprehensively analyzed Global IoT Market by Technology emphasizing on each and every segment keeping global and regional dynamics in perspective. The driving forces, as well as considerable restraints, have been explained in depth to attain a balanced scenario. The report classifies Global IoT Market by Technology into various segments such as Hardware, Software, Connectivity Type, Services and Regions providing a thorough understanding of the IoT Technology Ecosystem. Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Global IoT Market, by Technology.
With nearly $250 billion going largely toward modules and sensors along with some spending on infrastructure and security, IoT hardware will be the largest technology category currently. Services will occupy the second place followed by software and connectivity. By 2024, around 60% of total IoT spending will be for software and services. The software will also be the fastest growing technology segment with a five-year CAGR of 17% led by application software along with analytics software, IoT platforms, and security software.
Services spending will also grow at a faster rate than overall spending with a CAGR of 18.1% and will nearly equal hardware spending by the end of the forecast. Software creates the foundation upon which IoT applications and use cases can be realized. However, it is the services that help bring all the technology elements together to create a comprehensive solution that will benefit organizations and help them achieve a quicker time to value. Many global Organizations indicate that software and services are the key areas of focused investment for their IoT projects.
In 2018, Asia/Pacific Region will spend more than $300 Billion followed by North America at around $200 billion. Nation wise China carries the baton with around $215 Billion investment in IoT which is driven by investments from manufacturing, utilities, and government. The USA is following closely with $190 Billion spending led by manufacturing, transportation, and the consumer segment. Japan ($70 billion) and South Korea ($30 billion) will be the third and fourth largest countries in 2018. Looking at the future, Latin America is supposed to deliver the fastest overall growth with a CAGR of around 30%.
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The scope of the Report:
By Hardware: Processers, Sensors, Connectivity Modules, Memory devices, and others
By Software: Application, Analytics, Platform, Security, Data Management, Communication, and Others
By Connectivity Type: Satellite Network, Cellular Network, Radio Frequency Identification, Near Field Application, Wi-Fi
By Service: Consulting, Integration & Implementation, Operation Management, Repair & Maintenance
By Geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Bosch software innovation
Cisco systems inc
At & t
Mirai mobile technologies
This Report Is Submitted By : Maximize Market Research Company
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