Internet of Things (IoT) market
worth USD 724.2 Billion by 2023; Asia-Pacific Dominated followed by North
America with 24.2% Share in 2015.Internet of Things (IoT) market worth USD 724.2 Billion by 2023;
Asia-Pacific Dominated followed by North America with 24.2% Share in
2015.Global Internet of Things (IoT) Market is primarily driven by the
advancement in technology of electronic devices, according to our research
report“Global Internet of Things (IoT)Market
Outlook 2023”.The Global Internet of Things (IoT) Market study is segmented
into application type. Among this segment, manufacturing sector is expected to
showcase a significant growth in near future on account of automation in
manufacturing industries. Emerging manufacturing industries are focussing
towards the internet enabled devices to manufacture the products efficiently.
The market of internet of things is expected to reach USD 724.2 by
2023 and is expected to register a CAGR of 13.2% over the forecast period i.e.
2016-2023. Rising adoption of smart devices and growing awareness towards
internet of things among the population in urban regions are fostering the
growth of internet of things (IoT) market.
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The Asia-Pacific region accounted the maximum revenue share in
2015 and it is expected to dominate the overall market of internet of things
across the globe during the forecast period i.e. 2016-2023. Rapid pace in
urbanizations and availability of low cost data services are propelling the
demand for internet of things enabled devices. Rising tech savvy population
across the region and increasing government initiatives to adopt advanced
technology in emerging nations such as India and China are some of the key
factors which are swelling the growth of internet of things market.
Technological Improvements
Rise in technological advancements, increasing adoption of
advanced electronic devices, rising popularity of internet enabled smart
gadgets and appliances, availability of numerous consumer electronics with
internet connectivity according to the requirements of users and enhancement in
user experience are some of the factors which is expected to fuel the market of
internet of things (IoT) in near future. Technological advancements in IT
sector led to enhancing the internet connectivity and services over the internet.
High-speed internet connectivity helps to access remote monitoring through
various devices by consumers across the globe.
Growing demand in various sectors:
Factors such as rapid growth in manufacturing and automation
sector, installation of advanced internet enabled robots in various end-use
industries to reduce the time of processes are key factors which are fostering
the growth of internet of things (IoT) market. Moreover, emergence of
automotive and healthcare sector across the globe are adopting high-end
electronic devices and equipment enabled with internet connectivity in order to
operate efficiently and to serve better to the customers. These adoption and
installation of advanced devices in various-end-use industries thus,
anticipated to propel the demand for internet of things in near future.
Although, low internet connectivity in undeveloped nations and
lack of awareness towards internet of things are some of the major key factors
which are hampering the market growth. Likewise, issues related to privacy and
security of credential data in internet connected devices and losses of data
are some of the key elements expected to curb the growth of internet of things
(IoT) market.
The report titled “Global Internet of Things (IoT) Market Outlook
2023” delivers detailed overview of the Global Internet of Things (IoT) Market
in terms of market segmentation by Component Type, by Software, by Application
Type.
Further, for the in-depth analysis, the report encompasses the
industry growth drivers, restraints, supply and demand risk, market
attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of
some of the key players of the Global Internet of Things (IoT) Market which
includes company profiling of Accenture PLC, Alcatel-Lucent, and Amazon.com
Inc., etc. The profiling enfolds key information of the companies which
encompasses business overview, products and services, key financials and recent
news and developments. On the whole, the report depicts detailed overview on
the Global Internet of Things (IoT) Market that will help industry consultants,
equipment manufacturers, existing players searching for expansion
opportunities, new players searching possibilities and other stake holders to
align their market centric strategies according to the ongoing and expected
trends in the future.
To know more about this research, kindly visit : http://www.researchnester.com/reports/internet-of-things-iot-market-global-demand-growth-analysis-opportunity-outlook-2023/216
for further details:
Ajay Daniel
Email: ajay.daniel@researchnester.com
U.S. +1 646 586 9123
U.K. +44 203 608 5919