Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.
Internet of Things is the combination of information technology with operational technology connected via virtual intelligence and interface used in various sectors to send, control, and receive data with/without human intervention. The technology simplifies human efforts and reduces the need for manual interference.
The growth of the IoT market is driven significantly by increasing usage of the internet, coupled with favorable government initiatives in various countries. In addition, increasing adoption of automation technologies by various sectors such as manufacturing, automotive, etc. that can be monitored and operated via the internet is another factor driving the growth of the global internet of things market, and this trend is expected to continue over the forecast period. Rising investment in technology and various start-ups entering are also driving adoption of IoT in the global market.
According to the Internet of things infographics, The 2017 revenue contribution from hardware segment in the global Internet of things market is estimated to be US$ 386.8 Mn, which is projected to increase significantly by end of 2026. The consumer electronics segment in the global Internet of things market has been estimated to account for revenue of US$ 266.9 Mn in 2017. North America market has been estimated to account for revenue of US$ 189.9 Mn in 2017
Moreover, various technological advancements to increase efficiency and accuracy of various connected devices and to make them more user-friendly are some other factors expected to fuel the growth of the global internet of things market during the forecast period.
Major factors hampering the growth of the global IoT market are lack of awareness in some countries and poor or no network or internet connectivity. In addition, concerns related to security, integrity, and privacy of data are expected to further hamper the growth of the global IoT market. The global IoT market is currently at a nascent stage but is forecast to witness significant growth owing to rising investment and growth of the semiconductor and processor industry in various economies. Moreover, increasing adoption of IoT technology and devices in the healthcare and IT sectors are expected to further drive the growth of the market during the forecast period. Key players leading in the Internet of Things include Google Inc., Cisco Systems, Inc., IBM Corporation, Fujitsu Ltd., HP Inc., Dell Inc., Arm Limited, Intel Corporation, Infineon Technologies AG, and Infosys Limited.