The global Internet of Things (IoT) market size is expected to reach USD 1.88 trillion by 2022, according to a new study by Grand View Research, Inc.
Technological proliferation and increasing internet connectivity are expected to boost global IoT market growth. Growing VC investments by tech companies into innovative industry startups have further bolstered the growth opportunities in the market.
IoT connects devices such as consumer electronics as well as industrial equipment over a network, allowing information gathering and management of these devices via software to increase efficiency and enable new services.
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Further key findings from the study suggest:
Devices segment comprising modules and sensors dominated the global IoT industry accounting for over 30% of the market share in 2014. Proliferation of innovative IoT platforms such as Brillo by Google Inc. and HomeKit by Apple Inc. has led competitors to develop and offer substitutes to the industry, thereby fueling segment growth.
Consumer electronics application segment is estimated to acquire a major segment of the revenue share in the IoT industry followed by retail and manufacturing. The development of the connected cars concept has pushed the transportation segment to acquire over 25% of the overall industry in 2014.
Asia Pacific is expected to grow at a CAGR close to 16% over the forecast period. Countries such as China, Japan, and India are expected to drive industry growth during the next seven years. Increasing penetration of high-speed broadband internet and the presence of major technology and component manufacturers such as Samsung and Huawei have led to the regional industry growth.
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Table Of Content
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumption
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. IoT - Industry snapshot and key buying criteria, 2012 - 2022
Chapter 3. IoT Industry Outlook
3.1. Market segmentation
3.2. Market size and growth prospects
3.3. IoT value chain analysis
3.4. IoT market dynamics
3.5. Key opportunities prioritized
Chapter 4. IoT Component Outlook
4.3. IT Services
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