The global IOT market is expected to be valued at US$ 167 Billion in 2019Posted by Hannah Brown on June 30th, 2019 Key Trends in the IOT Market
Increasing number of Partnerships, Collaborations, and Acquisitions
Key players in the market are focusing of developing new IOT-based platforms and solutions through partnerships and acquisitions. Some of the recent developments over past few months are:
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Growing Focus Towards Smart Factory Solutions
IT-based services companies are focusing on catering to life science sector. As processes are becoming increasingly more complex due to advances in research and increasing demand for large-molecule biologics, IoT-based service providers focus on offering versatile solutions for smart factories.
Some of the Prime Prominent Use Cases in the Coming Years are:
Regional Market Analysis
Europe IoT spending currently holds 38% revenue share of the world’s IoT market. This share is expected to remain stable in the coming years. It is estimated, in Europe, there are above 12 Billion connected devices in 2019 and is expected to double in the next five years. In addition, above 65% of these are consumer oriented.
The IoT market in Western Europe accounted for the largest revenue share in Europe. Countries such as the UK, Germany, France, Italy, Spain, and the Netherlands are prominent in terms of investment in IT. These countries accounts for over 75% of the total IoT spending in Europe. Key primary driver for this is cost reduction, among Europe-based companies and it offers flexibility. In addition, widespread use and affordability of connected devices such as smartphones and tablets drive the growth use of home automation solutions and in turn IoT market.
Global IoT Market Size and Forecast: Competition Landscape
Some key IoT market players are:
Research Scope:
By Product Type:
By End-use:
Commercial
Consumers
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