Internet of Things (IoT) Market: Growth, Size, Share and Forecast 2018-2023
Posted by Orion Market Research on January 8th, 2020
The global IoT market is projected to grow at a CAGR of 21.8% during the forecast period (2018-2023). The growth of the IoT market is attributed to the emergence of cloud security and increasing automated IT services. Additionally, increasing the mobile phone and its application users is expected to drive the future market growth as smartphone acts as a gateway to connected devices. At present, there are 2.32 billion smartphone users globally which are expected to increase further in the upcoming years which will motivate the future market growth of the global IoT market. IoT is becoming one of the widely adopted technologies in all the sectors including healthcare, retail, government, retail and so forth.
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Unprecedented take-up of data and video services which has been fueled by social media proliferation as well as the widespread availability of connected devices and smartphones has made 5G unavoidable. Video services contribute to more than 50% of data transferred over 3G/LTE networks and this trend has been expected to upward growth. LTE is responsible for higher upload and download speeds; however, it is still insufficient for the growing demands of social media as well as video-centric services. This concern has left mobile operators grappling with services that require high speed and high-data volumes over capacity-stretched networks.
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5G has evolved with a new radio access technology in conjunction with multi-layered networks that possess capabilities to handle high throughputs as well as increased data volumes at very low latency. Latency is as low as 1ms and throughputs up to 10 Gbps are expected with this technology. 5G will not only support user applications demanding high throughputs and high bandwidth; however, it will also be utilized in the increasingly popular trends of connected smart devices. Rising adoption of wearable technology, voice command and eye movement sensors, motion-based sensors has led to the use of 5G due to its low latency and high-reliability which can fulfill the requirements of these sensor-connected IoT devices, which in turn, is expected to propel the global IoT market.
Various 5G infrastructure companies have been collaborating with communication service providers and research organizations in order to define the new standards for 5G based on their use cases. For supporting the IoT industry, the 5G network must support multiple radio interfaces such as low-power narrow-band radio interfaces dedicated to connected objects. In order to reduce the latency to lower than 1ms, the radio-processing stack must be decentralized to the connected devices. 5G services promise to evolve communication services providers to digital services providers. Commercially successful digital services are possible through high dependency on real-time analytics that can provide correlated insights into customer and network behavior.
Global IoT Market - Segment
o IoT Health
o IoT Pharmaceuticals Segment
o IoT Biotechnology
o IoT Government
o IoT BFSI
o Others (Hospitality and Entertainment)
o IoT Aerospace
o IoT Automotive
o IoT Rails and Systems
o IoT Marine
Global IoT Market - Regional
Rest of the World
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Joined: June 25th, 2018
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