Information Communication and Technology Reports Internet of Things (IoT) Market

Internet of Things (IoT) Market is expected to grow from USD
170.57 billion in 2017 to USD 561.04 billion by 2022
According to a new market research report " Internet of Things (IoT) Market by Software Solution (Real-Time
Streaming Analytics, Security Solution, Data Management, Remote Monitoring, and Network Bandwidth
Management), Service, Platform, Application Area, and Region - Global Forecast to 2022” ", published by
MarketsandMarkets™, The IoT market size is expected to grow from USD 170.57 Billion in 2017 to USD 561.04
Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9% from 2019 to 2022.
The major forces driving the IoT market include the adoption of cloud Platform as a Service (PaaS). Moreover, the
advent of advanced data analytics and data processing is also fueling the growth of the IoT market, as advanced
analytics and data processing are useful in deriving results from the high volumes of data collected using the
machine-to-machine communication.
Browse and in-depth TOC on “Internet of Things (IoT) Market”
60- Tables
48 - Figures
162 - Pages
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Service is the fastest-growing component during the forecast period
Factors such as the increasing adoption of connected devices across organizations and the evolution of high-speed
networking technologies have encouraged organizations in every industry sector to adopt IoT solutions. However,
the integration of new services and solutions into the company’s contemporary functioning system or the
infrastructure necessitates the company to be acquainted with comprehensive detailed insights about the services.
Additionally, the organizations also need to have an in-depth knowledge about the benefits that the new service
can offer to their customers and employees. This knowledge is provided through a specific set of channelized
services offered by the IoT service providers, and sometimes the solution providers themselves.
Smart manufacturing application area is expected to hold the largest market share
Smart manufacturing is the integration of machine gathered data and human intelligence, and the data sharing
between sensors, computerized control, IT, and production management software. It interconnects and
harmonizes the individual stages of manufacturing, ranging from production to advanced plant-wide efficiency. It
allows businesses to develop advanced models and simulation for optimizing the manufacturing process. The
Industrial Internet of Things (IIoT) represents a unique opportunity of deploying the platform-based approach; a
single flexible hardware architecture deployed across multiple heterogeneous applications.
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North America is expected to contribute the largest market share
North America is expected to hold the largest market share in the IoT market during the forecast period. The
countries in this region have established economies, which empowers them to strongly invest in R&D. The rapid