The global internet of things (IoT) market to grow at a CAGR of 35.97% during the period 2016-2020.
Global Internet of Things (IoT) Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The report covers the present scenario and the growth prospects of the global internet of things (IoT) market for 2016-2020. To calculate the market size, we consider revenue generated from IoT software, solutions, tools, applications, and support and maintenance services. We consider revenue generated from radio frequency identification (RFID), near field-communication (NFC), and other platforms used in IoT systems for estimating the market size. However, the report does not consider the sales of hardware systems and devices used in the IoT setup.
A trend which is propelling market growth is the growing demand for big data analytics. Big data provides the necessary technologies that can process large volumes of data to generate actionable insights for all stakeholders. Big data analytics helps to analyze sensor data and allows data collection of industrial equipment, such as turbines or oil refineries. Also, it helps organizations to optimize their business decisions and innovate new business models, products, and service offerings
According to the report, a key growth driver is the developments in sensor technologies and communication devices. Advances in technology related to sensors and innovations in material sciences have led to proliferation of different types of sensors. This has increased the availability and affordability of sensors for all industries to consume. These sensors are in high demand due to their advantages, such as low power consumption and prices. As a result of the automation of several processes in industries, IT has become an integral part of industrial automation. As industries embrace IoT, opportunities for IT players continue to expand.
Further, the report states that one challenge that could restrict market growth is the high cost of implementation.