The Global Internet of Things (IoT) Market to Expand with CAGR of 17.56% by 2023

The rapid pace of urbanization and digitalization has led to the increased demand for smart consumer electronics which has furthered the growth of IoT in various end-use industries such as home appliances, building and home automation, infrastructure, agricultural, environmental monitoring, healthcare and energy management among others. Further, the increasing smart phone users across the globe and rising need of smart devices owing to changing lifestyle of the population is expected to positively impact the market growth of the internet of things (IoT) in near future.

The global internet of things (IoT) market accounted for USD 679.4 Billion in 2016 and is predicted to reach USD 2,108.2 Billion by the end of 2023, expanding at a CAGR of 17.56% over the period 2016-2023.

In terms of regional segment, global internet of things (IoT) market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, Asia-Pacific accounted for the highest share of 34% in Global Internet of Things (IoT) Market in 2016 and is expected to hold its dominant stance over the forecast period. Further, the North America held the second largest market by holding 31.0% of market share in 2016, closely trailed by Europe.

The global internet of things (IoT) market is segmented into components, software and application, out of which, the software segment reached market valuation of USD 167.1 Billion in 2016 and is predicted to expand with highest CAGR of 20.24% during 2016-2023. The software segment is further divided into real-time streaming analytics, security software, data management, remote monitoring software and network bandwidth management. Among these segments, the real-time streaming segment will witness the highest CAGR during 2016-2023 and is expected to observe Y-o-Y growth of 27.41% in 2023.

The Report titled Global Internet of Things (IoT) Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

This report also studies existing competitive scenario of some of the key players of the global internet of things (IoT) market which includes profiling of IBM Corporation, Inc., Microsoft, Cisco Systems Inc., PTC Inc., HP Company and Accenture PLC.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled Global Internet of Things (IoT) Market Outlook 2023”, analyses the overall global internet of things (IoT) industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global internet of things (IoT) market in the near future.

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