Rise in Smart City Programs to Boost IOT Market Growth
New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “IoT Market information by Organization Size, by Components, by End Use and Region – forecast to 2027” market size to reach USD 8.67 billion, growing at a compound annual growth rate of 31.2% by 2027.
The growing adoption of IoT in precision farming will offer robust opportunities for the market over the forecast period. Precision farming combines the usage of mapping tools, AI, robots, GPS, sensors, and various forms of data analytics software for customizing care for plants.
Dominant Key Players on IoT Market Covered are:
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Market USP Exclusively Encompassed:
IOT Market Drivers
The rise in smart city programs will boost market growth over the forecast period. As the world shifts towards urbanization, the growing number of smart city ventures and increasing government spending on digital bio-networks are likely to increase the need for IoT devices that in turn will boost market growth.
Shortage of IoT Experts to act as Market Restraint
The shortage of IoT experts, uncertain compliance and regulatory environment, and data security & privacy concerns may act as market restraints in the forecast period.
Data Migration from Legacy Systems to act as Market Challenge
The data migration from legacy systems may act as market challenge over the forecast period. Besides, lack of awareness especially in undeveloped regions and also the dearth of internet connectivity may also impede market growth.
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Segmentation of Market Covered in the Research:
The global internet of things market is bifurcated based on component, organization size, and end use.
By component, the security solution segment will lead the market over the forecast period.
By organization size, the large enterprise segment will dominate the market over the forecast period as its adoption in large enterprises is more. Large enterprises use this system as this is a more efficient and faster system that helps to augment the sales of business, thus resulting to profitability.
By end use, the internet of things market is segmented into consumer and industry. The industry segment is further bifurcated into IT and telecom, retail, healthcare, automotive, logistics, and manufacturing.
APAC to Lead Internet of Things Market
The APAC region will lead the internet of things market over the forecast period. The growing smart city programs by the government, increasing cloud expenditure, producers and communication service suppliers extending their product collection, increasing adoption in China as they are expanding their industries like biotech, AI, autonomous and electric vehicles, and robotics, and aviation under Made in China 2025 plan, the Indian government having implemented the Make in India policy which will help them in establishing technology programs for start-ups and industries, the government’s plan for building 100 smart cities in the country, the presence of leading players like Samsung and Philips, among others, and affordable and advanced consumer electronics are adding to the global internet of things market growth in the region.
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North America to Have Admirable Growth in Internet of Things Market
North America will have admirable growth in the internet of things market over the forecast period. Growing adoption in the automotive and industrial sector, upsurge in data openings, the region being highly technologically developed, Canada and the US being largest contributors, increasing investments in R&D activities, the growth of start-up culture growing more rapidly, rapid digitalization across different industry verticals, growing adoption of smart connected devices, technological advancements, high rate of cloud adoption, highly skilled workforce, and low cost of business operations are adding to the global internet of things market growth in the region. Besides, the Canadian companies are optimizing and improving their business process by using IoT capabilities, companies manufacturing and selling IoT infrastructure for optimization of business, and increasing data breaches that led to a need for protection solutions, cloud platforms experiencing strong adoption for the demand of IoT, the presence of number of key market players, investments from the private and government venture capitalists in the IoT market has increased due to the increase in several start-ups, major venture capital investments by companies like Amazon, and Robert Bosch, and others, growing adoption in Canada and the US, early acceptance of emerging technologies, increasing adoption of smart connected devices, and strong investments in R&D are also adding market growth.
COVID-19 Impact on the Global Internet of Things (IoT) Market
The COVID-19 outbreak resulted in a severe economic downturn, impacting businesses and industries yet the need for internet of things have gone up. People are utilizing advanced solutions which help in detecting people that have symptoms or are infected. Also, the adoption of IoT is assisting the government officials to effectively monitor the areas with a high infection rate. Thus, the growing use of these technologies is likely to favor the market growth positively.
Nasscom has launched centre of excellence for artificial intelligence and the internet of things at Visakhapatnam.
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