PUNE, India — The worldwide Internet of Things (IoT) market is projected to hit a compound annual growth rate (CAGR) of 33.3 percent to 2021 driven by the rising need for operational efficiency and the increasing penetration of connected devices, according to a report available from RnR Market Research.
The growth of the IoT market is being propelled by factors such as the development of cheaper and smarter sensors, rising adoption of cloud computing, evolution of high speed networking technologies, and the growing penetration of connected devices. In terms of segments, the services segment is estimated to grow at the highest CAGR during the forecast period. Due to its increasing technological adoption, Asia-Pacific (APAC) is projected to witness the fastest growth rate among regions.
The latest trends in the IoT market include growing IoT integration across different industry verticals, diversification of IT giants toward providing analytics and security software, and the cost benefits of predictive maintenance. The availability of cloud deployment options for IoT solutions has further provided a huge opportunity.
Key vendors profiled in the report include IBM Corp., Cisco Systems Inc., SAP SE, PTC Inc., General Electric, Oracle Corp., Microsoft Corp., Symantec Corp., Amazon Web Services, and Bosch Software Innovation.
More information is available here.
Publication date: 4/29/2016