Global IoT market projected to reach $1111.3 billion by 2026
Organizations around the world are increasingly adopting advanced technologies, which is driving the global Internet of Things (IoT) market.
Fortune Business Insights in a report, titled “Global Internet of Things (IoT) market: Global market analysis, insights and forecast, 2019-2026” states that IoT technology holds significant potential in the ICT sector.
As per the report, the global market was valued at $190.0 Bn in the year 2018 and is anticipated to reach $1111.3 Bn by 2026. The analysts in the report predict that the global market will expand at a ferocious CAGR of 24.7% throughout the forecast years.
BFSI segment leads the market by covering 21.1% share
Banking and Financial Institutions (BFSI) accounts for the majority of share in the global IoT market. This segment offers ample growth opportunities as the demand for IoT solutions in the banking sector is increasing rapidly.
Customer relationship with banks has transformed over the years with this new ear of connectivity. Adoption of IoT in banking helps to make faster payments and enhances operational efficiency.
Not only this, IoT technology allows credit and debit cardholders to easily access banking services. Moreover, several banking firms are planning to use this technology in order to improve the banking experience of their customers by making it more personal.
According to the report, in 2019, the BFSI segment holds a share of 21.1% in the global market. With the increasing adoption of cloud computing solutions, the BFSI sector is expected to rise at a substantial share during the forecast period.
Growing demand for smart devices in Canada and the U.S. drives the market in North America
In 2018, the market in North America covered US$ 83.9 Bn. The region is anticipated to lead the global IoT market through the forecast period. Large-scale adoption of technologies such as Cloud computing and Artificial Intelligence (AI) in this region contributes to the growth of the market.
Several mergers and acquisitions (M&A) between leading players and IT companies in North America is another factor driving the market. Apart from North America, other regions such as Asia Pacific and Europe are expected to grow considerably in the forecast years.
Mounting demand for real-time data offers fillip to the market
“IoT technology offers digital transformation to organizations by either upgrading their existing processes or creating a new one,” states a lead analyst at Fortune Business Insights.
“Small-scale enterprises are also adopting IoT solutions with an aim to enhance their productivity and cost-efficiency,” he added.
IT industry is aggressively adopting cloud-based solutions to gain easy access to enormous amounts of data. This will further provide significant impetus to the market. The demand for real-time data among businesses is increasing at an exponential rate.
This, coupled with increasing penetration of automation, is expected to create growth opportunities for the market by 2026. By adopting the internet of things (IoT) solutions, enterprises can gain real-time insights into their business, which can eventually enhance their decision-making processes.
IoT offers several software solutions which include security, remote monitoring, network band management, and real-time streaming analytics. Against this backdrop, the demand for IoT applications is likely to increase over the next few years.
Apple, Dell, Cisco are among the leading players in the market
Key players in the global IoT market are Using IoT platforms such as application management, device management, and network management to sustain the market. Google, Cisco, Hewlett Packard Enterprise, Microsoft, Dell Technologies, Apple, Oracle, Facebook, Intel Corporation are some of the leading companies in the global market.
These companies are increasingly using cloud-computing networks across several platforms. Some companies are likely to invest in research and development (R&D) activities in order to develop innovative IoT solutions. Such activities are expected to help companies gain an edge over the competition.