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Internet Of Things (IoT) Market Expected to reach USD 4.5 Billion Forecasts 2018 to 2024

The global economy, the Internet of things (IoT) is one of the top three technological advancements of the next decade

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By the year 2020 each person will own an average of 7 connected devices in the communications. In the automobiles 8.7 million cars had internet access which has now grown to 23.6 million in 2016. Industrial segment tends to see the annual growth rate of 30% due to increase in machine to machine connection.
According to Verizon report, global internet of things market in the year 2014 was USD 591.7 billion and growing at the pace of 17% forecasted to reach USD 1.3 trillion. The installed base of internet of things tends to grow from USD 9.7 billion in 2014 to 25.6 billion in the year 2019, hitting USD 30 billion in 2020. The total market size of digital precision agriculture services is expected to grow at the CAGR of 12.2% b/w 2014 and 2020, to reach USD 4.5 billion.

Major Players: Johnson & Johnson, Novartis AG, Merck & Co. Inc., Baxter International Inc., Sanofi, GlaxoSmithKline Plc., AstraZeneca, GILEAD SCIENCES, Inc., Nova Nordisk A/S, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical

Settings Economic Impact in 2025 (USD)
Human 1.6 trillion
Home 350 billion
Offices 150 billion
Factories 3.7 trillion
Worksites 930 billion
Vehicles 740 billion
Cities 1.6 trillion
Outside (Ship, planes, etc) 850 billion
Source: Goldstein Research
According to our research, IoT has the potential to support total service spending of more than USD 250 billion in the year 2016

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There are significant regional variations between more established markets, such as Europe, North America and Oceania, where M2Ms share of total connections exceeds the global average, and rapidly developing markets, such as Asia, which have experienced annual growth of 55% a year between 2010 and 2013. M2M connections as a share of total connections is an indicator of M2M market maturity. The top four markets worldwide by this measure in 2013 were Sweden (23%), Norway (15%), New Zealand (14%) and Finland (11%).
IBM would invest USD 3 billion over the next four years into internet of things division. According to the Cisco study, there is the possibility for USD 14 trillion profits for the next two decades.

Market Overview:
According to our global internet of things market outlook report  Disruptive technologies: Advances that will transform life, business, and the global economy, the Internet of things (IoT) is one of the top three technological advancements of the next decade (together with the mobile internet and the automation of knowledge work). According to the Cisco, in 2008 number of things connected to Internet was greater than the population residing on earth, by 2020 number of things connected to internet will be about 50 billion.
Healthcare (16%) and manufacturing (16%) acquire the major section of IoT followed by insurance (12%), banking & securities (11%), retail and wholesome (8%), computing service (8%), government (7%), transportation (6%), utilities (5%), real estate (4%), agriculture (4%) and others (3%) contributes to IoT value add of USD1.9 trillion by 2020. Although estimated number of installed IoT devices in enterprise sector dominates the market, however that share may decline as the government and home sectors gain momentum

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Market Drivers and Challenges
Market Drivers:
IoT has dynamic control of Industry and daily life by providing better relationship b/w human and nature, also contributing in forming an intellectual entity by integrating human society and physical systems.
The technological advancements in telecommunication and internet connectivity are the major growth driver for internet of things (IoT) industry. Moreover, the rising adoption of wearable electronics and affinity for full time connectivity is bolstering the demand for internet of things (IoT).
There is development happening in many industries to find a way to diversify products and services. For smart cities, municipalities are looking for ways to become more efficient, and IoT solutions provide several options to save money, improve productivity, and better serve their constituents.
With the recent wave of network enhancements (e.g., ongoing LTE deployments, small cell networks) and rising penetration of cellular connections across the globe is expected to accelerate the growth of IoT market.
Risks Factors:
The high cost of internet of things (IoT) devices and cost associated with the maintenance of IoT ecosystem are the two major risk factors for the internet of things (IoT) market.
Key Findings:
The flagship product, Mindwave, is a headset that can log into your computer using just your thoughts.
IoT helps in life logging activities.
Today scientists uses Yottabytes to describe how much the government data the NSA and FBI have on people together. However in the near future, Brontobyte will be the measurement to describe the type of sensors data that will be generated from IoT.
Googles ongoing projects:
Google Glass
Waze: An intelligent traffic management and GPS navigation tool.
Nest: Smart Thermostat and smoke alarm
Open Automotive Alliance (OAA): An android operating system for automobiles.
Opportunities:
Privacy and security were seen as the key technical building blocks needed.
Potential solutions can be helpful to protect the data and privacy by providing legal authorities, technical control, social ethic and market self-regulation.
5G is the promising technology to deliver on IoT opportunities like robotics and autonomous vehicles.
Verizon is going mainstream by entering in agricultural sector, measuring soil and moisture conditions to enhance plant quality, lower the operating costs and increase crop value.
LTE is being evolved to scale up the performance and mobility and scaling down complexity and power. For instance, LTE Cat-M1 (eMTC) and LTE Cat-NB1 (NB-IoT), these two technologies will be merged by Qualcomm.
With IoT, you don’t need to go online because your environment is already there serving you, so if we don’t need to be online than IoT will eliminate the Internet online.
EMV technology is hardly new and has been widely used across Europe and Asia, providing criminals with 10 years of head start to work around the chip, therefore new methods of authentication for e-commerce transactions will be required to curb the losses.
According to Forrester, fleet management in transportation, security and surveillance applications in government, inventory and warehouse management applications in retail and industrial asset management in primary manufacturing will be the hottest areas for IoT growth.
Fraud prevention approaches now require solutions which can extend to mobile and cloud environments, make greater use of behavioral analytics, and take advantage of integrated threat intelligence capabilities to protect users and data.
With the market of more than 300 million electric, water and gas meters in service in the US today, the opportunity for intelligent solutions and services in the utilities market is massive.
There are three core sectors of IoT:
Enterprise
Home
and Government
Whereas, enterprise IoT being the largest of three and estimated to account for nearly 40% or 9.1 billion devices in 2016.

By Geography
o North America (US, Canada) {Market Share (%), Market Size (USD Million), Adoption Rate (%)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World

REASONS TO PURCHASE THIS REPORT

  • Identify the drivers, restraints, and opportunity possessed by the global Internet Of Things (IoT) market with in-depth analysis.
  • Analyze the various perspectives of the global market dynamics with the help of Porters five forces analysis.
  • Identify the most dominating type of service and application with forecasted market estimate for the global Internet Of Things (IoT) market.
  • Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3 months analyst support, along with the Market Estimate sheet (in excel).

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Author: Akash

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