IoT Technology Market to Be Worth US$640 Billion by 2022
Sept 17, 2018
The IoT technology market, which constitutes node component, network infrastructure, software solution, platform, and service, is expected to grow at a CAGR of 25.1% during the forecast period, to reach US$639.74 billion by 2022, up from US$176.00 billion in 2016. The base year used for this Markets and Markets study is 2016, and the forecast period is from 2017 to 2022.
Among the study’s objectives were to
• define, describe, and forecast the overall IoT technology market on the basis of node component, network infrastructure, software solution, platform, service, end-use application, and geography
• strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
• analyze opportunities in the market for stakeholders and detail the competitive landscape for market players
• forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the World
• strategically profile key players and comprehensively analyze market rankings and core competencies
• provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• analyze the competitive developments such as joint ventures, mergers and acquisitions, product launches, and research and development in the IoT Technology market
• map the competitive intelligence based on company profiles, key player strategies, and game-changing developments such as product developments, collaborations, and acquisitions
To estimate the size of the IoT technology market, the study followed top-down and bottom-up approaches. This entire research methodology includes the study of annual and financial reports of top players, presentations, and press releases; associations/consortiums such as Semiconductor Industry Association (SIA), IoT Acceleration Consortium (Japan), and European Research Cluster on the Internet of Things (IERC); paid databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource; and interviews with industry experts. Also, the average revenue generated by the companies according to the region was used to arrive at the overall IoT technology market size. This overall market size was used in the top-down procedure to estimate the sizes of other individual markets via percentage splits from secondary and primary research.
