Internet of Things (IoT) Global Market Outlook to 2025 - Key Motivators, Restraints and Opportunities

 

The global internet of things (IoT) market is estimated to be USD 255.0 billion in 2020 and is predicted to reach USD 1,560.0 billion by 2025, growing at a CAGR of 43.7% during the forecast period. The major factors responsible for the market growth are rising demand of wearables in healthcare, growing adoption of smart payment technologies, remote monitoring and surge in data from varied industries.

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The internet of thing could be heart monitor implant in individual with heart functioning problem, sensors in automobiles to prevent accidents, and biochip transponder in animal track their activity. Organizations in several industries are utilizing IoT to operate efficiently, doing customer profiling, improving decision making, and adding value to the business entities.

The increased adoption of IoT solutions expected to result in efficient data collection and its transmission. Therefore, artificial intelligence, data analysis, and machine learning will play an important decisive role. Data analysis and management is the crucial part of effectively managing network, especially when it is a large deployment.

 
Internet of medical things is going to be a big thing in the healthcare industry. Research in healthcare is one of the prominent sector under which huge investment is made, not only in manufacturing new drugs or biomedical implants.

As the covid-19 impact continues to spread in North America, the logistics and supply chain operations are being affected dramatically. Consumer goods, retail, and industrial goods are few notable industries that are hardly hit by coronavirus outbreak. Disruptions in the supply chain has caused ripples across several industries which might have both long term and short term impact on businesses. The quarantine measures have made difficult for freight service providers to operate smoothly across the country.

The key players operating in the global internet of things (IoT) market include IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US), Arad Group (Israel), Cisco (US), Medtronic (Ireland), SAP (Germany), Software AG (Germany) AWS (US), Softweb Solutions (US), Google (US), hIOTron (India), Sony(Japan), Capgemini (France), Adobe (US), NTT Communications (Japan), Happiest Minds (India), Vodafone (UK), TCS (India), DXC (US), Infosys (India), Verizon (US), Service Group (US), Cognizant (US), and Accenture (Ireland). These players are adopting several growth strategies, such as new service launches, and partnerships to expand their presence further during covid-19 impact.

Source: VynZ Research