The report “Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, and Network Bandwidth Management), Service, Platform, Application Area, and Region – Global Forecast to 2022″, size is expected to grow from USD 170.5 billion in 2017 to USD 561 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26% during 2017–2022. The increasing number of connected devices and the proliferation of smartphones have contributed significantly to the rise of IoT. Rising adoption of cloud platforms, development of cheaper and smarter sensors, and evolution of high-speed networking technologies will drive the growth of the IoT market.
Data management to account for the largest market size during the forecast period
Billions of Internet connected devices and applications that includes smart meters, lighting, grid, driverless cars, and wearables devices. These devices are interconnected and enable businesses to work smartly, efficiently, and profitably. With enormous devices connected, IoT is driving vast data volume to be stored, process, and analyzed for adding business value. IoT deployment enhances organizations ability to gain insights from the flowing data to improve efficiencies and customer experience. This heterogeneity of data generated by IoT and smart devices challenge the traditional data management system. The traditional data management solutions only update records, files, and store data in the system. The IoT data management solutions provide a standard platform for storing, processing, managing, and performing data analysis.
The smart retail is expected to grow at the highest CAGR during the forecast period
The IoT technology solutions in the retail industry provide companies with greater visibility into the physical environment and the data they need to optimize workflows, better allocate and utilize assets, and reduce operating costs. Though overall adoption of IoT in retail is limited, these are being increasingly deployed for inventory management as these assist in proper utilization and management of inventory and reduce instances of shrinkage through theft analysis. Apart from this, advertising and real-time analytics are other areas of deployment that help retailers drive targeted promotional campaigns and increase the revenue per customer.
North America to account for the highest market share during the forecast period
North America is expected to hold the largest market share in the IoT market during the forecast period. The countries in this region have established economies, which empowers them to strongly invest in R&D. The rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and the technological advancements have further fueled the growth of the IoT market in this region.