The introduction and evolution of IPv6 along with high-speed internet connectivity is predicted to drive the organizations demand for connected technologies in global IoT market.
Such technologies exchange data and information to give consumers added convenience, and even allow users to automate basic processes. This emergence of automation technology in various sectors, including manufacturing, has led to increased adoption of IoT and has created a huge growth potential.
TRENDS INFLUENCING THE IOT MARKET SHARE
- Rapid adoption of cloud-based IT solutions is a key driver of Internet of Things (IoT) growth during the forecast period.
- Rising implementation of edge and fog computing favors adoption of the Internet of Things (IoT) by providing enhanced data management and analysis functionality across varied application areas.
- With the emergence of big data analytics and the need to manage large quantities of data generated by internet-enabled devices, the data management IoT solution is expected to hold the largest market share in terms of revenue.
REGION WISE MARKET GROWTH ANALYSIS
Throughout advanced economies, IoT applications are becoming ever more widespread. According to the IoT market report:
- North America is expected to exhibit moderate growth during the forecast period with the presence of major market leaders.
- European Union funding in Europe and Chinese government in Asia play a major role in improving the IoT’s market. The Asia-Pacific region is expected to grow at the highest rate over the forecast period due to the increasing influx of technology companies in the region coupled with increasing IoT technology investment, Valuates reports.