Internet of Things market worth $661.74 billion by 2021
This is according to a report "Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, & Network Bandwidth Management), Platform, Service, Application Domain, and Region - Global Forecast to 2021" by MarketsandMarkets.
The major forces driving the IoT market are development of cheaper and smarter sensors, evolution of high speed networking technologies, and rising adoption of cloud platforms across industry verticals.
Furthermore, increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security, and analytics which is expected to drive the market during the forecast period.
Software solutions would dominate the IoT market during the forecast period. This growth is driven by the increase in adoption of connected devices and smart technologies for various application areas.
Data management solution is expected to dominate the IoT software solutions segment during the forecast period due to the generation of huge data through various devices from various locations.
Security solution is expected to witness the highest growth rate during the forecast period as security of devices, applications, and network is one of the major challenges that organizations are facing these days.
North America is expected to dominate the IoT market during the forecast period.
The IoT market segments the global market on the basis of regions, which include North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America.
North America is expected to hold the largest share of the IoT market in 2016 due to the technological advancements and early adoption of IoT in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021.
The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan. ■