The IoT technology market is expected to be valued at USD 639.74 Billion by 2022, growing at a CAGR of 25.1% from 2017 to 2022, according to a global forecast.
The major factor driving the IoT technology market is the growing penetration of Internet connectivity, the increasing adoption of cloud platforms, and increased IP address space with the introduction of IPv6. Additionally, large investments by the industry giants in IoT to introduce new IoT-based products would create demand for more IoT hardware, software, and service.
The IoT technology market for software solution is expected to lead the market during the forecast period. As a huge amount of data are generated from IoT devices, there would be a high requirement for software solutions that can analyze data to provide trends. By implementing the IoT software solutions, the businesses are aiming to get a competitive edge with predictive analytics as well as optimize their operations.
The industrial end-use application held the largest share of the IoT technology market in 2016. The major factor driving the growth of this market is the growing demand of the Industrial IoT vendors to achieve control over multiple heterogeneous industrial processes by integrating advanced IoT platforms and solutions to automate industrial operations.
North America held the largest share of the IoT technology market in 2016. It is one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The increasing adoption of smart connected devices and rapid digitalization across various end-use applications have fueled the growth of IoT in this region.