According to a new market report published by Credence Research, Inc. “Internet of Things Market By Type (Hardware, Software, Service), By Software (Data Management, Security, Analytics, Communication, Other Software), By Service (Consulting, Implementation & Integration, Operation Management, Other Services), By Deployment Model (On-premise, Cloud-based), By End-User Vertical (Consumer Vertical, B2B Vertical), By B2B Vertical (Public Sector, Retail, BFSI, Healthcare, Manufacturing, Energy & Utility, IT & Telecom, Transportation) – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023”, the global internet of things market is expected to witness a steady growth, expanding at a CAGR of over 19% from 2016 to 2023.
Browse the Internet of Things Market – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023 report at http://www.credenceresearch.com/report/internet-of-things-iot-market
Growing digitization of business models both front-end and back-end across major end-user verticals and increasing government initiatives and support to deploy IoT technologies in small- and mid-sized enterprises is driving growth of the internet of things market worldwide. However, high cost associated with deployment of connected devices and intelligent systems is hampering growth of the market especially in developing regions such as Asia-Pacific and Latin America.
The global internet of things market is fragmented in nature, with top players constituting less than 40% market share of the overall market revenue. Currently, Microsoft Corporation, IBM Corporation and Google Inc. are the dominant players in the global Internet of things market. These players follow the strategy of acquiring regional players to enter untapped market and increase customer base. Also, key vendors are concentrating on entering strategic partnership to develop and introduce industry-specific IoT platforms and solutions to gain first mover advantage. The prominent players operating in the global Internet of things market are IBM Corporation, Cisco Systems, Inc., Google Inc., Hewlett-Packard Company, Microsoft Corporation, Accenture PLC, Oracle Corporation, SAP S.E., General Electric (GE), and Telefonica S.A.
- Growing adoption of cloud-based IoT solution and platform to intensify competition among players in the market
- Large vendors are focusing on acquiring regional players
- Surge in strategic partnerships and joint ventures among prominent players
- Introduction of advanced connected systems and sensors by vendors
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