Albany, NY -- (SBWIRE) -- 10/18/2018 -- The global market for Internet of Things is developing at a rapid rate and is considered as highly fragmented in nature with a large number of local as well as international players operating across the globe, states a new research study by Transparency Market Research. The development of new and advanced products and the adoption of the latest technologies are the major strategies that are being adopted by the key players, which will further support the market growth in the coming years. In addition to this, several players are focusing on designing a secure technology solution in order to gain a competitive advantage across the global Internet of Things market in the next few years. Some of the key players operating in the Internet of Things market across the globe are Cisco Systems, Inc., Intel Corp, Amazon.com, Microsoft Corp., Apple, Inc., and Google, Inc.

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As per the market intelligence study by Transparency Market Research, in 2016, the global Internet of Things market was worth US$334.22 bn. The market is further estimated to reach a value of US$1,490.31 bn by the end of 2024, registering a strong 20.55% CAGR between 2016 and 2024.

High Adoption of New Technologies to Drive North America Market

From a regional perspective, North America held a huge share of the global Internet of Things market and is predicted to continue its dominance in the next few years. The presence of a large number of players and the rising adoption of advanced technologies are considered as the key aspects that are projected to enhance the market growth throughout the forecast period. Europe is expected to attain the second position in the market in terms of market share and is likely to observer a strong growth in the near future. Furthermore, the increasing inclination of consumers towards smart devices, connected consumer devices, and portable electronics is predicted to enhance the growth of the Asia Pacific market for Internet of Things in the near future.

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The global market for Internet of Things has been classified on the basis of application into media, consumer application, manufacturing, energy management, and medical and healthcare. Among these, the medical and healthcare segment is projected to account for a large market share in the next few years. The rising awareness among consumers concerning the benefits of using Internet of Things is one of the key factors predicted to accelerate the market growth in the next few years. As per the study, this segment is predicted to register a healthy growth rate in the coming few years.

Rise in Adoption of Cloud Platform to Encourage Market Growth

The global market for Internet of Things is expected to grow at a fast rate in the coming few years. The key players in the market are emphasizing on the development of new wireless networking technologies and the adoption of cloud platform are predicted to support the growth of the global Internet of Things market in the forecast period. In addition to this, the emergence of advanced data processing and analytics and the reduction in the cost of connected devices are further expected to accelerate the market growth throughout the forecast period.

On the flip side, the rising concerns related to the privacy and data security is estimated to restrict the growth of the global Internet of Things market in the coming few years. Moreover, the lack of common standards and the rise in the demand for bandwidth are likely to act as major challenges for the market players, thus hampering the growth of the overall market. Nonetheless, the rising adoption of Internet of Things among SMES and the shared security model are predicted to offer lucrative growth opportunities for market players in the coming few years.

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