IoT technology market for software solution is expected to hold the largest share during the forecast period.

Northbrook, IL -- (SBWire) -- 09/14/2018 --The Internet of Things (IoT) is a large network of physical devices connected to the Internet. These devices are embedded with hardware and software. Hardware and software are used in the development of IoT applications as they help streamline analytics and connectivity.

The IoT technology market is expected to reach USD 639.74 billion by 2022, at a CAGR of 25.1%. The growth of the IoT technology market is driven by the growing penetration of Internet connectivity, the proliferating market of connected devices, and the declining cost of smart wireless sensor networks.

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Many technological advancements are being made in the IoT market. Companies have realized the importance of cloud computing in providing comprehensive IoT solutions to their customers, which will drive the IoT Technology market. For example, in May 2016, SAP (Germany) unveiled new offerings for customers and partners on the comprehensive SAP HANA Cloud Platform for IoT.

The IoT technology market for service is expected to grow at the fastest rate during the forecast period. The increasing complexity of operations and the growing use of IoT solutions are driving the market for services. The demand for highly customized IoT services in the industrial and transportation sector is also the major driver for the rise in demand for IoT services.

The market for the BFSI end-use application is expected to grow at the highest CAGR. The market for BFSI is significantly driven by the increased adoption of online banking, contactless payment, and mobile banking apps. Banks are trying to create intelligent and personalized customer cross-selling opportunities.

Moreover, the demand for intelligent banking would create a demand for connectivity ICs, processors, and sensors, which would be used in devices such as mPOS and smart kiosk. All these factors are expected to result in the highest CAGR for the BFSI end-use application.

APAC is expected to grow at the highest rate between 2017 and 2022. The growing penetration of the Internet across commercial as well as residential spaces, high consumer base, increasing disposable income, and improving IT infrastructure are some of the key determinants supplementing the growth of the IoT technology market in APAC.

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