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IoT Technology Market is Expected to Grow at a CAGR of 25.1% - Forecast 2022


The Internet of Things Technology Market constitutes node component, network infrastructure, software solution, platform, and service. The IoT technology market is expected to grow at a CAGR of 25.1% during the forecast period, to reach USD 639.74 Billion by 2022 from USD 176.00 Billion in 2016. The base year used for this study is 2016, and the forecast period is from 2017 to 2022.
Objectives of the Study
  • To define, describe, and forecast the overall IoT technology market on the basis of node component, network infrastructure, software solution, platform, service, end-use application, and geography
  • To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze opportunities in the market for stakeholders and detail the competitive landscape for market players
  • To forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the World
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The IoT technology market comprises players such as Intel (US), QUALCOMM (US), Texas Instruments Incorporated (US), Microsoft (US), IBM (US), Cisco Systems (US), and Amazon Web Services (US), among others.
Of all the major end-use applications, the industrial end-use application held the largest share of the IoT technology market in 2016. The growth of the industrial application was primarily driven by the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle. Furthermore, the government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are also promoting the implementation of the IoT solutions for the industrial end-use application.
Of all the regions, North America held the largest market share of the overall IoT technology market in 2016. An established IT ecosystem and the early adoption of various IoT-enabled products across multiple end-user applications are the most prominent factors behind the growth of the market in this region. The IoT technology market in APAC is expected to grow at the highest CAGR from 2017 to 2022 owing to the huge investments by the companies for the development of IoT and the growing penetration of the Internet across commercial as well as residential spaces, high consumer base, and improving IT infrastructure.
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