IoT Connectivity Market Size and Growth Rate (2019 - 2024)
Research Analysts at Research Cosmos predicted the size of the Global IoT Connectivity market to reach USD 9 Billion by the end of 2024 with a CAGR of 18.85% from 2019 to 2024.
Internet of things connectivity extends the connection between the physical devices and other everyday objects. These are interlinked with the electronics and other types of hardware components. The devices connected with the internet can communicate and interact with other devices.
- Growing prevalence for the use of smartphones and electronic devices using the internet is substantially driving the demand of the market. The rise in the capital income in both developed and developing countries are fueling the demand of the market.
- However, fluctuations in the prices of the raw materials are proportionally increasing the cost of the final products which is a restricting factor for the market growth. Lack of standardization is also impeding the demand of the market.
- The rise in the development of new applications and also the internet of things are making human life easy which is mere to lavish growth opportunities for the market. Increasing constructional activities such as a smart home are greatly impacting the growth of the market positively.
The services segment is leading the highest shares of the market from the past few years and is to continue the same flow in the coming years
By component, the market is divided into services and platform. Services are expected to bolster the shares of the market by an owing rise in the acceptance of inter of things connectivity by multiple organizations.
Building & home automation applications are holding the largest shares of the market
Based on the applications, the market segments are building & home automation, smart energy & utility, smart manufacturing, connected health, smart retail and smart transportation. Building & home automation segment is ruling dominant shares of the market. The main factor fueling this segment is increased disposable income in urban areas.
North America is gaining traction in leading the highest shares of the market
Geographically, North America is witnessed to have the highest shares of the market with the acceptance of the latest technological developments and increasing economy in well-developed countries. The Asia Pacific and Europe are following North America is dominating the largest shares of the market. The rise in the development of applications in favor of the end-users and growing funds through government organizations are prompting the demand of the market in these regions. The Middle East & Africa is anticipated to have huge growth opportunities with increasing knowledge over the internet of things.
Companies leading the Global IoT Connectivity Market:
- Sierra Wireless
This research report includes the following segmentation for the Global IoT Connectivity Market size and forecast until 2023.
IoT Connectivity Market Analysis - By Component
- Professional Services
- Managed Services
IoT Connectivity Market Analysis - By Application Areas
- Building & Home Automation
- Smart Energy & Utility
- Smart Manufacturing
- Connected Health
- Smart Retail
- Smart Transportation
- Others (Education and Agriculture)
IoT Connectivity Market Analysis - By Organization Size
IoT Connectivity Market Analysis - By Region
- North America
- Latin America
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