According to a new market research report " Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, and Network Bandwidth Management), Service, Platform, Application Area, and Region - Global Forecast to 2022” ", published by MarketsandMarkets™, The IoT market size is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9% from 2019 to 2022.

The major forces driving the IoT market include the adoption of cloud Platform as a Service (PaaS). Moreover, the advent of advanced data analytics and data processing is also fueling the growth of the IoT market, as advanced analytics and data processing are useful in deriving results from the high volumes of data collected using the machine-to-machine communication.

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The Internet of Things (IoT) market is growing due to the adoption of the cloud platform. The initiation of advanced data analytics and data processing, and reduction in the cost of connected devices are some of the other factors contributing to the growth of the IoT market. MarketsandMarkets forecasts the IoT market size to grow from USD 170.57 billion in 2017 to USD 561.04 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9% during 2017–2022.

There are several established players in this market, such as Google Inc. (US), Hewlett-Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electronics (US), Intel Corporation (US), SAP SE (Germany), Cisco Systems, Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), International Business Machine (IBM) Corporation (US), and PTC Inc. (US). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the global IoT market.

IBM Corporation is one of the leading players in the IoT market. The company has adopted both organic and inorganic strategies to enhance its presence in the market. It entered into various partnerships and strategic alliances with local as well as global players. For instance, in March 2017, IBM announced its partnership with Visa. This partnership enabled IBM to combine its Watson IoT platform with Visa’s token technology. Moreover, both the companies deployed a token sharing architecture using a device managed by Big Blue’s cloud infrastructure. In November 2016, IBM launched its Watson IoT consulting solution that allows developers to quickly connect, build, and manage IoT applications and solutions.

Cisco Systems, Inc. is another major vendor in the IoT market. The company has a strong presence worldwide, including North America, Asia Pacific (APAC), and Europe. It is a seller of architecture and solutions, based on machine-to-machine communication devices. The company has adopted the inorganic growth strategy to enhance its presence in the market. For instance, in April 2016, it partnered with SAS, one of the leading companies dealing with analytics, business intelligence, and data management software. This partnership enabled Cisco to validate the design of IoT analytics platform using SAS analytics. Moreover, in November 2016, Cisco partnered with Olivetti, an Italy-based telecommunication and IT solutions provider. This partnership enabled both the companies to jointly deliver the IoT manufacturing service to their industrial customers present across verticals, such as energy and utilities, car manufacturers, retail and payment, and transportation and logistics.

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