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 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.

Service is the fastest-growing component during the forecast period

Factors such as the increasing adoption of connected devices across organizations and the evolution of high-speed networking technologies have encouraged organizations in every industry sector to adopt IoT solutions. However, the integration of new services and solutions into the company’s contemporary functioning system or the infrastructure necessitates the company to be acquainted with comprehensive detailed insights about the services. Additionally, the organizations also need to have an in-depth knowledge about the benefits that the new service can offer to their customers and employees. This knowledge is provided through a specific set of channelized services offered by the IoT service providers, and sometimes the solution providers themselves.

Smart manufacturing application area is expected to hold the largest market share

Smart manufacturing is the integration of machine gathered data and human intelligence, and the data sharing between sensors, computerized control, IT, and production management software. It interconnects and harmonizes the individual stages of manufacturing, ranging from production to advanced plant-wide efficiency. It allows businesses to develop advanced models and simulation for optimizing the manufacturing process. The Industrial Internet of Things (IIoT) represents a unique opportunity of deploying the platform-based approach; a single flexible hardware architecture deployed across multiple heterogeneous applications.

North America is expected to contribute the largest market share

North America is expected to hold the largest market share in the IoT market during the forecast period. The countries in this region have established economies, which empowers them to strongly invest in R&D. The rapid digitalization across industry verticals, the increasing adoption of smart connected devices, and the technological advancements have further fueled the growth of the IoT market in this region.

The major vendors in the IoT market include Google Inc. (US), Hewlett Packard Enterprise (US), Amazon Web Services (US), Bosch Software Innovation GMBH (Germany), General Electric (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).

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