Internet of Things Technology Market Estimated at $639.74 Billion by 2022

According to MarketsandMarkets’ new market research report, “Internet of Things Technology Market by Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), Network Infrastructure, Software Solution, Platform, Service, End-use Application, and Geography – Global Forecast to 2022,” the IoT technology market is expected to be valued at $639.74 billion by 2022, growing at a CAGR of 25.1% from 2017 to 2022.
 
The market has a huge potential across various industry verticals such as industrial, automotive & transportation, and building automation. The major factor driving the IoT technology market is the growing penetration of Internet connectivity, the increasing adoption of cloud platforms, and increased IP address space with the introduction of IPv6.
 
The IoT technology market for software solution is expected to lead the market during the forecast period. As a huge amount of data are generated from IoT devices, there would be a high requirement for software solutions that can analyze data to provide trends.
 
The industrial end-use application held the largest share of the IoT technology market in 2016. The major factor driving the growth of this market is the growing demand of the Industrial IoT vendors to achieve control over multiple heterogeneous industrial processes by integrating advanced IoT platforms and solutions to automate industrial operations.
 
North America held the largest share of the IoT technology market in 2016. The increasing adoption of smart connected devices and rapid digitalization across various end-use applications have fueled the growth of IoT in this region.
 
The companies profiled in this report are Intel (US), QUALCOMM (US), Texas Instruments (US), International Business Machines (US), STMicroelectronics (Switzerland), General Electric (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft (US), Amazon Web Services (US), Symantec (US), PTC (US), and Alphabet (US). The report also covers some of the new players in the Internet of Things (IoT) Technology market such as Ayla Networks (US), Losant IoT (US), Notion (US), Pepper (US), and Helium Systems (US).