IoT infrastructure Market size is set to exceed USD 130 billion by 2024, according to a new research report by Global Market Insights, Inc.
The increasing number of smart city projects across the U.S., India, China, Singapore, UK, etc. are anticipated to drive the IoT infrastructure market growth over the forecast timeframe. Smart cities require expertise across several sectors including planning, finance, transport, communication, and energy safety, among others. The IoT framework addresses the various aspects of smart projects and allows cities to utilize urban data to improve economic competitiveness, and build more effective solutions. The Indian government plans to develop over 100 smart cities that requires an investment of over USD 150 billion, which is expected to fuel the regional growth.
Increasing demand for water & waste management in cities is also expected to drive the IoT infrastructure market growth. The solutions can be implemented to sense the water supply & drainage operations of a city in real-time through various wireless networks, pressure gauges and monitoring equipment including meters. These data on water supply & drainage can be provided to the relevant management departments in order to analyze the information and make supporting suggestions.
IoT infrastructure market lies huge growth opportunities for the professional services. Increasing demand for customized services in order to implement and manage the complex IoT networks supports the professional services growth. The service providers with skilled expertise implement the technological solutions and offer end-to-end services resulting in increasing the operational efficiency. In order to reduce the total cost of ownership, adoption of professional services is on the rise, further contributing to the growth. However, managed services segment is set to witness significant growth in China, India & Singapore due to lack of adequate infrastructure for supporting such solutions.
Advancements in sensor technology coupled with the miniaturization trend is helping the manufacturers integrate several functionalities in a single chip. Devices integrated with sensors ensure the seamless transfer and exchange of data. They are used for various functionalities which include monitoring, security as well as lighting systems. Huge volume of data generated from these sensors are required to be collected and analyzed to optimize the processes
North America IoT infrastructure market is expected to retain highest revenue share over the forecast timeline. This is attributed to the advanced infrastructure followed by rising number of smart city and building projects undertaken by the government across the region. Increasing demand for smart cities in countries such as China, India & Singapore will drive the Asia Pacific IoT infrastructure market growth. Rising investments for the development of smart cities infrastructure coupled with the increasing penetration of connected devices further contributes to the industry growth.
Companies operating in the IoT infrastructure market include Intel Corporation, Schneider Electric, Microsoft Corporation, Huawei Technologies Ltd., IBM Corporation and Cisco Systems, Inc. Honeywell International Inc., SAP SE, Oracle Corporation, Accenture PLC and PTC Inc. etc. The industry is fragmented in nature with the entry of new players with innovative and advanced set of solutions. Rising depletion of energy sources worldwide escalates the demand for efficient management of energy and power sources resulted in increased R&D investments by the major industry players, contributing to the IoT infrastructure market growth.