IoT Communication Technologies Market Overview:
Internet of Things (IoT) refers to interconnectivity of things, people and cloud services through internet by incorporating diverse communication technologies. With regards to the businesses IoT is helpful in increasing customer satisfaction through connectivity of smart devices. The Global IoT Communication Technologies Market is expected to reach $14,661M by 2024 and Americas region is expected to dominate the global IoT communication technologies market and expected to hold a major share of 30% in 2024. APAC region is estimated to grow during the forecast period due to growing demand for consumer electronics in the region.
IoT Communication Technologies Market Outlook:
IoT is an environment of connected devices that are accessible by internet. IoT communication technologies plays an integral role in wide variety of applications that include intelligent transportation services, smart grids, smart cities. IoT is expeted to be crucial in enhancing the quality of experience in emerging technologiesAccording to Industry ARC findings, Cellular technology is going to be most dominant technology in the forecast period which is expected to grow at a CAGR of 10.93% during the forecast period. Computing devices such as laptops, smartphones, tablets and warbles devices are the major applications for IoT Communication Technologies market.
IoT Communication Technologies Market Growth Drivers:
Increasing need for automation in various industry verticals is driving the IoT Communication Technologies Market. Growing demand for low maintenance, powered wireless sensing equipment and developments in big data are the pushing factors for IoT and its associated technologies market. Growing scope for the cloud computing is also an important growth factor for the IoT communication technologies market.
IoT Communication Technologies Market Challenges:
Cost is the major challenge in the IoT technology. Though IoT has many advantages and has garnered enough interest among the business providers, small and mid size players are reluctant to adopt the technology due to its requirement of high investment.. Lack of interoperability and standardization of components is hindering the growth of the market too.
IoT Communication Technologies Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the IoT Communication Technologies Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of IoT Communication Technologies Market, and their specific applications in various industry verticals.
IoT Communication Technologies Market Report: Industry Coverage
Types of Cellular Technologies: 2G, 3G, 4G, 5G, LTE-M & NB-IoT
Types of Wireless Technologies: WiFi, Bluetooth & Bluetooth Smart, Zigbee, Wireless Hart, DSRC, Others.
Types of Low Power Technologies: Licensed Spectrum, Unlicensed Spectrum.
Applications of IoT Communication Technologies: Aerospace & Defense, Automotive, Computing, Information and Communication Technology, Automation, Power and Energy, Medical and Health Care, Others.
The IoT Communication Technologies Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Mexico, Brazil, Others.
- Europe: The U.K., Germany, France, Spain, Italy.
- APAC: China, Japan, South Korea, Taiwan, Others.
- Rest of the World : Middle East and Africa
IoT Communication Technologies Market Key Players Perspective:
“We prefer to cooperate with regional agents in global symposiums. Recognized it as one of marketing strategies, we purpose to change view of applications about newest technology and close to customers efficiently. ” said by SIMCom Marketing Director, Mr. Hong Yang at Tech Trends Symposium held by SIMCom.
Some of the other key players mentioned in this report include Sierra Wireless, Gemalto, SIM com Wireless, Telit, Ublox and others.
IoT Communication Technologies Market Trends:
A keen interest in collecting and analyzing various types of real time customer data is developing amongst enterprises across the world, thus creating an intense potential for the growth of IoT and its communication technologies market. Low maintenance, wireless sensing equipment, growth of big data analytics are all pushing the growth of IoT and its associated technologies market. Increasing need for automation in various industry verticals is also driving the IoT Communication Technologies Market. According to Forbes, Harley Davidson reduced its build to order cycle by a factor of 36 and shifted its production to an IoT enabled plant which resulted in a profitability growth of 3-4%.