Global IoT Infrastructure Market growth in service segment will be driven by rising demand for customized services to manage the systems in IoT network. Professional service providers with technical expertise provide end-to-end services and deploy the technological solutions in order to increase the operational efficiency. Furthermore, increasing adoption professional services by the users to reduce the total cost of ownership contributes to the segment growth. Increasing government initiatives for smart cities across China, India and Singapore offers opportunities to the service providers to invest in IoT infrastructure markets.
Internet of Things (IoT) Infrastructure Market expected to grow at over 25% CAGR to reach over USD 130 billion by 2024. Increasing investments in smart cities across the U.S., China, India, Singapore and UK will drive the IoT infrastructure market growth over the forecast timeline. The Government of India plans to develop nearly 100 smart cities requiring an investment of over USD 150 billion provides impetus to the industry demand. Rising demand for effective & efficient utilization of resources and meet challenges within city infrastructure, transportation and energy management is expected to fuel the demand.
The deployment of IoT based solutions in cities allows them to wisely use data in order to upgrade the city infrastructure as well as services. Growing demand for water & waste management across the urban areas is expected to drive the IoT infrastructure market growth. Real time sensing of water & drainage operations in a city can be obtained through monitoring equipment such as meters, pressure gauges and wireless networks in a IoT network. Relevant management departments can make use of the data obtained for analysis and making supporting suggestions.
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Sensors integrated in the devices enable seamless transfer and data exchange in a IoT network. Miniaturization trend coupled with the advancements in the sensor technology helps the manufacturers integrate various functionalities on a single chip. Functionalities include lighting systems, monitoring as well as security. Enormous volume of data is generated from these sensors which require collection and analysis for upgrading the processes. Rising demand for connectivity solutions such as cellular technologies, Wi-Fi and NFC for communication between the devices lies impetus to the connectivity technology segment growth in IoT infrastructure market.
Rising number of smart city & building projects coupled with the advanced infrastructure in the U.S. is expected to propel the industry growth across the region. Asia Pacific IoT infrastructure market is expected to witness substantial growth over the forecast timeline. The growth is credited to the growing demand of smart cities across countries such as China, Singapore, India and Malaysia. Increasing penetration of connected devices followed by heavy investments for smart city infrastructure development further contributes to the industry demand.
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 in the IoT infrastructure market include Microsoft Corporation, Intel Corporation, Schneider Electric, IBM Corporation, Huawei Technologies Ltd., Cisco Systems, Inc., SAP SE, Oracle Corporation, PTC Inc., Accenture PLC and Honeywell International Inc. The industry is currently witnessing intense competition owing to the new players entering the market with advanced and innovative set of solutions. Players are currently focusing on enabling sustainability through maintenance and ensuring operational excellence in delivery of infrastructure projects.