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.
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.
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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
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.
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.
An IoT related report by a research firm claims close to 1.40 billion IoT units to be shipped ahead for smart city projects by 2020, for smart homes, smart buildings, smart transportation, sustainability and climate change. This provides ample evidence to the fact that IoT infrastructure market is here to stay, boasting of a widespread array of technologies, platforms, and applications. A report compiled by Global Market Insights, Inc., claims IoT infrastructure market size to surpass a valuation of more than USD 130 billion by 2024
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