IoT Infrastructure Market size will grow exponentially to 2024, Robustly increasing requirement for a luxurious, high-end lifestyle

IoT Infrastructure Market size will be accelerated by robustly increasing requirement for a luxurious, high-end lifestyle and enhanced living quarters. Leading behemoths such as Microsoft Corporation, Huawei Technologies Inc., IBM Corporation, Schneider Electric, and Intel Corporation have also been earnestly attempting to increase the product penetration across numerous application arenas.

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. 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.

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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.

IoT infrastructure Market, By Platform

  • Network Management
  • Device Management
  • Application Management

IoT infrastructure Market, By Technology

  • Sensor
  • RFID
  • Connectivity technology
  • Others

The trend of urbanization has led to an increase in the populace across cities, pertaining to the easy availability of several facilities such as advanced healthcare, transportation, and housing. The rapidly increasing population has adversely affected the municipal infrastructure, on account of which various municipalities have commenced the deployment of IoT in public infrastructure. Reportedly, this move has been undertaken in a bid to deal with the surging population pressure and the enhanced consumer living standards, and is expected to significantly boost IoT infrastructure market size. A proportionate number of regional governments have begun to implement the internet of things for addressing smart governance, smart living, smart economy, smart cities, and smart mobility.

A recently compiled report depicts that close to 60% U.S. citizens prefer living in smart cities, given their incredible advantages. The rising proliferation of smart cities is evident from the incredible proportion of smart city projects that are being undertaken across myriad geographies – which may have a mammoth impact on the revenue graph of IoT infrastructure industry. The numerous advantages provided by smart cities with regards to planning, finance, energy safety, transportation, and other urban aspects have accelerated their demand and popularity across IoT infrastructure market. In consequence, tech behemoths have been signing public-private partnerships, that would lead to the generation of layered framework to address the many challenges of smart city projects by building effective, connected solutions.

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