According to a research report "IoT Connectivity Market major factors expected to drive the growth of the market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity and ability to integrating the standalone and non-standalone components of IoT ecosystem. IoT Connectivity Market by component (platform and services), organization size (large enterprises, and SMEs), application areas, and region. - Global Forecast to 2024" published by MarketsandMarkets. IoT Connectivity market to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period.
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By organization size, the large enterprises
to constitute a larger market size during the forecast period
Based on organization
size, the global IoT connectivity market is segmented into SMEs and large
enterprises. The segmentation has been carried out based on the number of
employees in the organizations. The large enterprise segment is expected to
have the largest market size in the market, due to their early adoption of IoT
connectivity platform and high investment capabilities.
Large enterprises can
benefit from the cloud services which require IoT connectivity, as they can
host their large number of applications in the cloud network, which eases
application management. With the cloud, enterprises can achieve improved
collaboration, along with faster performance, quick responsiveness, and greater
agility, without having to operate a server infrastructure. On the other hand,
the SMEs segment is expected to experience moderate growth in the adoption of
IoT connectivity platform and associated services.
The managed services segment to grow at a
higher CAGR during the forecast period
Among services, the
managed services segment is expected to witness a higher growth rate than the
professional services segment during the forecast period. Managed services help
clients manage their IoT connectivity operations from consultancy to deployment
and maintenance. The prime responsibility of the managed services providers is
to improve the efficiency of inbound and outbound operations cost-effectively
for enterprises.
Managed services assist clients in
outsourcing the IoT connectivity to service providers for efficiently managing
their key business operations. These services are very useful for companies,
which do not have internal budgets or analytical skills to implement and manage
the IoT connectivity platforms. The managed service providers handle end-to-end
deployment and after-sales services for the platform.
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North
America to account for the largest market size during the forecast period.
The
geographic analysis of the IoT connectivity market includes five major regions,
namely, North America, Asia Pacific (APAC), Europe, Latin America, and the
Middle East and Africa (MEA). North America is expected to hold the largest
share of the global market and comprises the US and Canada, which are early
adopters of connectivity technologies such as cellular-based and unlicensed
low-power wide-area network (LPWAN).
US and
Canada have sustainable and well-established economies, which empower them to
actively invest in R&D activities, thereby contributing to the development
of new technologies. Due to the early adoption of trending technologies, such
as IoT, cloud, AI, big data, and mobility, organizations are keen to integrate
IoT technologies into their processes. The advent of SMEs and increasing
digitalization in manufacturing by large organizations have also aided the
growth of the North American IoT connectivity platform space.
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