According to a research report "IoT Connectivity Market by Component (Platform, Services), Organization Size, Application Areas (Building &Home Automation, Smart Energy & Utility, Smart Manufacturing, Connected Health, Smart Retail, Smart Transportation), Region - Global Forecast to 2024", MarketsandMarkets expects the 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. Major factors expected to drive the growth of the IoT connectivity market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity; and ability to integrate the standalone and non-standalone components of IoT ecosystem.
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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
North America is expected to hold the largest market size
during the forecast period. The US has emerged as the largest market for IoT
connectivity due to the large-scale implementation of the technology by
organizations and enterprises in the country. The high pace of digital
transformation, along with the high growth of IoT, Artificial Intelligence (AI)
and cloud computing, is attributing to the fast growth of the IoT connectivity
market in the US.
Key
Market Players
Key and emerging market players include AT&T (US),
Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless
(Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy),
Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany),
and Moeco (US). These players have adopted various strategies to grow in the
IoT connectivity market. The companies are focused on inorganic growth
strategies to strengthen their market position.
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