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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Based on component, services segment to
record a higher growth rate than the platform segment during the forecast
period
Base on the component, the
services segment is expected to grow at a higher rate than the platform segment
during the forecast period. The services segment has a significant influence on
the IoT connectivity market growth. The demand for services is increasing with
the growing adoption of IoT connectivity by enterprises across major
application areas. These services assist end-users in reducing costs,
increasing overall revenues, and improving business performance. With the help
of these services, organizations can connect their edge devices effectively.
Among services, managed services segment to
register a higher growth rate than the professional services segment 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.
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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 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.
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