Internet of Things (IoT) is the networking of physical devices, often referred to as connected devices, via the Internet. These physical devices are embedded systems, which use hardware (processors, sensors, connectivity ICs, memory devices, and logic devices), software solutions, and platforms to connect with each other. These technologies allow the exchange of data between these devices and collectively constitute the IoT technology market.

The IoT technology market is expected to grow from USD 176.00 Billion in 2016 to USD 639.74 Billion by 2022, at a CAGR of 25.1% during the forecast period. Major drivers for the growth of the IoT technology market are the increasing adoption of cloud platforms, the declining cost of smart sensors, and increasing investments by major giants of this industry in the IoT market.

The IoT technology market has been segmented into node component, network infrastructure, software solution, platform, and service. The software solution segment held a major share of the market in 2016. The significant growth in the number of connected devices and the requirement for data storage and analysis are the key factors leading to the dominance of this segment.

Of all the major end-use applications, the industrial end-use application held the largest share of the IoT technology market in 2016. The growth of the industrial application was primarily driven by the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle. Furthermore, the government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are also promoting the implementation of the IoT solutions for the industrial end-use application.

The IoT technology market for the BFSI end-use application is expected to grow at the highest CAGR from 2017 to 2022, followed by building automation. The mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly. Banks are trying to create intelligent and personalized customer cross-selling opportunities, which would drive the market of IoT technology.

Of all the regions, North America held the largest market share of the overall IoT technology market in 2016. An established IT ecosystem and the early adoption of various IoT-enabled products across multiple end-user applications are the most prominent factors behind the growth of the market in this region. The IoT technology market in APAC is expected to grow at the highest CAGR from 2017 to 2022 owing to the huge investments by the companies for the development of IoT and the growing penetration of the Internet across commercial as well as residential spaces, high consumer base, and improving IT infrastructure.

One of the key restraining factors of the overall IoT technology market is the lack of privacy and security of data. As the number of connected devices is increasing with the growth in the adoption rate of IoT in end-use applications, a huge amount of data are being generated. Cyber criminals can hack into systems and use these data to automatically determine one’s car insurance, evaluate health status, track the behavior of a company’s strategy, and so on. Although encryption security keys can be used to secure the data, the key management would still be a major concern. The data security concern will continue to prevail and is expected to affect the demand for software and hardware for IoT applications, leading to the need for the development of more secure and highly encrypted chipsets in the near future.

The companies profiled in this report are Intel (US), QUALCOMM (US), Texas Instruments (US), International Business Machines (US), STMicroelectronics (Switzerland), General Electric (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft (US), Amazon Web Services (US), Symantec (US), PTC (US), and Alphabet (US). The report also covers some of the new players in the Internet of Things (IoT) Technology market such as Ayla Networks (US), Losant IoT (US), Notion (US), Pepper (US), and Helium Systems (US).


The manufacturers of IoT technology products, which are constantly striving for technology innovation, play a major role in the IoT ecosystem. These players demonstrate significant product innovations compared with other competitors in the IoT ecosystem. Players under this category have a focused product portfolio. Major innovators in the IoT technology market are Schneider Electric (France), Rockwell Automation (US), and Siemens (Germany), among others.

Internet of Things Technology Solutions

Comparing 20 vendors in Internet of Things Technology Solutions.
All vendors(20)

The company provides a highly reliable, scalable, and low-cost infrastructure platform in the cloud. The company provides a highly reliable, scalable, and low-cost infrastructure platform in the cloud across 190 countries to a large number of customers.The company's major categories of offerings are AWS Management Console and AWS Command Line Interface. The major divisions of AWS products are compute (Amazon EC2, AWS Lambda, VM Import/Export, and others), Storage and Content Delivery (Amazon S3, Amazon Glacier, AWS Storage Gateway, and others), Databases (Amazon RDS, Amazon Aurora, Amazon DynamoDB, and others), Networking (Amazon VPC, Amazon Route 53, and others), and developer tools. The company provides a specific product suite AWS IoT, which is a managed cloud platform and lets connected devices securely interact with cloud applications and other devices.
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IBM has the Watson IoT platform IBM Watson for IoT development. The platform helps derive the useful value from the data generated from the connected devices in the IoT ecosystem. The platform has capabilities such as device registration, connectivity, control, and rapid visualization and storage of IoT data.The company has the most advanced centers for Watson cognitive computing and IoT capabilities. With this center, the company aims to bring in the most innovate products for the IoT market by tapping into the latest designs.
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The company is one of the leading players engaged in designing and manufacturing advanced integrated digital technology platforms. Besides hardware, the company develops and sells software and offers services, primarily pertaining to security and technology integration. Intel is one of the leading providers of both hardware and software solutions. It is a well-established company with strong geographic footprint and customer base.The company offers platforms designed for various end-use applications, such as retail, transportation, and industrial. Intel has also launched its IoT platform that focuses on a horizontal approach to build an interoperable ecosystem for IoT. The platform aims to simplify connectivity and increase security of data between IoT devices. Connectivity and security are among those areas that need considerable improvement to scale up the deployment of IoT devices and networks.
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The company provides various other security solutions, such as Code Protection and Symantec Embedded Critical System Protection, which help secure the data transmitted through IoT systems and networks. The company's solutions enable users to update and configure IoT devices remotely, collect telemetry, and safely and securely share IoT data with their preferred third-party analytics partners. Moreover, the company provides various professional services, such as consulting, technical support, and education and training services, and managed services such as managed security services, managed enterprise services, and managed backup services.
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Texas Instruments is one of the leading players in the semiconductor market. The company is engaged in designing and manufacturing semiconductors. The company primarily provides analog integrated circuits (ICs) and embedded processors. It provides all of the building blocks to enable IoT and makes the application development easy with its hardware
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