Global Internet of Things Market to Be Valued at $15.8B by 2022, Report Forecasts
Consumer electronics application is expected to hold the largest share of the IoT communication protocol market by 2022.
The global market for Internet of Things (IoT) applications is forecast to be increasing at a compound annual growth rate (CAGR) of 4.7%.
DUBLIN, Ireland- The Internet of Things (IoT) communication protocol market is projected to be increasing 4.7% annually and will grow from $11.4 billion in 2015 to $15.8 billion by 2022, according to a new report distributed by Research and Research, based here.
The IoT communication market is driven by factors such as increasing Internet connectivity worldwide, increasing demand for smartphones and other connected devices, higher adoption of wireless sensors and mainstreaming of cloud computing. Increasing government funding across the globe for research and development in IoT and scope for innovative cross-domain application provide significant growth opportunities in the market, according to the report.
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Consumer electronics application is expected to hold the largest share of the IoT communication protocol market by 2022, whereas the building automation application is expected to witness its highest growth between 2016 and 2022. The IoT communication market in consumer electronics segment is expected to hold significant share owing to the emergence of a number of smart appliances that can connect to the Internet and smartphones.
The growing concern for conservation of energy coupled with the rising cost of energy has led to the increase in the demand for energy-efficient buildings. Building automation helps to increase the energy efficiency of the building and it can also help to enhance the security and safety in buildings. This factor has led to the growth in demand for building automation.
Asia and Pacific (APAC) countries such as China, India and Japan are aggressively taking initiatives, including heavy investments in R&D to encourage the adoption of IoT in the region, which is also expected to boost the demand for IoT chips in the near future.
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