The report “Internet of Things (IoT) Market by Components (Software Solutions, Platforms, and Services), by Vertical (BFSI, Healthcare, Manufacturing, Retail, Transportation, Utilities, and Government & Defense) – Global Forecast to 2027″, market is estimated to be USD 4.6 billion in 2020 and is predicted to reach USD 5.8 billion by 2027, growing at a CAGR of 6.2% during the forecast period. The edge computing is going to have upper hand in achieving the success of internet of things market. Cost reduction and power enhancement of the connected devices employed in the IoT by increasing its computing capabilities, allows huge bandwidth savings. It also ensures greater compliance and privacy regulations.
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In recent times remote access management has become an important parameter in connecting other businesses. Conference tools such as Zoom are booming across the globe, as they connect people remotely. Similarly, remote access tools are also in demand as they can connect people with machines and other workbenches. It enables individuals remotely communicate with machine and to carry out visual inspections. Librestream, competitor of Zoom, has recently reported surge in installation of remote access software.
On the basis of application, the internet of things (IoT) market is categorized into BFSI, healthcare, manufacturing, retail, transportation, utilities, and government & defense. The healthcare segment is expected to hold highest growth rate over the forecast period. With the rising cases of COVID-19, the IoT has found its way in the healthcare sector, offering numerous applications, such as telemedicine, connected healthcare, out-patient monitoring, and connected ambulances. The recent outbreak of COVID-19 has led to the IoT solution providers to quickly enable services to tackle protection from virus. The fast spreading of COVID-19 has created ripples in the entire ecosystem. For instance, remote monitoring, particularly for geriatrics is on rise in developed economies. Livongo Health, provider of remote IoT monitoring services for the chronic diseases has shown an unexpected rise in their quarterly guidance.
North America is the largest revenue contributor in the IOT market due to growth of pandemic massively in the region. As the covid-19 impact continues to spread in North America, the logistics and supply chain operations are being affected dramatically. Consumer goods, retail, and industrial goods are few notable industries that are hardly hit by coronavirus outbreak. Disruptions in the supply chain has caused ripples across several industries which might have both long term and short term impact on businesses. The quarantine measures have made difficult for freight service providers to operate smoothly across the country.
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Some of the major players in the global IOT market include IBM (US), Royal Phillips (Netherlands), Stanley Healthcare (US), Microsfot (US), Oracle (US), Bosch (Germany), CloudMinds (US), XAG (China), CBT (US), PTC (US), Rockwell Automation (US), Honeywell (US), GE Digital (US), Intel (US), Siemens (Germany), Ericsson (Sweden), Hitachi Vantara (US), ABB (Switzerkland), NEC Corporation (Japan), Telit (UK), Sierra Wireless (Canada), Itron (US), Arad Group (Israel), Cisco (US), Medtronic (Ireland), SAP (Germany), Software AG (Germany) AWS (US), Softweb Solutions (US), Google (US), hIOTron (India), Sony(Japan), Capgemini (France), Adobe (US), NTT Communications (Japan), Happiest Minds (India), Vodafone (UK), TCS (India), DXC (US), Infosys (India), Verizon (US), Service Group (US), Cognizant (US), and Accenture (Ireland).