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.

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Geographic Analysis
• Country-wise breakdown of various geographies including North America, Europe, APAC, and RoW
• Market segmentation of various applications into product segments
• Comprehensive coverage of regulations followed in each region (North America, APAC, and Europe)

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.

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.

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