IoT Networks Market To Grow At CAGR of 21.6% In 2017-2022

by CXOtoday News Desk    Jan 10, 2018

IoT

The Global Market for IoT Networking Solutions will Grow from $392.1 Billion in 2017 to $1.0 Trillion by 2022 with a CAGR of 21.6% for the Period of 2017-2022, according to a latest study by Research and Markets.

IoT advocates show the most interest in initiatives including location intelligence, streaming data analysis, and cognitive BI as well. Also, Business Intelligence Competency Centers (BICC), R&D, Marketing & Sales and Strategic Planning are most likely to see the importance of IoT, said a study by Dresner Advisory Services.  

Dresner Advisory Services published the 2017 Internet of Things (IoT) Intelligence Market Study, part of the Wisdom of Crowds series of research, where IoT is defined as the network of physical objects, or “things,” embedded with electronics, software, sensors, and connectivity to enable objects to collect and exchange data.

“Although still early days for IoT, we see this as a defining topic for the industry. IoT Intelligence, the means to understand and leverage IoT data, will likewise grow in importance and will elevate key technologies such as location intelligence, advanced and predictive analytics, and big data,” said Howard Dresner, founder and chief research officer at Dresner Advisory Services. “We expect these areas to continue to drive interest and use of IoT Intelligence going forward.”

According to a recent IDC, nearly 50 percent of Indian business and IT leaders consider IoT imperative to stay ‘digitally fit’ Line of Business leaders have twice the interest in IoT programs driven by the need to generate new revenue streams.

IDC noted that about 60 percent respondents in India see IoT helping them drive competitive advantage in the market Security, privacy and complexity remain major challenges for organizations to adopt IoT comprehensively.