Asia Pacific region is likely to witness the fastest growth in the IoT integration market, owing to the technological developments in the area of IT
Good times ahead for Internet of Things (IoT) as the rapid developments in the field of information technology (IT) will certainly make an impact in its integration market globally.
As per the Research and Markets report,the global IoT integration market is likely to witness a compound annual growth rate (CAGR) of about 35 per cent during 2017-2024.
The report mentioned that the IoT integration has several benefits including reduced risks of implementation and costs. On the other hand, it also reduces time to market for IoT-based products.
According to the report, system design and architecture services are likely to dominate the IoT market. In addition, the applications of IoT integration include energy and utilities, automation and industrial manufacturing, home automation, smart building, smart retail, smart healthcare, logistics and telematics, and smart transportation.
Home automation and smart building segment is likely to dominate the market due to to increasing adoption of IoT services and solutions. IoT enabled smart buildings provide advanced features like in indoor activities automation, building device mobility, etc.
However, privacy,data security and lack of standards are the reasons that would be restraining the global IoT integration market growth.
North America is estimated to dominate the IoT integration market in terms of revenue during the given period. The region accounted for the highest share in terms of revenue in 2017.Asia Pacific region is likely to witness the fastest growth in the IoT integration market, owing to the technological developments in the area of IT.
The major players of the IoT market are Capgenini, Cognizant, Allerin, Pithomas, Softdel. These companies will influence the market and adopt strategies like mergers and acquisitions, partnerships and product launches, in order to gain competitive advantage.