Market Highlights
The global agile IoT market 2020 is prompted to record a substantial CAGR during the forecast period until 2023. The evolution in the market can be observed with the rising factors from all corners of the globe. Market Research Future estimates the figures and reveals that the market will witness high growth prospects in the coming years.
Top Impacting Factors
The phrase agile manufacturing is often understood differently from the various stakeholders or experts managing production systems. To a few extents, machine and mechanical setups could be made agile by growing the number of combinatory sets of electrical, mechanical, and software parameters that a machine can have. This could make the machine malleable to many needs and many types of end products. Yet, agility could also be approached in making the production system as modular as possible, with independent and intelligent components or units cooperating to create a large number of combinatory configurations. The manufacturing setup is smart, reusable, and could be shared by many production processes. All these factors have been working in favor of market growth, making it more and more valuable in the forecast period.
The factors contributing to the growth of the agile IoT market are noted to be the rise in the semiconductor industry that has been able to weather the fallout from the worldwide financial crisis and comprehend several years of healthy growth. It is owing to the widespread adoption of Smartphones and tablets, which produced a demand for mobile and wireless applications. The average annual growth rate of industry between 2010 and 2013 was earlier about 5 percent.
The Internet of Things is related to the networking of physical objects through actuators, sensors, and other devices that can transmit information about the objects. The data combined from these devices can then be analyzed to optimize products, services, and operations. One of the best-known applications of such technology has been in the area of energy optimization, where sensors are deployed across the electricity grid. These help utilities remotely and monitor energy usage and adjust generation and distribution flow to acquire peak times and downtimes. Some insurance companies now propose plans that require drivers to set up a sensor in their cars, allowing insurers to support premiums on actual driving behavior rather than projections. These factors have also been influential for the market to grow in the forecast period.
Furthermore, through continuous monitoring of agile IoT, physicians could reduce treatment costs by between 10 and 20 percent, as per McKinsey Global Institute research. Also, billions of dollars could be saved in the care of congestive heart failure alone. These factors have helped the market to gain more and more valuation in the forecast period.
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Segmentation:
The global market for agile IoT has been segmented into connectivity, component, deployment, organization size, and vertical.
By component segment, the market has included hardware, software, and services.
By connectivity segment, the market has included LAN, Wi-Fi, BLE, RF, Li-Fi, ZigBee, LoRa, ZWave, and more.
By the deployment segment, the market has included cloud and on-premises.
By the organizational size segment, the market has included large, medium, and small.
By vertical segment, the market has included BFSI, healthcare, public sector, manufacturing, government, and more.
Regional Outlook
Region-wise, North America is anticipated to acquire the largest market share in the agile IoT Market during the assessment period. The countries in this region have reputable economies, which empowers them to invest in Research & Development strappingly. The brisk digitalization across industry verticals, the rising adoption of smart connected devices, and the technological advancements have actively fuelled the growth of the IoT Market in this region. Whereas, Europe and APAC regions are also grossing with high market share owing to the rapid development happening.
Market Players
The significant players in the global Agile IoT market are listed as Fujitsu Ltd. (Japan), ByteLight, Inc. (U.S), LVX System (U.S), General Electronic Corp. (U.S), Qualcomm Inc. (U.S), Panasonic Corp. (Japan), Ibsentelecom Ltd. (U.S), PureLifi Ltd (U.S), Supreme Architecture Inc. (U.S), and Lightbee Corp. (U.S).
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Global Agile IoT Market, By Component (Hardware, Software), By Deployment (On-premises, Cloud), By Organization size (Large, Small, Medium), By Connectivity (LAN, Wi-Fi, Li-Fi), Vertical (Manufacturing, Healthcare) - Forecast 2023
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