Global IoT Services Market
Global IoT Services Market, formed the second largest component after IoT hardware that has changed the IoT functioning and application. Connection through the internet has become a necessity nowadays, forming the stepping stone of the IoT boom and its related services. With the number of users using smartphones crossing 3 billion in 2018 itself and internet users crossing 5 billion, it shows that almost half of the population all around the world are connected with each other. The imploring urgency has seen an upsurge as a result of the dynamic environment across all industries. While China formed the largest online market globally with average internet users crossing 720 million in 2016 itself, US followed closely with around 300 million users for 2016. Expectations are high for owning a smartphone in 2018, with more than 66% of individuals present across 55 countries. The growth of smartphones and other mobile devices is also increasing the number of contacts present between brands and consumers, thereby giving new opportunities to connect. A few of these contacts together with mobile technology is reshaping IoT services industry by enabling broader brand experiences, like branded content and social media engagement to boost market share.
IoT is a seamless concept of a connected network system comprising of embedded devices that enables communication without any human intervention. Services that are used for supporting essential features and components of the IoT network are together known as IoT services. The Global IoT Services Market has witnessed significant growth as a result of technological advancements, automated processing, and booming consumer electronics industry. Furthermore, rise in demand for wearable, remote patient monitoring system, intelligent freight & transportation system market and increasing data volume and analytics is also expected to boost the Global IoT services market during the next five years.
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