2024 IoT Connectivity Market Share | Growth, Size, Statistics | Industry Key Features, Opportunities
According to a research report “IoT Connectivity Market by Component (Platform, Services), Organization Size, Application Areas (Building &Home Automation, Smart Energy & Utility, Smart Manufacturing, Connected Health, Smart Retail, Smart Transportation), Region – Global Forecast to 2024“, MarketsandMarkets expects the IoT Connectivity market to grow from USD 3.8 billion in 2019 to USD 8.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. Major factors expected to drive the growth of the IoT connectivity market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity; and ability to integrate the standalone and non-standalone components of IoT ecosystem.
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- To define, describe, and forecast the IoT connectivity market based on component (platform and services), organization size (large enterprises, and SMEs), application areas, and region.
- To provide detailed information related to the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market
- To analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide the competitive landscape of the market
Based on component, services segment to record a higher growth rate than the platform segment during the forecast period
Base on the component, the services segment is expected to grow at a higher rate than the platform segment during the forecast period. The services segment has a significant influence on the IoT connectivity market growth. The demand for services is increasing with the growing adoption of IoT connectivity by enterprises across major application areas. These services assist end-users in reducing costs, increasing overall revenues, and improving business performance. With the help of these services, organizations can connect their edge devices effectively.
Among services, managed services segment to register a higher growth rate than the professional services segment during the forecast period
Among services, the managed services segment is expected to witness a higher growth rate than the professional services segment during the forecast period. Managed services help clients manage their IoT connectivity operations from consultancy to deployment and maintenance. The prime responsibility of the managed services providers is to improve the efficiency of inbound and outbound operations cost-effectively for enterprises.
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APAC market is expected to grow at the highest CAGR during the forecast period.
The digital audio workstation market in Asia Pacific has gained momentum and is expected to grow at the highest rate in this region during the forecast period. Although digital audio workstations have witnessed increased adoption over the past couple of years in the region, various companies in the region are yet to take advantage of the increasing adoption. However, increasing awareness about the real-time audio and video processing, supplemented with competently designed digital audio workstation solutions offered by vendors present in this region, has led Asia Pacific to emerge as a high-potential market. Countries, including China, Japan, India, Singapore, and South Korea, have huge potential for vendors to enhance their market share. The high rate of internet usage and increased adoption of smartphones in the region facilitates companies to adopt advanced solutions and forge strong connections with target audiences. In addition, this region is witnessing an increasing demand for cloud-based digital audio workstation solutions as a result of increasing internet penetration.
Major vendors offering digital audio workstations globally include Apple (US), Adobe (US), Avid (US), Ableton (Germany), Steinberg (Germany), MOTU (US), Acoustica (US), Presonus (US), Magix (Germany), Native Instruments (Germany), Cakewalk (US), Image-Line (Germany), Bitwig (Germany), Renoise (Germany), and Harrison Audio Consoles (US). The study includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
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