Agile IoT Market Growth, Global Foresight, Key Growth Drivers, Challenges, Demand and Upcoming Trends | Coronavirus Effects

 Market Highlights

The global agile internet of things (IoT) market can potentially record a CAGR of 20.9% during the forecast period (2016-2023), estimates Market Research Future (MRFR). The market is poised to touch a valuation of USD 199.90 Bn by 2023, which is indicative of its lucrative run in the coming years.

Market Boosters and Top Restraints

Agile IoT helps users to develop IoT applications, in addition to controlling connected devices via a modular IoT gateway and also facilitate IoT application execution, protocol interoperability, external cloud communication, and data & device management. It helps provide free software components to IoT developers as well as communities for agile IoT prototyping; and helps establish a group of developers and users, thereby accelerating the adoption of the agile project. Apart from this, it allows IoT entrepreneurs and SMEs to create IoT solutions that require backup of multiple protocols and networks.

Agile IoT helps examine air quality and pollution monitoring, open field, and cattle monitoring, port area monitoring, among others. Besides, it has applications in healthcare, manufacturing, government, BFSI, and public sector to name a few. The semiconductor industry has been revived since the worldwide financial crisis and has demonstrated healthy growth, mostly due to the widespread adoption of tablets and smartphones, which has augmented the demand for mobile and wireless applications. These factors are slated to have a profound effect on the agile IoT market in subsequent years.

Other factors that benefit the agile IoT market include rising adoption of advanced technologies as well as up-gradation of several wireless connecting devices like BLE, Wi-Fi, Z Wave, ZigBee, RF, and LoRa. Over and above that, increasing adoption of agile IoT is believed to boost the development of connected products for IoT in the near future.

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Segmentation:

The market for agile IoT has been segmented with respect to component, connectivity, deployment, organization size as well as vertical.

The types of components enlisted in the MRFR report are hardware, software, and services.

Connectivity-wise, the market consists of LAN, Wi-Fi, Li-Fi, BLE, ZigBee, ZWave, LoRa, RF, and others.

Depending on the deployment, the market has been considered for cloud and on-premise.

The organization sizes mentioned in the report include large, medium, and small.

The verticals include BFSI, manufacturing, healthcare, government, public sector, and others. In the healthcare vertical, agile IoT has a widespread application ranging from clinical analysis to diagnostic imaging devices that measure cholesterol level, heart rate, body temperature, calorie level, and blood pressure. It also comes in the form of machine to machine solutions that help doctors to remotely examine their patients, backed by the interconnection of technologies that help record all their health information.

Regional Outlook

Asia Pacific (APAC), the Middle East & Africa (MEA), Europe, and North America have been recognized as the main markets for agile IoT in the MRFR report. North America is the leading market for agile IoT, whereas Europe and APAC come in second and third in the global market, respectively.

North America’s top position in the global market is the result of the strong focus of various countries on investing in research and development (R&D). In addition, rapid digitalization across various industries coupled with rising adoption of smart connected devices and technological advancements have induced market growth in the region.

APAC is touted to be a highly lucrative market for agile IoT in the forthcoming years, given the strong efforts given by renowned players who are adopting strategies like agreement & partnership, new product launch, acquisition and expansion in a bid to expand their customer base. To illustrate, in September 2019, China Mobile entered a partnership with Huawei with the aim of creating an era of IoE. This partnership helped the companies build an agile IoT operations platform that can lead to digital transformation of the IoT business ecosystem.

Huge investments by highly-regarded companies, as well as emerging start-ups, have led to market growth in Europe, which prompts entry of new vendors into the region.

Leading Players

Leading vendors in the worldwide agile IoT market are Lightbee Corp. (U.S),   Supreme Architecture Inc. (U.S), LVX System (U.S), Panasonic Corp. (Japan), Qualcomm Inc. (U.S), Fujitsu Ltd. (Japan), General Electronic Corp. (U.S), ByteLight, Inc. (U.S), PureLifi Ltd (U.S), Ibsentelecom Ltd. (U.S), among others.

Latest News

August 2019

Igor recently launched Nexos, which is said to be industry’s first smart building platform that helps to build agile IoT, with the use of an open standard for global connectivity.

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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

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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