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IoT Connectivity Market worth USD 8.9 billion by 2024 - Exclusive Report by MarketsandMarkets™
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IoT Connectivity Market include an increase in demand for connected devices; the need for reliable, secure, and high-speed network connectivity; and ability to integrating the standalone and non-standalone components of IoT ecosystem.

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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By organization size, the large enterprises to constitute a larger market size during the forecast period

Based on organization size, the global IoT connectivity market is segmented into SMEs and large enterprises. The segmentation has been carried out based on the number of employees in the organizations. The large enterprise segment is expected to have the largest market size in the market, due to their early adoption of IoT connectivity platform and high investment capabilities.

Large enterprises can benefit from the cloud services which require IoT connectivity, as they can host their large number of applications in the cloud network, which eases application management. With the cloud, enterprises can achieve improved collaboration, along with faster performance, quick responsiveness, and greater agility, without having to operate a server infrastructure. On the other hand, the SMEs segment is expected to experience moderate growth in the adoption of IoT connectivity platform and associated services.

The managed services segment to grow at a higher CAGR 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.

Managed services assist clients in outsourcing the IoT connectivity to service providers for efficiently managing their key business operations. These services are very useful for companies, which do not have internal budgets or analytical skills to implement and manage the IoT connectivity platforms. The managed service providers handle end-to-end deployment and after-sales services for the platform.

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North America to account for the largest market size during the forecast period.

The geographic analysis of the IoT connectivity market includes five major regions, namely, North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East and Africa (MEA). North America is expected to hold the largest share of the global market and comprises the US and Canada, which are early adopters of connectivity technologies such as cellular-based and unlicensed low-power wide-area network (LPWAN).

US and Canada have sustainable and well-established economies, which empower them to actively invest in R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies, such as IoT, cloud, AI, big data, and mobility, organizations are keen to integrate IoT technologies into their processes. The advent of SMEs and increasing digitalization in manufacturing by large organizations have also aided the growth of the North American IoT connectivity platform space.

Key Market Players

Key and emerging market players include AT&T (US), Cisco (US), Verizon (US), Vodafone (UK), Ericsson (Sweden), Sierra Wireless (Canada), Orange (France), Telefónica (Spain), Huawei (China), Telit (Italy), Hologram (US), Particle (US), Aeris (US), Sigfox (France), EMnify (Germany), and Moeco (US). These players have adopted various strategies to grow in the IoT connectivity market. The companies are focused on inorganic growth strategies to strengthen their market position.

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets INC.
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