IoT Infrastructure Market Outlook 2017 – Growth Drivers, Opportunities and Forecast Analysis to 2024

How will the growth of sensor technology impact IoT infrastructure market outlook?

Propelled by the growing popularity of smart infrastructure across the world, IoT infrastructure market size is projected to record substantial growth in forthcoming years. The proliferation of the Internet of things (IoT) in infrastructure development has resulted in the gradual movement towards creating smart cities and homes.

Rising investments in smart cities across India, U.S., China, UK, and Singapore along with increasing demand for connectivity to enable smart transportation, social surveillance and smart security will fuel IoT developments. Continuous development of sensor technologies are driving innovations in IoT devices and applications, while the cost of mass producing sensors has been declining.

Global IoT infrastructure market size has been anticipated to surpass USD 130 billion by 2024. Efficient governance for improving consumer lifestyle and safety while using IoT devices, services or networks will bolster the industry stance.

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Will the deployment of IoT across urban areas drive IoT infrastructure market trends?

The proliferation of IoT based solutions in cities has brought tremendous changes in order to upgrade the infrastructure of as well as services. Internet of Things has the vast potential to deliver unprecedented improvements in operational efficiencies for end-customers. Moreover, rising demand for waste and water management across urban areas is anticipated to propel IoT infrastructure market forecast in near future.
The deployment of IoT and big data in smart buildings aids delivery of actionable insights to enhance consumer living comfort and reduce energy expenditure. Increased use of sensors in shopping malls can also help owners to connect directly and provide quality services to customers. This would lead to shape robust relationships with customers and also reinforcing end-user engagement.

How do professional service providers contribute towards IoT infrastructure industry share?

IoT driven innovations by service providers create strong business cases and increase return on investments which help the organizations benefit from real-time insights. Increasing demand for customized services to manage the system efficiently in IoT network will propel the professional service segment.
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Growing preference to hire of professional service providers with technical knowhow and offering end-to-end services allows incorporating technological solutions in order to surge the operational efficiency in organizations. In addition, favorable government policies along with rising adoption of professional services by the users to lessen the ownership cost will further accelerate the service demand.

Will sensor-based technology influence IoT infrastructure market size in the coming years?

Sensors integrated into the devices make tasks simpler and easily transferable in an IoT network. The advent of miniaturization trend is being driven from handheld devices to several other IoT applications. The upcoming miniaturization trend will focus more on increasing a product’s performance, market penetration and also help the manufacturers to incorporate several functionalities on a single chip.

Miniaturization is making technology more affordable and simpler to use while simultaneously meeting new preferences of the customers. Mounting demand for connectivity solutions such as Wi-Fi, cellular technologies, and NFC for communication between the devices will positively expand the connectivity technology sector growth in IoT infrastructure industry.

How will the increasing number of building projects propel IoT infrastructure market outlook?

The robust growth in the number of connected devices being installed in smart buildings along with the expansion of smart city and building projects in the developing nation like U.S. is projected to propel the market growth. Developed nations also boast of highly advanced manufacturing facilities and product research and development services.

Reports estimate that Asia Pacific IoT infrastructure market will witness considerable proceeds over the next few years. The rising proliferation of smart cities in emerging economies such as Singapore, China, India, and Malaysia coupled with rising penetration of connected devices will further contribute towards IoT infrastructure market outlook.