July 16, 2020
According to the research report titled ‘Global Green Internet of Things (IOT) Market Analysis, 2020’, available with Market Study Report LLC, global green internet of things (IoT) market is expected to register tremendous growth during 2020-2025.
Global green internet of things (IoT) market is witnessing constant expansion owing to the growing demand for energy conservation in tandem with rising number of IoT and connected devices. According to credible reports, 41.6 billion connected devices would be recorded across the globe by the year 2025.
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Moreover, strict regulations imposed by the governments to reduce energy consumption is augmenting the deployment of green IoT solutions. Rising number of smart wearables, smart homes, smart cities, connected cars, industrial intranet, smart farming, and supply chain are also creating demand for green IoT solution in order to minimize the energy consumption, which in turn is stimulating the industry outlook.
Although, the increasing prevalence of COVID-19 has led to a decline in adoption rates of green IoT services and solutions, the demand is expected to achieve normalcy by the year 2021, primarily due to global economic recovery.
As per the component type, the report states that software segment held the biggest market share in 2019 and is expected to record continuous growth in the forthcoming years. Rising deployment of industrial IoT has impelled the demand for relevant software solutions. Also, integration of various technologies such as ML (machine learning) and AI (artificial intelligence) in the green IoT is fueling the segmental growth. Growing demand for support, consultation and maintenance is also driving the growth of software segment.
In terms of application scope, the healthcare and manufacturing sectors are each expected to hold a significant market share during the forecast period. Growing investment in IT infrastructure and increasing energy consumption has enhanced the demand for green Internet of Things solutions in healthcare as well as manufacturing sectors.
Based on the regional overview, the market is segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these, the report cites that the North America held largest market share in 2019, owing to early adoption of green IoT technology. Additionally, rising IoT spending in Canada and the U.S. coupled with increasing number of connected devices are contributing towards the market growth. High concentration of local and foreign solution providers is also fueling North America green IoT market growth.
On the other hand, Asia-Pacific is expected to showcase rapid growth during 2020-2025. Escalating investments towards R&D activities in order to develop energy-efficient solutions are favoring the market outlook in the region.
The key players operating in the market include Amazon Web Services, SAP SE, IBM Corp., Telit, Intel Corporation, Cisco Systems Inc., Microsoft Corporation, Google LLC, General Electric, Oracle Corp., PTC Inc., HP Enterprises, and Bosch Software Innovation GmBH among others.