It is a network of home appliances, smart devices ,connected vehicles and others items that are embedded with software, electronics, actuators, connectivity and sensors that enables them to connect, collect and exchange data to directly integrate physical world into cloud based system.
IoT telecom services market is expected to grow at a phenomenal rate owing to the realization by businesses and enterprise about the significance of IoT, their interest level are growing. On one hand decision makes in technologies are working on integrating IoT into their decision support systems and value chains and whereas solution providers are accelerating up their contributions to stay in the game. The rising application of IoT in traffic management, logistics tracking, smart healthcare and others sectors are supporting the growth of IoT Telecom services market. Moreover, substantially increasing electrical industry and electronics alongside surging consumer demand for electronics and connected devices professionally and personally is expected to foster market growth.
Additionally, sharp rise in the automation technology and accelerating distributed application alongside evolving next generation wireless network will foster market growth in the long run. The automotive companies are working on UMV that requires achieving of automation in the transportation and logistics sector. This will also take into consideration numerous smart sensors to track, monitor, analyze and gather data to process it on the cloud to help study driving patterns, safety procedures and thereby reducing road accidents. All these factors will support growth for IoT telecom services market. However, data privacy and security concern might hinder market growth.
On the basis of application, the market is segmented capillary network management, smart buildings and home automation, vehicle telematics, transportation and traffic management, logistics tracking, industrial manufacturing and automation, smart healthcare, energy and utilities and others. Transportation and traffic management, smart buildings and home automation is expected to growth due to its features such as vehicle tracking, managing traffic, control buildings maintenance, security and temperature and via their computers and mobile devices. All these factors will propel market demand in the long run.
The market in Asia Pacific is likely to grow at substantial rate owing to the implementation of digital India campaign started by Indian government to make sure that the government's services are available to it citizens electronically through improved online infrastructure and via increasing internet connectivity. Moreover, increasing demand for smart homes, connected health and proper utilization of energy is anticipated to drive growth. Furthermore, developing economies in the region, rising automation in numerous industries and major players trying to enter Asia pacific market are the factors expected to prosper IoT telecom services in the years ahead.
Prominent players of IoT telecom services market include Ericsson, AT&T, Inc., Sprint Corporation, Verizon Communications Inc., Vodafone Group Plc., Swisscom AG, China Mobile Ltd, Deutsche Telekom AG and Aeris among others.
The report segments the IoT telecom services as follows:
Global IoT Telecom Services: By Component
Network Management Solution
Global IoT Telecom Services: By Service
Global IoT Telecom Services: By Application
Global IoT Telecom Services: By Region