Asia Pacific lead by China and Japan is anticipated to witness significant growth for Internet of Things Market in forecast period owing to increasing spending in network infrastructure by organizations to enhance their productivity. Rising manufacturing sector in the region will further support the IOT growth. Manufacturing sector is one of the largest end user of IOT technologies. Increasing demand to track and manage inventories will supplement the rising internet of things market size. Fleet management in transportation sector will propel the demand for IOT technologies. In emerging countries mainly India, government initiative to develop strong IOT infrastructure will propel the internet of things market size.
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U.S. is projected to provide various growth opportunities for the product owing to surge in advanced robotics and cloud technology over forecast period. The region will lead to surge in IOT technologies due to advancement in machine to machine communication. At the same time, surge in demand for security and surveillance applications in government inventory will propel the product demand in forecast period. Strong presence of large number of service providers in the region will boost the IOT market size.
Europe will continue to witness substantial growth owing to several government initiatives to promote IOT technologies in the region. European commission launched Alliance for Internet of Things Innovation to support the creation of an innovative industry and implementing new business models. Government intends to work closely with all technology providers towards the establishment of a competitive IOT structure. The recently proposed "European data economy" initiative will also add to internet of things market size in forecast period.
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IOT industry is highly fragmented owing to presence of many large and small players. Network and services providers are adopting mergers and acquisition strategies to expand their global presence and increase their customer reach. For instance, Qualcomm acquired NXP to increase its semiconductor product portfolio in automotive industry. Internet of things market is also anticipated to witness the entrance of new players over forecast period, which will further increase the level of competition.
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