Escalating technological developments and automation across the globe have been resulting in the surging carbon footprints. The soaring need for energy efficiency coupled with to facilitate the reduction greenhouse impact the green IoT gaining tractions of the service and technology providers. Furthermore, the growing industrial automation, smart environment monitoring, smart logistics, smart homes are contributing to the demand for the green IoT market. However, the industry witnessed a completed halt due to the COVID-19 pandemic in 2020, due to which the demand for green IoT solutions and services was almost negligible. But, it is expected that with the stabilization and revitalization in the global economy, the demand for green IoT would also increase.
The increasing energy consumption due to the robust growth in digitalization and connected devices is one of the key factors for the demand of green IoT solutions. It was found that in 2018, the total number of connected devices was around 22 billion in 2018, which is expected to reach to 41.6 billion by 2025.
According to MarkNtel Advisors’ market research report “Global Green IoT Market Analysis, 2020”, the market size of green IoT across the globe is forecast to grow at an astronomical CAGR during 2020-25. The market size is surging on account of increasing demand for technologically advanced products. Moreover, the automation in the industries coupled with the surging number of smart homes and smart cities projects are resulting in the need or green IoT solutions due to the energy efficiency regulations by the government. Therefore, the market size of green IoT is forecast to rise in the forthcoming years.
Also, the benefits from the green IoT such as plant monitoring, machine 2 machine communication, pollution control, waste management real-time data tracking, intelligent building smart logistics and shipment information collected in the most energy-efficient manner are some of the key factors contributing to the growth of green IoT market.
The Asia Pacific to Witness Robust Growth in the Forecast Period
In 2019, North America grabbed the major market share in the global green IoT market. The green IoT market in North America is witnessing an uptick on account of the increasing IoT spending of the U.S and Canada in the industries such as manufacturing, healthcare, retail, etc. It was found that the U.S holds the leading position in the IoT spending worldwide and in 2019, the country spent around USD 192 billion on IoT. Furthermore, the increasing R&D in technologies in the region, the high cloud adoption rate in comparison to other regions coupled with the emerging number of startups providing solutions for green IoT are contributing to the growth in the market size.
However, the APAC is expected to grow at a robust pace in the forecast period on account of increasing investments in R&D by countries such as China and Japan to develop technologies for energy efficiency. Moreover, the surging smart homes and smart city projects in the region would generate the nee and therefore would contribute to the demand for green IoT solutions.
Software to Grab Significant Market Share During the Forecast Period
In 2019, the Software segment grabbed the major market share. The market for the software segment is increasing on account of the emerging need for real-time streaming analytics, Data management, Remote monitoring, and network bandwidth management. Moreover, the technological advancement in software by the manufactures is one of the key contributing factors for the growing market share of the segment. However, the growing need for deployment & integration, support & maintenance and consulting for the green IoT solutions are emerging as the key contributors for the increasing market share for the services segment.
The manufacturing and healthcare sector combinedly captured a significant market share in 2019. The key contributing factors for the rise in the green IoT deployment in the manufacturing segment is the rapid adoption of green IoT solutions due to the increasing government’s emphasis on energy efficiency. Also, the continuous growing manufacturing industry and IoT deployment are creating the need for green IoT solutions. The increasing investment in IoT by the healthcare sector for cost and time saving is also emerging as an opportunity for the green IoT solution providers. Furthermore, Wi-Fi and NFC technology grabbed the major market share in 2019. The increasing internet penetration across the globe coupled with the rising connected devices demand is contributing to the need for Wi-Fi and NFC, as revealed by MarkNtel Advisors’ research report “Global Green IoT Market Analysis, 2020”.
According to MarkNtel Advisors’, the global green IoT market across the globe is highly fragmented due to the presence of numerous local and foreign players operating in the IoT solution market. The major market players with a considerable market share in the industry are Intel Corporation, SAP SE, Cisco, Microsoft Corporation, IBM, Oracle, PTC Inc., Google, HP Enterprises, Amazon Wen Services, Bosch Software Innovation GmBH, General Electric, Telit. The companies are entering strategic alliances for geographical expansion and are investing in the new technologies to gain a significant market share in the industry.
“Global Green IoT Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for green IoT solution providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Components ((Software (Real-Time Streaming Analytics, Data Management, Remote Monitoring, Network Bandwidth Management), Services (Professional Services, Managed Services), Platform (Device Management, Application Management, Network Management, Cloud Platform))
2. By Node Components (Processor, Sensor, Connectivity IC)
3. By Network Infrastructure (Server, Storage, Ethernet Switch and Routing, Gateway)
4. By Connectivity Technology (Wi-Fi, Bluetooth Low Energy, Zigbee, Near Field Communication, Cellular, Satellite, Others)
5. By Application Areas (BFSI, Manufacturing, Retail, Healthcare, Residentials, Energy and Utilities, Government and Defense, Agriculture, Logistics and Supply Chain, IT & Telecom, Others)
6. By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America)
7. By Countries (China, India, Japan, Australia, South-Korea, U.K, France, Germany, Spain, Italy, U.S., Canada, Mexico, UAE, Saudi Arabia, South Africa, Brazil, Argentina),
8. By Company (Intel Corporation, SAP SE, Cisco, Microsoft Corporation, IBM, Oracle, PTC Inc., Google, HP Enterprises, Amazon Wen Services, Bosch Software Innovation GmBH, General Electric, Telit, Others)
Key questions answered in the study:
1. What are the current and future market trends of the Global Green IoT industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Green IoT industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global Green IoT firms across various regions?