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EMEA IoT Market Worth $211.92 Billion by 2021
January 25, 2017 | PRNewswireEstimated reading time: 2 minutes
According to a new market research report "EMEA IoT Market, By Component (Platform, Service, Software Solution), Application (Building & Home Automation, Smart Energy, Smart Manufacturing, Connected Logistics, Smart Retail, Connected Health), And Region (Europe and Mea) - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow from USD 53.88 Billion in 2016 to USD 211.92 Billion by 2021, at a CAGR of 31.5% during the forecast period, from 2016 to 2021.
The market has been witnessing substantial growth in recent years, owing to the evolution of high speed network technologies and the rising adoption of cloud platforms. The market's growth is also attributed to emerging markets in the Middle East, such as Saudi Arabia, UAE, and Qatar; and increasing adoption of the IoT technology by European countries, such as the U.K., France, and Germany.
The software solution segment is projected to lead the market during the forecast period
Based on component, the EMEA IoT Market has been segmented into platform, software solution, and service. The software solution segment is projected to be the largest component segment of the market between 2016 and 2021. The major reason for this segment's growth is attributed to the growing inclination of customers toward highly customized IoT solutions. Among platforms, the device management platform segment is expected to grow at the highest CAGR during the forecast period due to the growing use of personalized devices, such as smartphones and tablets.
The connected health segment is projected to grow at the highest CAGR during the forecast period.
Based on application, the connected health segment is projected to grow at the highest CAGR during the forecast period due to the increasing need for efficient healthcare.
France is projected to grow at the highest CAGR in the European market during the forecast period, while Qatar is projected to grow at highest CAGR in the Middle East & Africa market
In Europe, the IoT market in France is projected to grow at the highest CAGR during the forecast period, due to the increasing use of mobile phones and social media, and the exponential growth in deployment of high speed networks. Whereas, Qatar is projected to grow at the highest CAGR in the Middle East & Africa IoT market. This high growth in Qatar is attributed to its infrastructure growth, such as in the banking and hospitality sectors, and rise in income levels.
Some of the key players operating in the EMEA IoT Market are IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), and General Electric (U.S.).
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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