[204 Pages Report] The IOT communication protocol market is expected to grow from USD 11.44 billion in 2015 to reach USD 15.80 billion by 2022, at a CAGR of 4.66% during the forecast period. IoT communication protocol adoption would grow in proportion with the growth of connected devices. The major drivers for the growth of IoT are the growth of Internet connectivity, continuous growth of smartphones and connected devices, higher adoption of cloud computing, increased usage of wireless sensors and low power wide-area networks. The report segments the IoT communication protocol market on the basis of technology, application, and geography. The market study includes the market size of different technologies such as Wi-Fi, Bluetooth, Bluetooth Smart, Wi-Fi/ Bluetooth, Ant+/Bluetooth, ZigBee, NFC, GNSS, WHART, Cellular, NFC, and EnOcean among others. The market is segmented on the basis of end-use application into wearable devices, healthcare, automotive & transportation, building automation, industrial, consumer electronics and precision farming. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022.
The research methodology used to estimate and forecast the IOT communication protocol market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments
The North America region held the largest share of the IoT communication protocol market in 2015. The major driving factors for the growth in the North America region are increased research and development in the field of IoT, high penetration of Internet and smartphones, and growth of a number of IoT startups. The APAC region is expected to grow at the highest CAGR during the forecast period. The presence of a huge end-user base in advanced economies such as Japan and South Korea and the growing demand for energy management systems are further expected to drive the market in this region.
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Lack of common communication standards across platforms and low power efficiency of IoT devices act as restraints for the growth of this market. The IoT communication protocol market provides huge scope for innovative cross domain applications and development of comprehensive system solutions. The increasing interconnectivity of IoT-enabled devices collecting and sharing data significantly increases the number of potential vulnerabilities within the IoT ecosystem causing major data security and privacy issues.
The key players in the IoT technology market are STMicroelectronics N.V. (Switzerland), NXP Semiconductors N.V. (Netherlands), Synopsys, Inc. (U.S.), CEVA, Inc. (U.S.), and Texas Instruments, Inc. (U.S.) among others. STMicroelectronics N.V. (Switzerland) is the leader in the IOT communication protocol market. STMicroelectronics N.V. (Switzerland) is engaged in the design, development, manufacture, and marketing of various semiconductor integrated circuits and discrete devices globally.
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