Internet of Things Market Trends And Worldwide Outlook To 2027

Proliferation of high speed networking technologies and rise in volume of connected devices has allowed potential end-users to adopt IoT technologies to leverage opportunities tapped behind the data silos. Either as part of their strategy to enhance customer experience or optimize the processes at back end, direct or indirect monetization of data has been a trend gaining traction in recent years among the consumer facing verticals or those with high capital investment. Though acceptance of IoT has being slow on consumer front due to reasons associated with privacy and cost of these devices, industrial sector has been forerunner, in particular the utilities, automotive, logistics and smart manufacturing. With more network operators entering the filed, ample opportunities for customers are created to leverage on scale of deployment they require.

According to a new market research report published by Transparency Market Research entitled “Internet of Things Market (By technology- Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, RFID, By Application- Media, Manufacturing, Medical and Healthcare, Consumer Application, Energy Management, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027,” the global Internet of Things market is expected to reach US$ 2,746.32 Bn by 2027. The market is anticipated to expand at a CAGR of 21.7% during the period from 2020 to 2027.

Global Internet of Things (IoT) Market: Overview

The internet of things (IoT) market has made giant strides in growing potential use of the related technologies in various applications in end-use industries. The growth of the internet of things market is increasingly propelled by the growing use of advanced analytics and machine learning technologies to make sense of staggering volumes of data from connected devices. High advances related to data security technologies and processing methods in various parts of the world has resulted in enterprises embracing advanced technologies and automation as part of strategy to optimize resource utilization. Furthermore, the rapid enterprise migration to cloud-based services from legacy systems has made IoT data more useful for end users, especially among small- and medium enterprises. The rising adoption of artificial intelligence in connected devices has made real-time use of IoT data more useful. Moreover, the global IoT market is gaining increasing momentum from rapid advances made in wireless networking technologies.

ZigBee use in Low-Bandwidth Application Areas account for Prominence of Technology

The internet of things market is notably fueled by advances in high communication protocols, with industrial application areas benefitting the most. The various technologies whose prospects are evaluated in the report are ZigBee, near field communication (NFC), radio-frequency identification (RFID), Bluetooth, and Wi-Fi. Of these, ZigBee is expected to hold substantial shares in the global internet of things market. In the coming years of the assessment period, the segment is expected to lead. The rising use of ZigBee in IoT applications that need low-power and low-bandwidth is fueling the expansion of the market.

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The various applications areas covered in the analyses are media, manufacturing, medical and healthcare, consumer application, and energy management. Of these, the medical and healthcare application segments are prominent segments and is expected to show promising growth trajectories over the assessment period.

North America to generate Substantial Chunk of Revenues in Global Market

The key regional markets for internet of things comprise Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Of these, North America contributed the major share in the global market in 2018. The region is expected to hold its sway in the next few years as well. The growth is reinforced by the staggering pace with which end-use industries are adopting connected technologies. The presence of several globally prominent players domiciled in the region is also boosting the regional market. The U.S. will be contributing large shares in the North America market, driven by constant advances in communication protocols to be used in IoT.

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Internet of Things (IoT) in Healthcare Market Estimates Showing Surprising Stability in key Business Segments

According to a new market report published by Transparency Market Research titled “IoT in Healthcare Market, By Component (Hardware [Portable {On-body Wearable, Others}, Non-Portable], Software, Services), By Application (Telemedicine, Medication Management, Clinical Operations, Patient Monitoring, Connected Imaging, Others), By End-Use (Hospitals, Pharmaceuticals, Clinics & Laboratories), By Technology (Bluetooth, Wi-Fi, NFC, Zigbee, RFID, Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027”. The global IoT in healthcare market is expected to reach US$ 469.4 Bn by 2027, expanding at a CAGR of 20.9% from 2019 to 2027. North America held the highest market share for IoT in healthcare market in 2019.

The internet connected devices has been introduced to monitor and diagnose patients in various forms. Tracking health information is vital for most of the patients whether the data comes from electrocardiograms, fetal monitors, blood glucose levels or temperature monitors. Most of these measures require follow-up interaction with healthcare professionals creating an opportunity for smarter electronic devices for delivering more valuable data by reducing the need for direct physician-patient interaction.

Most of the hospitals have started installing ‘smart beds’ enabling them to detect when the patient is attempting to get up and when it is occupied. It can also self-adjust to ensure the appropriate support and pressure is applied to the patient without manual intervention. Another benefit of IoT in healthcare is integration with home medical dispensers for automatically uploading data on cloud when medication which requires attention for cases when medication isn’t taken or any other case which requires the health professionals to be alerted.

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The IoT technology implementations is likely to raise concerns regarding data security and privacy. Most of the devices us secure communication methods with the cloud but can still be vulnerable to the hackers. The U.S. Food and Drug Administration has offered guidelines regarding the medical devices and asked regulators to monitor the connected devices used by the patients.

The IoT in healthcare market can be segmented into component, application, end-use, and technology. By component, the industry can be classified into hardware, software and services. The hardware component has been further classified into portable diagnostic devices and non-portable diagnostic devices. The portable diagnostic devices are further segmented into on-body wearable and others. By application, the industry is segmented into telemedicine, medication, management, clinical operations, patient monitoring, connected imaging and others. By end-use, the industry is classified into hospitals, pharmaceuticals and laboratories. The IoT in healthcare industry has been segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID, and others which include cellular, satellite, Zwave, and EnOcean.

North America IoT in healthcare market is expected to continue its dominance over the forecast period. Growing digitization in healthcare management systems across major hospitals, clinics and healthcare institutions is expected to drive the IoT in healthcare market over the forecast period. The U.S. had the highest market share compared to Canada and Mexico catering the industry demand for North America region. Asia Pacific is expected to have the highest CAGR from 2019 to 2027. Emerging economies such as India and China is expected to support the demand by holding about 60% of the market revenue from these countries in the Asia Pacific region.

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Key industry participants of the IoT in healthcare market are AdhereTech Inc., Cerner Corporation, IBM Corporation, Qualcomm Technologies Inc., Cisco Inc., General Electric Company, Ericsson AB, Honeywell International, Medtronic Inc., SAP SE, Vodafone and Zebra Technologies.  Some of the key factors attributing to the players are the global competitiveness, mergers and acquisitions and new product launches along with having forward and backward integration strategies.

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WebRTC Market - Top Participant To Focus On Regional Expansion

According to a new market research report published by Transparency Market Research  titled ‘WebRTC Market (Platform Provider: Browser, Mobile, Unified Communication; Solution: Voice, Video, and Data Sharing; End-use Industry: Telecommunications, IT, Health Care, E-commerce, Education, Media & Entertainment, BFSI, and Others (Energy and Transportation)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026,’ the global WebRTC market is expected to reach US$ 54,944.9 Mn by 2026. The market is anticipated to expand at a CAGR of 17.9% during the period from 2018 to 2026. The global demand for WebRTC is expected to rise, largely due to a rise in its application in end-use sectors such as telecom, IT, e-commerce, and others.

In recent years, real-time Internet applications have been taken into consideration in order to provide quality of service (QoS) requirements. For real-time media, application designers are mainly concerned with temporal properties such as jitter, delay, bandwidth, and synchronization and reliability properties such as ordered delivery, error-free delivery, and fairness. In order to achieve such efficiency, industries across the globe are focusing on introducing real-time communication applications that can provide multiple advantages such as network reliability, security, efficiency, timeliness, and peer-to peer.

Interoperability is a major issue faced by the WebRTC market. Interfacing of edge devices might pose a challenge to their smooth functioning due to differences among vendors providing edge devices, service providers, and IP-PBX. Furthermore, virtualization across IT and network environments in the form of cloud services, network functions virtualization (NFV), and software-defined networking architecture (SDN) includes greater complexity and is challenging the competency of traditional operators in IT organizations.

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The mobile segment held a share of 49.0% of the global WebRTC Market in 2018. This is the result of increased adoption of smartphones. The mobile segment is expected to expand at a significant growth rate during the forecast period. This is due to a rise in smartphone penetration and preference of end-users for the mobile platform. Health care is anticipated to be a rapidly expanding segment of the market. It is expected to expand at a CAGR of 21.9% during the forecast period. Furthermore, in the health care industry, patients and doctors are adopting WebRTC solutions in order to reduce their commute to hospital also to improve mobility and device support. WebRTC solutions allow doctors and hospital staff to use collaboration suites everywhere to virtually treat patients. Additionally, WebRTC solutions provide customers with a click-to-call solution, which helps connect doctors and hospitals with patients. WebRTC solutions could be the first step in implementing a full electronic health system that can bring the doctor home.

In terms of end-user, the telecommunication industry dominates the WebRTC market. The Internet and app ecosystem have already driven disruption with VoIP, IM, and social networks taking consumer mindshare. WebRTC have brought bigger opportunities for the telecom industry. Traditional telecom players are focusing on reviewing obsolete business models and developing communications services and applications that meet real human needs. The BFSI, media and entertainment, and others (energy and transportation) segments are also estimated to expand during the forecast period.

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Broadcast Switchers Market Strategies and Forecasts, COVID-19 2027

Transparency Market Research delivers key insights on the global broadcast switchers market. In terms of revenue, the global broadcast switchers market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global broadcast switchers market. As such, the global broadcast switchers market is projected to reach a value of ~US$ 2.5 Bn by the end of the forecast period.

A broadcast switcher is a hardware device used in video or movie production. It is used for selecting or switching different audio and video signals coming in from different sources. It plays an important role in the entire video transmission process and is an integral part of video broadcasting.

Switchers are of different types, such as production switchers, routing switchers, and master control switchers. They are used in control rooms, remote trucks, edit suites, etc. Switchers are a crucial part of the production of a complete broadcasting unit. By using broadcast switchers, broadcasters select the source of the video feed, route it, and make the workflow process of broadcasting more efficient.

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Global Broadcast Switchers Market: Dynamics

Increasing consumer adoption of HD and UHD technologies, rising number of digital channels, and growing focus on production automation are likely to fuel the global broadcast switchers market during the forecast period. Moreover, the production switchers segment is witnessing significant growth, owing to increased adoption of ultra HD technology.

Production switchers have combined capabilities of processing SD, HD, and 4K signals. They facilitate the bringing in of numerous feeds (presentation slides, audios, videos, etc.) and selecting which feed is to be sent live at any given moment. For instance, Blackmagic Design Pty Ltd. has developed ATEM Production Studio 4K, a new production switcher, to support high-quality ultra HD videos to cater to the demand for live production in sporting events, live concerts, conferences, etc. Integration across the value chain and minimizing production costs are crucial for the success of players in the broadcast switchers market.

Global Broadcast Switchers Market: Prominent Regions

North America is the dominant region of the global broadcast switchers market. This growth can be attributed to high investments in the broadcasting industry in the region and research & development activities by manufacturers and governments of countries in the region. The broadcast switchers market in Asia Pacific is estimated to witness significant growth during the forecast period, owing to growing digitization and economic growth in the region. Moreover, increase in sports broadcasting has led to a rise in the production of broadcast switchers in the region. These factors are likely to promote the growth of the broadcast switchers market in Asia Pacific at a rapid pace during the forecast period.

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Global Broadcast Switchers Market: Key Players

Key players operating in the global broadcast switchers market have been profiled in the market study. Some of the prominent players operating in the global broadcast switchers market include Blackmagic Design Pty. Ltd., Broadcast Pix, Inc., Evertz Microsystems Ltd., FOR-A Company Ltd., Grass Valley USA, LLC, Harris Broadcast, Ikegami Electronics U.S.A. Inc., NewTek, Inc., Panasonic Corporation, Ross Video Ltd., Sony Electronics, Inc., and Utah Scientific, Inc.

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Battery Management System Market - Opportunities in Key Application Sectors by 2027

A recent Transparency Market Research report states that global battery management systems market is expected to witness an exceptional growth during the forecast period of 2019 to 2027. According to the report, the market is anticipated to witness 18.5% CAGR during the projected tenure. The growth of the market is attributed to the rapid escalation of the power demand in various part of the globe. Both domestic and industrial domains have massive power consumption and interruption in power supply can disrupt their productivity. 

Based on these demands, the industries are investing power back-ups that can sustain power cuts keeping the productivity at a sustainable level. Majority of the time, these back-ups are battery driven and hence it gets crucial for the businesses to have a long lasting battery life. As a result of these demands, the battery manufacturers are developing services that can help businesses to manage their battery consumption. Due to these requirements, the global battery management systems market is expected to witness the projected growth between 2019 and 2027.

Industrial Applications to Boost the Market to US$ 16.6 Bn

There are several industries that harness the benefits of battery management systems, especially automotive industry. The applications of these systems in automotive industry is so high that the market is projected to reach to the value of US$ 16.6 bn by the end of 2027. In terms of use, the demand for alternative propulsion systems to reduce the usage of conventional fuels is the major factor that boosts the growth of global battery management systems market. 

Additionally, the demand for the better running and operations of machines in the manufacturing business also drives this growth. It is noticeable that the global battery management systems market is highly competitive and fragmented. This is because of numerous players that dominate the dynamics of the global battery management systems market. 

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To withstand this competition, the business dealing this market are planning and conducting strategic mergers and collaborations. This allows the players to accommodate or get access to the resources that can help them achieve a sustainable future in the global battery management systems market. 

On the other hand, established players are acquiring various small and medium scale businesses to enhance their dominance in the market. Additionally, research and development is one strategy that allows both new players and veterans to bring innovative solutions in the global battery management systems market. With this strategy they can acquire new clients that can propel their profit in the projected time frame. 

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Harmonic Filter Market - Key Regions, Company Profile, Opportunity and Challenge 2027

Transparency Market Research delivers key insights on the global harmonic filter market. In terms of revenue, the global harmonic filter market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global harmonic filter market.

Harmonics are generated in an electric power system, due to presence of non-linear loads, such as drives, in the system. The growing need for ensuring quality of power and increasing use of non-linear loads producing harmonics, such as variable-frequency drives, are factors driving the global harmonic filter market. In addition to this, developing countries are focusing on developing their power infrastructure. This is expected to offer ample growth opportunities to the harmonic filter market in these countries during the forecast period.

Harmonic Filter Market: Dynamics

The global power industry is changing significantly, with the increasing demand for reliable and efficient power supply, implementation of sustainability policies, and government regulations and penalties imposed by utilities. Rise in automation across different commercial and industrial applications has raised the demand for variable-frequency drives. Variable-frequency drives are energy efficient, as the motor can be operated at variable speeds throughout their use, unlike other drives.

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However, fluctuating voltage levels in variable-frequency drives results in the generation of harmonics. Thus, the demand for harmonic filters is anticipated to increase in order to suppress the effect of harmonics generated by usage of variable-frequency drives. Moreover, in addition, governments of various countries are taking initiatives on setting a permissible limit on harmonic distortion. This factor along with the increasing demand for zero-tolerance interrupted power supply from industries such as IT, medical, and railways is expected to drive the global harmonic filter market during the forecast period.

Harmonic Filter Market: Prominent Regions

Asia Pacific is the leading region of the global harmonic filter market. Growth of the market in the region can be attributed to high investments in power infrastructure and industrialization in Asia Pacific. Moreover, the market in Middle East & Africa is expected to witness significant growth during the forecast period, due to increasing demand for harmonic filters, growing urbanization, rising generation of renewable power, and investments in mass transportation in the region. In other regions, the demand for harmonic filters is dependent on the growth of sectors such as industrial, IT & telecommunication, power generation & transmission, and residential & commercial.

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Process Spectroscopy Market to Register Incremental Dollar Opportunity During COVID-19 Crisis

As per a recent report by Transparency Market Research on global process spectroscopy market, the persisting demand for improving the manufacturing process in several business verticals is the key reason for the growth of the global process spectroscopy market. The report also states that the market's growth is attributed to developing pharmaceutical sector by improving microscopic study of chemicals. These processes require process spectroscopy to collect viable data regarding the properties of several compounds. Also, benefits such as information in real-time and quality analysis are few more factors driving the growth of global process spectroscopy market from 2019 to 2027.

Substantial Growth of Market with 8.3% CAGR

Looking at the demand for quality products by several end-use industries along with the undeviated focus of the manufacturers to enhance the quality of their manufacturing processes, the global process spectroscopy market is projected to grow at a CAGR of more than 9% between 2019-27. This robust growth of the global process spectroscopy market is the result of rising demand for implementation of next-gen cloud-based equipment by several pharmaceutical industries across the globe. Additionally, development of new drugs by pharmaceutical companies require streamlining process which require process spectroscopy equipment. Based on these demands, the global process spectroscopy market is projected to witness the anticipated growth from 2017 to 2025.

Also, the analysts at Transparency Market Research predicts that the global process spectroscopy market shall reach to the value of above US$ 2 bn by the end of the tenure. This is prediction is based on the analysis of the dynamics of the global process spectroscopy market.

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North America to Generate Maximum Revenue

From geographical point of view, North America is the most lucrative region for global process spectroscopy market. This is because of the growing pharmaceutical industry in the U.S and Canada. The report states that the region is anticipated to account significant market share of the growing global process spectroscopy market. It is because of this reason, players of process spectroscopy market are focusing their interest towards the region of the North America and hence the region dominates the geographical front of the market.

Raman Spectroscopy to Drive Maximum Revenue

In terms of technology the global process spectroscopy is dominated by the Raman spectroscopy segment. This dominance of the segment is the result of growth in the number of diagnostic centers for cancer. These centers are dedicated to identify the type and the stage of the cancer in the patient's body. Also, development of drugs to cure these cancers by pharmaceutical companies is also a major factor supporting the growth of Raman spectroscopy in global process spectroscopy market from 2017 to 2025.

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