HOME Research Insight Partnerships, Collaborations, and Joint Ventures are Other Major Growth Strategies Followed by the Companies in the Internet of Things Technology Market

Partnerships, Collaborations, and Joint Ventures are Other Major Growth Strategies Followed by the Companies in the Internet of Things Technology Market

The Internet of Things (IoT) is an ecosystem of connected physical devices embedded with hardware and software. These devices are accessible through the Internet and can exchange data with the help of embedded hardware components and software. The IoT technology market was valued at USD 176.00 Billion in 2016 and is expected to reach USD 639.74 Billion by 2022, at a CAGR of 25.1% during the forecast period. Major industry giants are making investments in IoT to expand in this industry space. These investments in the IoT industry space are used to introduce new IoT-based products. These products would create demand for more IoT hardware and software, which will be used in developing new IoT-enabled products; hence, it will eventually drive the growth of the IoT technology market. Additionally, the growing penetration of the Internet connectivity, the increasing adoption of cloud platforms, and the adoption of IPv6 are also driving the IoT technology market.

The IoT technology market is highly competitive with a large number of global and local market players. Product launches and developments have been the most prominent strategies followed by the key industry players in recent years. Moreover, partnerships, collaborations, and joint ventures are other major growth strategies followed by the companies in the IoT technology market. Key players following these strategies in the IoT technology market are General Electric (US), PTC (US), Microsoft (US), Intel (US), Qualcomm (US), and Texas Instruments (US)

Intel (US) is an important player in the IoT technology market. The company is one of the leaders on the basis of its R&D investments, product portfolio, market perception, and geographic reach in terms of the IoT market. The company has continuously increased its R&D spending in the recent past, which has resulted in the development of unique and state-of-the-art IoT products. Moreover, the company believes that the automotive market is a critical space, and in November 2016, it announced its plan to invest about USD 250.0 million for autonomous driving. These kinds of investments would drive technological development in terms of connectivity, communications, and security and further fuel the growth of the IoT technology market.

General Electric (US) is another major player in the IoT Technology market. The company provides an IoT platform-Predix. It helps organizations connect to the physical and digital environment. The company’s strategy also lies in acquiring and launching new solutions for the IoT market space. For instance, in July 2017, the company announced its plan to acquire IQP (Tokyo), an IoT app company. With this acquisition, the company aims to leverage IQP's interface to speed up the adoption of Predix.

Related Reports:

Internet of Things Technology Market by Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), Network Infrastructure, Software Solution, Platform, Service, End-use Application, and Geography - Global Forecast to 2022

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