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Pune, June 15, 2020 (GLOBE NEWSWIRE) -- The global IoT market size is projected to reach USD 1,102.6 billion by 2026, exhibiting a CAGR of 24.7% during the forecast period. The outbreak of the COVID-19 pandemic is expected to create ample innovation opportunities in the market, finds Fortune Business Insights in its report, titled Internet of Things (IoT) Market Size, Share and Industry Analysis By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution, Services), By End-Use Industry (BFSI, Retail, Governments, Healthcare, Others) And Regional Forecast, 2019 2026.

IoT is swiftly emerging as viable option solution of tracking, monitoring, and ultimately preventing the spread of the coronavirus infection around the world. Many companies are bringing out innovative products to aid frontline healthcare workers to effectively fight the contagion. For example, the Shanghai Public Health Clinical Center is utilizing connected thermometers developed by the Californian health startup, VivaLNKs, to monitor temperatures of COVID-19 patients and protect workers from getting infected. Canada-based Visionstate designed its IoT buttons product for hospitals in Vancouver, to be used for sending alerts to officials regarding maintenance and sanitation issues. These novelty solutions powered by IoT are bolstering response of healthcare systems in many countries to the COVID-19 pandemic, benefiting the Internet of Things market growth in the process.

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this market.

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As per the report findings, the market value was at USD 190.0 billion in 2018. The other highlights of the report include:

Market Driver

Increasing Applicability of IoT in Agriculture to Augment Market Growth

Adoption of smart farming methods is opening a new avenue of growth for Internet of Things. The Food and Agriculture (FAO) opines that application of IoT in agriculture could prove instrumental in meeting the escalating food demand worldwide by making farming activities more efficient. The lucrative opportunities generated by this sector have prompted many start-ups to explore and advance the integration of IoT in agricultural productivity. Some of them are:

Regional Insights

Evolving Connectivity Infrastructure in Asia Pacific to Ensure Its Leading Position

Among regions, Asia Pacific is set to command the Internet of Things market share during the forecast period on account of rapid improvement in internet connectivity and growing usage of smartphones. China, which accounts for 64% of the global cellular connections, is likely to present plenty of attractive opportunities for market players. In 2018, the regions market size was at USD 74.5 billion.

Europe and North America are anticipated to showcase steady growth in the coming years owing to massive investments in 5G technology and active adoption of Internet of Things for manufacturing activities. Moreover, the two continents are home to some of the biggest technological companies in the world that are aggressively innovating in AI and IoT applications.

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Competitive Landscape

Collaborative Innovation by Market Leaders to Stir Competitive Spirits

The competitive landscape of the IoT market is dominated by the presence and operations of tech behemoths such as Microsoft and Oracle. These companies are making speedy advancements in the Internet of Things and other AI-based technologies through innovation-centric collaborations with smaller players and new entrants.

Industry Developments:

List of Key Players Profiled in the Internet of Things Market Report:

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Detailed Table of Content

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Internet of Things (IoT) Market to Hit $1,102.6 Billion by 2026; Advancements in Artificial Intelligence-based Technologies to Feed Market Growth:...