Global IoT Software Market

Location: San Francisco, CA
Date: 2018-12-18

Global IoT Software Market was valued US$ 1.5 Bn in 2017, and expected to reach US$ 7.9 Bn in 2016, at CAGR 23.8% during forecast period.

Global IoT Software Market is segmented into type, application, and geography. On the basis of type, market is segmented into Real-time Streaming, Analytics Software, Security Solution Software, Data Management Software, Remote Monitoring System Software, and Network Bandwidth Management Software. According to application, market is divided into Building and Home Automation, Manufacturing, Retail, Transportation, Others. Geographically market is spread by North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Hardware decisions and devices impact the software usage in IoT, making software one of the most important component while managing IoT ecosystem. Software remains the key factor while managing IoT devices through platforms, analytics and security among others. The Internet of Things (IoT) is essentially a system of machines or objects outfitted with data-collecting technologies so that those objects can communicate with one another.

Software became an important segment for the whole IoT industry after hardware and services with the security spending crossing the USD 1.5 billion in 2017 itself. From 2018 to 2020, the market for software will grow at a huge rate with double digit compounded annual growth rate as a result of growing government intervention, and technological evolution in the business and consumer sector being the main contributing factors.

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