by Brianna Crandall — July 27, 2016 — According to a report published recently by MarketsandMarkets, increasing Internet connectivity, ever-increasing penetration of smartphones and tablets, and the rising demand for connected devices are the forces driving the growing IoT communication protocol market.
The increasing business demand for enhancing operation efficiency and cost-savings is expected to make the Internet of Things (IoT) a dominant model for organizations across verticals in the future. The IoT communication protocol market size, in terms of value, is expected to grow from USD 11.44 billion in 2015 to $15.80 billion by 2022, at a compound annual growth rate (CAGR) of 4.7% between 2016 and 2022.
EnOcean protocol technology to grow at highest CAGR
The market for EnOcean is expected to grow at the highest rate during the forecast period. EnOcean is known for its self-harvesting technology, which makes it an ideal solution for building automation. The development of IoT needed for ultra-low-power devices and sensors is expected to increase at very fast pace, which, in turn, would drive the need for EnOcean protocol technology. There are more than 400 companies that are members of EnOcean Alliance and that provide more than 1500 different interoperable products.
Building automation and wearables segments to grow at highest rate
The building automation segment of the market is expected to grow at the highest rate between 2016 and 2022, mainly due to the high demand for energy efficiency and the security and safety required in buildings. Advancements in wireless communication technologies and the convergence of IoT and building automation are expected to further increase the growth of the segment.
The major factors driving the wearable devices segment include the growing popularity of the Internet of Things and the increasing adoption of smart watches and activity trackers in consumer markets. The increasing adoption of wearable devices in multiple application areas such as medical and healthcare, industrial, and military, among others, is expected to add growth to the segment.
APAC to witness highest growth
The Asia-Pacific (APAC) region is expected to grow at the highest rates in the IoT connectivity technology market between 2016 and 2022. The market in APAC consists of developing economies such as China and India, which have a huge potential for IoT applications, and Japan, an important player in the semiconductor component supplier worldwide. Since the APAC region is the most densely populated region in the world, it is seen as the major driver in the demand for consumer devices.
The report identifies major players in the IoT communication protocol market as: STMicroelectronics N.V. (Switzerland); NXP Semiconductors N.V. (Netherlands); Synopsys, Inc. (USA); CEVA, Inc. (USA); Texas Instruments, Inc. (USA); MediaTek Inc. (Taiwan); EnOcean GmbH (Germany); GainSpan Corp. (USA); Atmel Corp. (USA); and Mindtree Corp. (India).
The 204-page IoT Communication Protocol Market by Connectivity Technology (Wi-Fi, Bluetooth, Zigbee, Bluetooth Smart), End-Use Application (Consumer Electronics, Automotive & Transportation, Building Automation, Healthcare), Region – Global Forecast to 2022 report is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
