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IoT Communications Module Market - IoT Platform Unlocks its Potential in Communications Landscape Global Industry Trend Analysis 2015 to 2019 and Forecast 2020 - 2028
With the rapid spread of the Internet of Things (IoT), many equipment and devices that were previously not connected to a network, increasingly require the integration of a communication module function nowadays. In addition, the severity and number of security threats are also on the rise. Therefore microcontrollers must meet a range of demands, including enhanced security, lower power consumption, smaller footprints, and timely over-the-air (OTA) firmware update capability.
Owing to the significance of IoT to the communications module, market players will have to develop a clear perspective of their enterprises. The perspective includes the expected time frame of the development of the market and the optimal level of investment in services and technologies. IoT communication modules are tiny devices that are responsible for connecting virtually anything over wireless networks. IoT communications module come with a wide range of wireless technology standards, and these modules provide a variety of features that can impact the success of different IoT applications.
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Owing to the spread of novel coronavirus, healthcare wearables are aiding current situations, all wearable device types are expected to see a bit of increase in the end of 2020. Fitness and wellness trackers, smartwatches and sports watches are anticipated to lead the market, which in turn is expected to drive the demand for IoT communications module. Thus the enterprises and consumers are preferring wearables that feature more health-related monitoring capabilities. In addition, healthcare wearables are already being utilised to help track the progression of COVID-19 and monitor patients remotely. Hence the demand of IoT communications modules is anticipated to increase by 5% in 2020, compared to growth observed in previous year.
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Get a Customized VersionIncreased Spending on Cyber Security Proliferating Growth of the IoT Communications Module Market
Since IoT devices are connected together, there is increasing awareness of the need for security at the IoT device itself. In recent years, there has been an increase in cyber-attacks using Internet connected IoT devices as a gateway, thus spending on cyber security has increased over the years. Organizations are strategically allocating a significant share of their budget in deploying cyber security solutions. Organizations are increasingly focusing on data security and taking preventive measures to successfully block malicious cyber-attacks.
According to a study conducted by SANS Institute on 'IT Security Spending Trends' in February 2018, more than 50% of the total cyber security budget of organizations is spent on tools supporting access and authentication, followed by advanced malware and endpoint security and then, data protection technologies. According to different studies, around 62% of organizations worldwide are using managed security services as a part for their cyber security strategy.
This growing trend of having a strong focus on cyber security by small, medium, and large organizations clearly shows concerns about data protection and the need for compressive solutions for data protection, which in turn is fueling the growth of IoT communications module market.
Increasing IoT Applications across Various Industry to Catapult the Growth of Market
Short range IoT communications module are mainly used for applications in the security, fitness, healthcare, and home entertainment industries. So short range modules are key in enabling data communications for IoT devices such as wireless earphones, smart lighting, glucose measuring patches, outlets, hearing aids, and switches. Using its low-power consumption feature, the module can be used for IoT devices that require a limited power supply, such as small wearable devices.
By linking various IoT devices to the smartphone, users can conveniently remotely control lighting, outlets, switches, track blood glucose levels, and operate wireless earphones or hearing aids at a short distance. Also with differentiated radio frequency (RF) signal design and antenna technology, and ultra-precision circuit technology, component space gets reduced while the data transmission distance is increased. Thus usage of IoT communications module is increasing significantly across different industry verticals.
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Examples of some of the market participants in the global IoT communications module market identified across the value chain include Sierra Wireless, Thales Group, Telit, Quectel Wireless Solutions Co., Ltd., u-blox, SIMCom Wireless Solutions Limited, Fibocom Wireless Inc. and others.
North America accords a major share in the global IoT communications module market. As the Europe and North America have well-established and sustainable economies, it helps them to strongly invest in the research and development activities. This, in turn, contributes to the development of latest IoT technologies. Moreover, the start-up culture in North America is growing at a substantial pace along with SMEs, which is aiding to market growth. Similarly, East Asia and South Asia are taking numerous initiatives to spur the IoT infrastructure that enables the users to adopt cutting-edge technologies. Thus the demand of IoT communications module in Asia Pacific region is expected to grow at a significant rate, over the forecast period.
The IoT communications module market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
