Steadily, one can observe that, consumer electronics is the biggest application segment for IoT and constitutes almost 30% market share, according Research and Markets. Software and services are poised to be the largest market. Data management has the largest share of the IoT software solution market and it is expected to maintain the same momentum. It is predicted that security solution will show very good growth due to increasing cyber threats and attacks. Device management platform will dominate the IoT platforms market due to huge increase in number of connected devices all over the world.
Research and Markets reveals that, factors that will restrain market growth are shortage of skilled and trained workers, lack of universally accepted standards and security concerns.