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The report "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", published by MarketsandMarkets, the market size, in terms of value, is expected to grow from USD 11.44 Billion in 2015 to USD 15.80 Billion by 2022, at a CAGR of 4.7% between 2016 and 2022.
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Increasing Internet connectivity, ever-increasing penetration of smartphones, tablets, and the rising demand for connected devices is driving the internet of things communication protocol market. The increasing business demand for enhancing operation efficiency and cost-savings would make IoT a dominant model for organizations across verticals in the future.
The EnOcean technology market expected to grow at the highest CAGR during the forecast period
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 technology 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 which are member of EnOcean Alliance and providing more than 1500 different interoperable products.
Building automation and wearable to grow at the highest rate for the IoT communication protocol market
The market for building automation is expected to grow at the highest rate between 2016 and 2022. This is mainly because of high demand for energy efficiency and security & safety required in buildings. Moreover, advancements in the wireless communication technologies and convergence of IoT and building automation would further increase the growth of the building automation system market.
The major factors driving the wearable devices market include the growing popularity of Internet of Things and the increasing adoption of smart watches and activity trackers in consumer markets. The major opportunities contributing to the growth of the market are the increasing adoption of wearable devices in multiple application areas such as medical and healthcare, industrial, and military among others.
APAC expected to witness highest growth during the forecast period
The 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 the applications of Internet of Things and Japan, an important player in the semiconductor component supplier worldwide. The APAC region is the most densely populated region. The demand for consumer devices is majorly driven by this region.
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