The IoT market share in the UK is projected to increase by USD 21.81 billion, accelerating at a CAGR of 11.80% during the forecast period. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Technavio's research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends, and challenges that are likely to impact market growth.
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One of the key drivers that will boost this market is Industry 4.0. Industry 4.0 defines the entire lifecycle of products, where smart machines carry out the manufacturing processes on their own, while smart robots coordinate with human workers to assemble products, and driverless transport vehicles operate logistics on their own. However, the lack of awareness about IoT devices will be a major challenge for the IoT market vendors in the UK during the forecast period.
IoT Market in the UK is segmented by Technology (RFID, Sensors, NFC, Cloud services, and Others) and End-user (Industrial, Retail, Healthcare, ICT, and Others).
The IoT market growth in the UK by the RFID segment will be significant during the forecast period. The growth of the segment is attributed to the increase in the adoption of RFID in the e-commerce industry.
Technavio's research report provides insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges in each market segment along with insights into the way forward.
The market is fragmented, and the growth of the players depends on several factors such as market conditions, government support, and industry development. 8power Ltd., Adaptive Wireless Solutions Ltd., Altiux Innovations Pvt. Ltd., Amazon.com Inc., Apple Inc., Arm Ltd., AT and T Inc., Eseye, EVRYTHNG Ltd., and Oracle Corp. are some of the major IoT market vendors in the UK.
The report offers a detailed analysis of each of the above-listed vendors and their product portfolios. Market players must distinguish their product and service offerings through a clear and unique value proposition to prosper in this competitive market.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download the Free PDF Sample Report
