The 2023 report on the “Hyperconnectivity Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Hyperconnectivity Market is valued at approximately USD 310.9 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 22.08% over the forecast period 2022-2029. Hyperconnectivity can be defined as the use of various systems and devices to remain connected to social networks and other digital sources of information. Hyperconnectivity is an interaction between information systems, data, and devices, which are connected to each other through the internet. The increasing adoption of IoT technologies and growing penetration of smartphones as well as strategic initiatives from leading market players are key factors accelerating the market growth.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The increasing adoption of Internet of Things (IoT) based devices is contributing to the growth of the Global Hyperconnectivity Market. For instance, according to Statista – in 2020, the total Internet of Things (IoT) market worldwide was estimated at USD 389 billion, and the market is projected to grow to more than USD 1000 billion by 2030. Moreover, as per Statista estimates – in 2020, globally the number of Internet of Things (IoT) devices was estimated at 9.7 billion, and as per projections, this number would grow to 29 billion by 2030.
Also, rising emergence of high-speed internet connectivity in developing nations coupled with increasing adoption of hyperconnectivity solutions in organizations would create a lucrative growth prospectus for the market over the forecast period. However, increasing incidences of data breaches & concerns relating to data privacy impede the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Hyperconnectivity Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of leading market players and availability of required technological infrastructure in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising penetration of IoT-connected devices, coupled with growing industrialization and increasing investment in 5G technologies in the region.
Major market players included in this report are:
Avaya Holdings Corp.
Extreme Networks
Fujitsu Limited
Iberdrola SA
International Business Machines Corporation
Microsoft Corporation
Orange IT Solutions
Oracle Corporation
PathPartner Technology
Broadcom Inc.
Recent Developments in the Market:
In June 2021, KPIT Technologies entered into a definitive agreement to acquire PathPartner Technology. PathPartner is a leading provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component
Solutions
Services
By Product
Enterprise Wearable Devices
Middleware Software
Cloud Platforms
Business Solutions
By Organization Size
Small-& Medium-sized Enterprises
Large Enterprises
By End Use Industry
BFSI
Healthcare & Life Sciences
Telecommunications & IT
Government & Public Sector
Manufacturing
Consumer Goods & Retail
Media & Entertainment
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
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ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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