Internet of Things operating systems market booming, market research finds
Vendors in the Internet of Things (IoT) operating systems market will benefit from penetrating of IoT in healthcare sector, according to new findings from Transparency Market Research (TMR).
The drive for real-time response that meets special characteristics of IoT is a key underpinning for the expansion of avenues in the IoT operating systems market, TMR states.
Though a wide range of operating systems and open source database have gained traction in recent years, but the interest of IoT developers for Linux is remarkable, according to TMR. Interest of technology companies in unveiling variants of FreeRTOS is a case in point.
The IoT operating systems market is witnessing the penetration of Linux in smart retail, smart logistics, smart healthcare, smart buildings, and smart manufacturing applications.
In the backdrop of the impacts caused by the COVID-19 pandemic, rise in adoption of IoT in healthcare industry has gathered momentum.
This has made the end-use industry high value-grab avenue during the forecast period.
The global IoT operating systems stood at US$635 million in 2019. Clocking robust CAGR of 38% from 2020 to 2030, the valuation is expected to climb to US$20 billion by 2030-end.
Key findings about the IoT operating systems market from TMR:
- Of the various component types, device held the major revenue share in 2019
- Professional services segment expected to rise at the leading CAGR during 2020 - 2030
- The support and maintenance segment is projected to garner a high CAGR during the assessment period
- Of all the application segments, smart healthcare segment is expected to clock the dominant CAGR during 2020 - 2030
- Of the different enterprise type, large-scale contributed the major revenue share in the global IoT operating systems market in 2019
Key driving factors and promising avenues:
According to TMR, the drive for IoT operating system market largely pivots on the proliferating demand for IoT solutions in various industries. Some of the key trends and growth dynamics shaping the contours of the market are:
- Remarkable strides in the IoT space for smart applications in numerous industries are expanding the business propositions in the IoT operating systems.
- The advent of open source databases has raised the ante for prominent technology companies looking for consolidating their position in the market.
- Rise in healthcare IoT applications has raised the horizon for market participants over the past few years.
- In recent months, the changing demands for healthcare services in the wake of COVID-19 have also booted the prospects in the IoT operating systems market.
- Growing number of connected platforms in telehealth consultations, robot assistance, digital diagnostics, and remote patient monitoring spur the growth of the market.
- Growing adoption of connected health devices that are becoming a crucial part of patient-centred care is bolstering creating of new prospects.
- Rising investments in smart cities on smart sensors and biochips is boosting the IoT operating systems market.
- The growing popularity of Linux-based IoT operating systems has been expanding the avenue of capitalisation for technology companies in the IoT operating systems market.
- Growing adoption of cloud computing solutions in the manufacturing sector is spurring the opportunities in the market.
- The growing use of smart objects is bolstering the expansion in the IoT operating systems market.
On the regional front, North America is expected to lead the global market, and is expected to retain its lead throughout the forecast period. Progress made in IoT space has underpinned the rapid growth of the regional market.
Asia Pacific is a rapidly emerging market, and its growth lies on the rising penetration of cloud-based solutions in various industrial domains. The regional market is expected to clock CAGR of 42.3% during the forecast period.
Finally, according to TMR, some of the key players in the IoT operating systems market are Microsoft, Kaspersky Lab, Green Hills Software, Google, eSol, Canonical Group, Blackberry and Apple.