The global IoT communication protocol market is anticipated to grow at a significant CAGR during the forecast period 2024-2031. The IoT communication protocol is a technological solution augmented to connect multiple smart devices and enable communication within the connected devices. This protocol empowers the devices to collect and transmit data over a wireless network. The communication protocol provides a connection for smart devices including internet protocol version 6 (IPv6) and other devices over a low power wide area network (LPWAN).
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The increasing demand for connected devices propels the adoption of IoT communication protocol which, in turn, is expected to drive the market growth during the forecast period. The rising penetration of internet connectivity solutions and growing implementation of cloud-computing technology is further anticipated to elevate the market growth of the global IoT communication protocol market. Additionally, the growing numbers of smartphone users and rising applications of wireless sensors and low-power WAN (wide area network) are some factors that are projected to boost the growth of the market. Furthermore, the significant government initiative concerning research and development of the internet of things (IoT) is the major factor that is expected to create lucrative growth opportunities for the global IoT communication protocol market during the forecast period.
Some market players including Atmel Corporation, Ceva Inc., Enocean GmbH, and others have been adopting various strategies to boost the global IoT communication protocol market. Technological advancement, research & development, new product launches, mergers & acquisitions, and product expansion among others are some key strategies that are adopted by key vendors to remain competitive in the global market. For instance, in July 2019, Aqara, a Xiaomi subsidiary announced the launch of the innovative ZigBee 3.0 series, as a protocol designed for communication with IEEE 802.15.4 physical radio specification standards and operates in the range of frequency band including 2.4 GHz, 900 MHz, and 868 MHz to meet the rising demand for efficient IoT communication protocol in the global market.
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Market Coverage
- Segment Covered
o By Connectivity Technology
o By End-User
- Competitive Landscape- Atmel Corporation, Ceva Inc., Enocean GmbH, GainSpan Corporation, Meditek Inc., NXP Semiconductors N.V., Texac Instrument Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global IoT Communication Protocol Market by Segment
By Connectivity Technology
- Wi-Fi
- Bluetooth
- Zigbee
- NFC
- Cellular
- GNSS
- Bluetooth Smart
- EnOcean
- Ant+
- WHART
- Others
By End-User
- Wearable Devices
- Healthcare
- Automotive & Transportation
- Building Automation
- Industrial
- Consumer Electronics
- Precision Farming
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