Global IoT Software Market was valued US$ 1.5 Bn in 2017 and expected to reach US$ 7.9 Bn in 2026, at CAGR 23.8% during forecast period.
Global IoT Software Market
Software became an important segment for the whole IoT industry after hardware and services with the security spending crossing the USD 1.5 billion in 2017 itself. From 2018 to 2020, the market for software will grow at a huge rate with double-digit compounded annual growth rate as a result of growing government involvement, and technological evolution in the business and consumer sector being the main contributing factors.
Software testing divisions in IoT sector are facing ever-growing challenge of software and hardware interaction with inability of transmitting a huge amount of real-time data. The variety of real-time scenarios with heterogeneous sensors and protocol makes testing extremely complex. Organizations who want to stay ahead in competition when it comes to the quality of their IoT experience, need to consider the right mix of manual and automation testing. Enabling the storage, processing, data collection, manipulating and instructing are all functions of the software segment.
IoT applications extend the reach of existing systems and software to allow a wider, more effective system. It integrates predefined devices for specific purposes like allowing certain mobile devices or engineering instruments access. It supports improved productivity and more accurate data collection.
North America and Europe with countries like US, Germany, and UK have been a few regions to initially embark on the IoT and cloud-based paradigm for business and consumer sector. The security concerns related to the IoT devices that enable easy communication through artificial intelligence have eventually led to higher application security software through cloud, endpoint, networking and application types. European Union alone has invested more than 50 million USD on transformation of the security sector w