IoT market in the Nordic region: Key market research findings
- Advancements in wireless cellular technology drive the market
- Sweden dominates the market geographically
- Key vendor—Ericsson, Tele2, Telenor, TeliaSonera, and Tieto
Technavio’s market research analysts predict the IoT market in the Nordic region to reach $145 million by 2020 with respect to the number of Internet of things (IoT) connected entities. Continuous enhancements and innovations in wireless cellular technologies, enhanced wireless network infrastructure, and lower hardware costs are some of the factors responsible for market growth. Numerous low-cost and energy efficient wireless sensor nodes being used in IoT systems are easy to deploy and can be controlled and monitored from remote locations. In 2015, Sweden dominated the IoT market in the Nordic region with a market value of over 2 billion. Factors such as the high-scale deployment of 4G networks, the deployment of smart meters, and increased investments by governments in smart cities and the development of intelligent traffic systems are some of the factors that are likely to contribute to growth in the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the IoT segments based on industry vertical.
“The increasing demand for big data analytics in the region is an ongoing trend in the market. Many enterprises are using advanced tools to leverage the enormous amount of data generated from business operations with the rise in the adoption of new technologies and data centers. Governments are emphasizing on building big data infrastructure to manage and utilize this data effectively. The increasing need for strategically analyzing and monitoring business data is expected to reflect positively on the IoT market in the Nordic region during the forecast period,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
During 2015, the consumer electronics segment dominated the IoT market in the Nordic region. The increase in adoption of cellular broadband networks in households and smart connected devices such as TVs, refrigerators, microwave ovens, security cameras, and dishwashers are factors that will further fuel the growth of this segment of the market during the forecast period. For instance, Dell partnered with Telefonica to provide connected laptops with pre-installed M2M SIMs to customers.
The key vendors in the IoT market in the Nordic region include Ericsson, Tele2, Telenor, TeliaSonera, and Tieto. As a result of the high acceptance rate of advanced technological solutions, the IOT market in the Nordic region is growing rapidly. Though a few major vendors dominate this market, the high growth potential will invite new vendors to the market, which will, in turn, intensify the level of competition in the market in the next four years.
A more detailed analysis is available in the Technavio report, IoT market in the Nordic Region 2016-2020.
We can customize reports by other regions and specific segments upon request.
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