Based on components, the Russia internet of things (IOT) market has been segmented into devices, sensors, actuators and platforms. Among these segments, the devices segment dominated the Russia internet of things (IOT) market by holding the market share of 81% in the year 2016 and is expected to continue its dominance and grow at highest CAGR over the forecast period. Further, as the demand for IoT based connected consumer devices/electronics is estimated to reach new heights in Russia, a beefed up demand for sensors is anticipated to be seen during 2016-2023 which is expected to expand at a robust CAGR over the period 2016-2023. Followed by consumer devices/electronics, IoT actuators and IoT platforms are anticipated to grow at a CAGR of 25.74% & 21.50% respectively.
The Russia Internet of Things (IOT) Market is projected to reach USD 74 Billion by 2023 expanding at CAGR of 19.62% over the forecast period as compared to USD 21.1 Billion in 2016. By 2020, Russia is expected to become the largest consumer market in Europe and fourth largest in the world. Russian consumerism behavior is often associated with impulsive buying and which is dominant across the country. As a result, a spiked growth in medicines, cosmetics, electrical appliances and automobile sector is anticipated to be seen in next few years. These factors are envisioned to drive the growth of Russia internet of things (IOT) market in upcoming years.
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Advancement in Communication Technology
The advancement in communication technology and low cost data services are encouraging people to adopt advanced communication services. The Russian telecom market is the largest in Europe, supported by a population of about 147 million. The telecommunication companies continue to deploy and modernize fixed-line network infrastructure to offer improved broadband services as well as a range of IP-delivered content.
Moreover, the large scale adoption of smartphones due to increasing number of smartphone users in the nation is likely to adopt connectivity devices for various remote monitoring applications. These adoptions are anticipated to boost the demand for IoT device and software which is further expected to benefit the expansion of Russia internet of things (IOT) market.
However, factors such as lack of IOT softwares and increasing rate of cybercrimes are likely to inhibit the growth of the Russia internet of things (IOT) market in the near future.
The report titled “Russia Internet of Things (IoT) Market Outlook 2023: Industry Analysis & Opportunity Evaluation 2016-2023” delivers detailed overview of the Russia internet of things (IOT) market in terms of market segmentation by component, by software and by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the Russia internet of things (IOT) market which includes company profiling of IBM, Amazon, Microsoft Corporation, Cisco Systems Inc., PTC Inc., The Hewlett Packard Company, Accenture Plc., Intel Corporation, SAP SE, Oracle Corporation, Qualcomm Inc., The Bosch Group and AtHoc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Russia internet of things (IOT) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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