Bigger Telecom Market in Russia is Anticipated to Foster Internet of Things (IoT) Market in the Country: says Research NesterIncreasing number of technology startups in Russia is one of the major trends which are raising the popularity of connected devices. Moreover, these startups are increasing the number of connectivity platforms and connected devices in Russia. The ease of connectivity and low cost data services is encouraging the population to adopt connectivity services and devices.
Russia Internet of Things (IoT) market is anticipated to expand at a significant compound annual growth rate (CAGR) of 19.62 % during the forecast period i.e. 2016-2023.
The devices segment is projected to dominate the Russia Internet of Things (IoT) market by the end of period 2023. The devices segment is anticipated to expand at a CAGR of 17.47% during the forecast period i.e. 2016-2023. The device segment is growing on the account of the rising sale of smartphones, tablets and other devices. Further, the demand for smart devices in Russia is rising on the back of rising personal disposable income of the population. The economic recovery of the country is boosting the IT spending and allows the population to buy smart devices.
Russia Internet of Things (IoT) market is segmented on the basis of software, component type and end user industry. Based on the end user, the market is further sub-divided into consumer electronics, manufacturing sector, transportation sector, healthcare sector, retail sector and corporate sector. With 28.25% share, the consumer electronics Internet of Things (IoT) segment held the largest segment in 2016. Consumer electronics Internet of Things (IoT) segment is further projected to witness the CAGR of 20.65% during the forecast period i.e. 2016-2023.
The report titled “Russia Internet of Things (IoT) Market Outlook 2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
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