Market Analysis
The pervasive computing technology market is predicted to grow at a favorable 22.31% CAGR in the forecast period (2020- 2030), states the latest Market Research Future (MRFR) report.
Drivers
Growing Penetration of Consumer Electronics to Fuel Market Growth
The growing penetration of consumer electronics and the rising adoption of machine-to-machine communications will fuel market growth over the forecast period.
Key Players
Eminent players profiled in the global pervasive computing technology market report include International Business Machines Corporation (USA), Microsoft Corporation (USA), Hewlett-Packard Company (USA), SAP SE (USA), Oracle Corporation (USA), ATT Inc. (USA), Cloudera (USA), E-Tron Co. Ltd (South Korea), Fujitsu Ltd. (Japan), Tata Consultancy Services Limited (India) and others.
Opportunities
Availability of Smart Devices to offer Lucrative Opportunities
The availability of smart devices and technological proliferation will offer lucrative opportunities for the market in the forecast period.
Restraints
Cyber Forage to Serve as Market Restraint
Flaws in human-machine interface and cyber forage may serve as market restraints in the forecast period.
Challenges
Issues Related to Energy Management to Serve as Market Challenge
The issues related to energy management will serve as a market challenge in the forecast period.
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COVID-19 Impact on Pervasive Computing Technology Market
The COVID-19 crisis had a neutral effect on the pervasive computing technology market. The global economy had slowed down for the spread of the deadly virus. It has drastically impacted the consumer electronics sector. Various factors such as revenue losses, disruptions in supply chain, and unavailability of raw materials and labor are held accountable for the slowing down in the consumer electronics products production that affected the market negatively. The fall in demand for smart devices owing to the economic crisis globally and also amends in consumer behavior and also purchasing power are affecting the growth of the market.
Besides, governments have taken various precautionary measures such as lockdowns, social distancing, the usage of masks and gloves, to control the virus. Machine to machine communication too played a crucial role in this crisis. This is that direct communication amid devices using any wired or wireless communication channel. Communication happens between point-to-point machines without any human interaction which may keep the virus on check. Thus using machine to machine communication is fueling the market growth. Also the adoption of 5G technology will also boost market growth.
Market Segmentation
The global pervasive computing technology market has been segmented based on technology, components, and application.
By application, the global pervasive computing technology market is segmented into gesture recognition, information access, mobility networking, multimedia document retrieval, security, speech recognition, text retrieval, and privacy management.
By components, the global pervasive computing technology market is segmented into hardware, software, and solutions. Hardware has been sub-segmented into Bluetooth handsfree, cameras, communication devices, sensors actuators, servers, smartphones, smart wearable devices (watch cameras watch phones), softphone, and the webserver.
By technology, the global pervasive computing technology is segmented into 3G, 4G, WiFi, and Wireless Local Area Networks (WLANs).
Regional Analysis
North America to Precede Pervasive Computing Technology Market
North America will precede the market over the forecast period. Surging use of smartphones among people, technological up-gradation, the presence of several key market players, vital role of technology in the e-commerce business environment, and businesses that require effective and efficient customer relationship management solutions are adding to the global pervasive computing technology market growth in this region. Mexico, USA, and Canada have the maximum market share.
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