The Internet of Things (IoT) is impacting everything, right from bandwidth requirements to cloud capacity. It is expected that the number of everyday objects that can connect to the Internet will surpass PCs and smart phones by 2020. According to trade analysts, a majority of organizations have still not implemented Internet of Things technology but are either in the process of beginning its conception or will adopt the technology in the next few years. In addition to this, Wi-Fi, mobile computing, and real-time location tracking are important for firms to implement Internet of Things. Organizations continue to demand system integration and security, factors which continue to push companies in the field to come up with better solutions.
Most executives opine that no major change is needed in security protocols to handle the implementation of Internet of Things (IoT). Companies expect the technology of Internet IoT to enhance customer satisfaction and resource optimization. Additionally, the power, healthcare, and logistics sectors are anticipated to record significant adoption of IoT in the next few years.
The report provides an in-depth analysis of the expected timeframe for implementation of IoT solutions, in terms of both physical installation of the systems and raising awareness about the technology. As a nascent technology, global awareness about the Internet of Things is less than optimum and there is massive scope for expansion. Moreover, the report delivers an evaluation of technologies that are crucial for growth of IoT within organizations and potential business gains from Internet of Things (IoT) solutions.
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Global Internet of Things Market: Overview
Internet of Things (IoT) refers to an advanced technology featuring intelligent network that connects everyday devices and objects ranging from light switches and door bells to self-driven cars. It is aimed at enhancing user experience and efficiency, using data-gathering sensors, machine-to-machine communication, and cloud computing.
By technology, RFID, Zigbee, Wi-Fi, near field communication (NFC), and Bluetooth low energy can be the key segments of the global IoT market. Whereas, by application, the major segments can be energy management, manufacturing, consumer application, media, energy management, medical and healthcare, and others.
Global Internet of Things Market: Key Trends
Increasing use of smart devices such as smartphones, smart cars, and smart home appliances will ensure that the global market for IoT will keep flourishing over the forecast period. A rising number of business organizations and industries are increasingly deploying IoT solutions for enhancing their efficiency via process optimization. With the emergence of numerous low-cost smart devices such as media players, video cameras, portable navigation devices, and smart watches, the demand for IoT is likely to witness an upsurge. Increased need for efficiency and cost reductions, government initiatives, and technological advancement in healthcare are some key growth drivers of the market.
On the contrary, prospective security and privacy threats, along with concerns related to increased reliance of technology might restrict market growth. However, as big data analytics is being increasingly used across a number of industries such as transportation, energy and utilities, manufacturing, and healthcare, the market is likely to expand further.
Global Internet of Things Market: Market Potential
Several new products and services have been launched recently in the global IoT market. For instance, in March 2017, Express Logic announced the launch of the first-ever industrial grade IoT device-to-cloud solutions, which boast high performance and small footprint.
Smartron, an India-based startup, announced that it will introduce as many as eight new smart IoT products during the forthcoming period, with a view to strengthening its Tronx platform. This platform is primarily concerned with verticals such as personalized health, enterprise, smart home, smart energy, infrastructure, agriculture, and intelligent vehicles.
Global Internet of Things Market: Regional Outlook
Based on geography, the global market for IoT has been segmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. The advanced nature of healthcare, automotive, and industrial sectors in North America has been contributing towards the expansion of the market in this region. The U.S. might lead this regional segment. The government regulations in countries such as Sweden, France, Spain, Italy, and Germany are triggering the growth of the IoT market in Europe.
Asia Pacific exhibits vast potential for expansion, with countries such as Singapore, India, Taiwan, Japan, Malaysia, China, and Indonesia accelerating market growth. The booming manufacturing industries in these countries, rising adoption of technology, and growing economies are the key market drivers of this region.
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Global Internet of Things Market: Competitive Analysis
The market appears to be highly fragmented on account of the presence of a large number of players, indicating the intense level of competition among them. A few new firms might enter the global market for IoT, further heightening the competition between the players. Several leading companies, core M2M vendors, and Internet and network service providers are engaging in mergers and acquisitions in order to extend their customer base.
Some of the major companies operating in the global market for IoT are Amazon, Qualcomm, Alcatel- Lucent, Google Inc., Apple Inc., Microsoft Corp., Intel Corp., Cisco Systems Inc., AT&T, Rockwell Automation, Dell, Schneider Electric, GE, PTC, Tech Mahindra, National Instruments, Texas Instruments, Huawei Technologies, Oracle, Tieto, Bosch Software Innovations, Zebra Technologies, Broadcom, Accenture, Ericsson, Samsung Electronics, HP, Telefonica, Siemens, Echelon, and Juniper Networks.
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