Internet of things (IoT) is like the web of things, which requires a protocol to combine the heterogenous devices. According to Cisco’s prevision, 2008 was the year where numbers of internet connected things were greater than the humans on earth and within 2020 the number of internet of things will be about 50 billion. In the Internet of things (IoT), “things” are expected to be the active member of business, social and informative processes where they are also enabled to interact among themselves as well as with the surroundings in exchange of data and information.
Technologies utilized by Internet of things (IoT) comprises of: RFID, Wi-Fi, Barcode/QR Code, Zigbee and Sensors. Manufacturing, retail, smart city, healthcare, agriculture, transportation and logistics, energy and utilities, smart factory, education, etc are well known application areas of Internet of things (IoT). One of the first business sector involved in Internet of things (IoT) technologies is transport and logistics. Major components in Internet of things (IoT) are the devices, platforms and sensors & actuators, where more than half of the contribution in revenue generation is by devices. In the software category data management and security sections dominate the market. Major players in this market are: Cisco, IBM, Intel, Microsoft, Google, Accenture, PTC, etc.
The major concern in this field is regarding the security and privacy of data. Other challenges that must be mastered to foster easy development of Internet of things (IoT) solutions include rapid development of application for Internet of things (IoT), management of heterogenous and diverse devices and building customizable solutions. Penetration and adoption of the Internet of things (IoT) tends to raise the bar of market.
The Global Internet of Things (IoT) market is anticipated to reach $1.5 trillion by 2024, growing at a CAGR of 24% over the forecast period 2016-2024. The driving force for the market is the interconnectivity and heterogeneity of devices at large scale. Various governments are competing for this technology and promoting its adoption owing to the rapid increase in mobile adoption and expanding internet connectivity. All the major players are announcing large investment commitments to Internet of things (IoT).
Regionally, market is dominated by North America due to the high adoption rate and always been the initiator of utilizing the technology. Europe and APAC , are in close proximity for the second place in Internet of things (IoT) market. Western Europe, Central and Eastern Europe (CEE), Latin America and the Middle East and Africa (MEA) are the exception as they are more concern about sustainable economies and safety and security issues. Therefore, solutions that align well with these regional needs are adopted in smaller pockets, namely transportation-connected solutions in Brazil and Mexico. Asia Pacific has attractive opportunities in Internet of things (IoT) field where Taiwan is also expected to offer increased sales opportunities to the market players. However, China will remain the hub of manufacturing electronic components in the east, thus retaining its lead in the Asia Pacific Internet of things (IoT) market. To know more, kindly visit: Global Internet of Things Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024.