The Internet of Things is a system of interrelated devices that has the ability to transfer data over a network without requiring computer and human interaction. Internet of Things consist of various consumer electronic devices, sensors, actuators, software and network connectivity devices that facilitate these objects to exchange and collect data. These technologies are used across different applications such as manufacturing, media, healthcare, consumer application, defense and aerospace, security application and transportation among others. Moreover, Internet of Things facilitates easier and user friendly controlling of various electronic devices from a central point. Internet of Things is defined as an invisible and intelligent network of devices that remains connected via a common network.
The market of Internet of Thing is predicted to witness an exponential growth during the coming eight years owing to various government’s initiative that is anticipated to augment the growth of smart cities. Government initiative and budget allocation in different countries to build up smart cities, smart rooms, smart environments offering a better lifestyle is also predicted to fuel the growth of the IoT market globally. In addition, increasing uses of cloud computing is also expected to create a better opportunities for the growth of the Internet of Things market across different parts of the world.
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The global Internet of Things is primarily driven by factors including increasing usage of smart electronic devices. Moreover, rapid technological advancements is also expected to positively impact the market growth during the forecast period. The key players in the market are not just focusing on enhancing the revenue potential of the existing IoT segment, but are also focusing on increasing their product offerings that are equipped with advanced technology to the consumers. Considering these positive factors, the demand for Internet of Things market set to rise during the forecast period from 2020 – 2027.
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Based on technology, the global market is segmented into
- Zigbee
- Bluetooth Low Energy
- Near Field Communication
- Wi-Fi and RFID.
Among different technology, Zigbee held the largest market share in 2018 owing to its increasing demand from the rapidly growing smart home sector across different parts of the world.
Internet of Things market, by applications is classified into media, manufacturing, medical and healthcare, consumer application, energy management, others. This Internet of Things is most commonly used for medical and healthcare application and thus it accounted for a substantial share of the overall market in 2018. Moreover, the prospective for cyber physical systems to improve productivity in the production process and supply chain is predicted to boost the demand of Internet of Thing in the industrial sector.
However, inefficient real time analytics and security concern are some of the major factor predicted to deter the market growth of internet of things during the forecast period.
By geography, the IoT market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. In 2019, North America held the largest market of the Internet of Thing in terms of revenue. On the other hand, growing consumer’s preference towards smart devices especially in countries such as china and India is expected to drive the market of Asia Pacific region at the fastest pace. The Internet of Thing market of North America is followed by Europe in terms of revenue and these two regions collectively held more than 60% of the market in terms of revenue in 2018.
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