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.
Growing acceptance in the various industrial segments along with strong economic growth in growing economies are contributing to the prospective growth opportunities of the global Internet of Things market. Internet of Things is anticipated to increase acceptance through end-user applications like medical and manufacturing and this is expected to lead to the increase in the growth of IoT market in the upcoming years. However, the major challenge that Internet of Things markets likely to face is the lack of standardization in IoT products and interoperability problems. The privacy and security problems with usage of cloud technology is likely to obstruct the anticipated growth of IoT market.
Global Internet of Things Market: Scope of the Study
Based on application, the Internet of market is generally classified into media, manufacturing, medical and healthcare, consumer application, energy management and others. Geographically, Internet of Things market is classified into Europe, North America, South America and Asia Pacific.
The key companies in the global Internet of Things market have been competitively profiled across the five broad geographic regions. This competitive landscape is inclusive of the various business strategies accepted by these key players and their recent developments in the field of Internet of Things. Furthermore, the report contains analysis of market attractiveness of different applications and provides an insight into various application areas of the Internet of Things. A detailed analysis of the various dynamics of the market of global Internet of Things market is provided in the report. Opportunities, restraints and market drivers are also covered in this report. Thus, the report of global Internet of Things offers a detailed report of the market and that includes the projection of the global IoT market revenue-wise (US$ Billion) from the period of 2019 to 2027.