Internet of Things (IoT) facilitates the connection of various devices through network technology. IoT is a network of objects embedded with electronics, software, network connectivity and sensors. IoT aids to build smart communication environments like smart transportation, smart homes, smart shopping and smart healthcare. The key mechanisms of IoT includes gateways, RFID, NFC, cloud services, WSN, visualization elements and data storage & analytics.
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IoT helps in effective observation and management of numerous interconnected devices. The capability to connect numerous devices together, collect and scrutinize raw data generated by these devices, and convert the raw data into ready for use information makes IoT a sound step forward in creating an intelligent world.
IoT helps in creating smart environments such as smart shopping, smart homes, smart healthcare and smart transportation.
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IoT in smart cities is acquiring an important impetus worldwide.
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While smarter technologies have greater demand than over utility grids, the emphasis would ultimately move toward other developing fields, such as infrastructure management, transportation, building automation, intelligent cities services and energy management during the forecasted period. Smart cities are highly positive to adopt these effective and smart solutions with the upsurge demand for IoT devices.
Most of the IoT devices relies on various sensors to observe the environment and cost for these sensors are reducing at a steady rate acting as a key driver for growth of global IoT market. Increasing investments in IoT divisions, the increase in connectivity of the internet globally and high adoption of devices such as tablets and smart phones have raised the global demand for IoT.
Growing dependency on prevailing network connectivity creates challenges such as security threat. Among the prime restraints in the IoT market is the lack of competency of real-time procedures.
Real-time procedures are projected to assist real-time applications and process data as it is generated without any interruptions.
The global IoT market is segmented on the basis of industrial vertical into manufacturing, oil & gas, healthcare, agriculture, metals &mining and energy & power. The market for IoT is further segmented by technology into guidance & steering, sensors, GPS/GNSS, autonomous haulage system, condition monitoring, 3D printing, smart meter, flow & application control devices, industrial robotics, RFID, networking technology, yield monitors and distributed control system.
Additionally, the IoT global market is bifurcated on the basis of software into product lifecycle management, farm management system, manufacturing execution system, remote patient monitoring, SCADA, distribution management system and outage management system. Also, the global market for IoT is bifurcated by regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.
Europe dominates the global market for IoT, while Asia Pacific is expected to be the highest growing market for IoT in the coming years due to rapid growth in infrastructure sector. Huge investments made on industrial digitalization and electronic lifestyles of people.
Some of the chief players operating in the global market include
Alcatel-Lucent S.A.,Cisco Systems Inc., SAP SE, Amazon Web Services, Infineon Technologies AG, Huawei Technologies Co Ltd., Microsoft Corporation, Oracle Corporation, Google Inc., IBM Corporation, Rockwell Automation, Zebra Technologies, Robert Bosch GmbH, Siemens AG, Dassault Systèmes SA, Thingworx, Honeywell International, Inc., Verizon Communication Inc., Samsung Electronics, Apple Inc. and Intel Corporation among others.
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