The digital revolution of IoT is here to stay. As it spreads in a humongous way, a report from IDC states that the number of connected ‘things’ will potentially increase up to 25.6 billion by the end of 2019 and 30 billion in 2020. The market spend on this technology is anticipated to reach $ 1.3 trillion in 2019.
What IoT Entails?
IoT of the Internet of Things is a technology revolution that has affected every industry vertical. From smart communities and cities to healthcare and transportation it is gaining momentum in every industry, and companies are leveraging IoT for boosting the bottom lines. As it is helping to generate higher revenues, its adoption is also increasing with a focus on IoT services.
A typical IoT Framework works in this manner. It simplifies the business decisions by providing accurate analytics and robust applications. Data integration lies at its core. The interoperability of components and key systems is integral to propel the growth of this technology in near future.
Internet of Things became the most promising technology of our time. Do you want a proof of this? Just search for Internet of Things in Google and you will have a whopping 280,000,000 results. With a vast network of devices ruling our life, the connected environment proposed and established by Internet of Things has become the key aspect to determine the future of technology as a whole. Naturally, to predict the future of IOT is bound to be challenging with so many promises on hold.
Here we have picked up 10 most credible predictions about the future of Internet of Things.
The Internet of Things Technology Market constitutes node component, network infrastructure, software solution, platform, and service.
The IoT technology market is expected to grow at a CAGR of 25.1% during the forecast period, to reach USD 639.74 Billion by 2022 from USD 176.00 Billion in 2016.
The base year used for this study is 2016, and the forecast period is from 2017 to 2022.Objectives of the StudyTo define, describe, and forecast the overall IoT technology market on the basis of node component, network infrastructure, software solution, platform, service, end-use application, and geographyTo strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total marketTo analyze opportunities in the market for stakeholders and detail the competitive landscape for market playersTo forecast the market size for various segments with respect to four main regions: North America, Europe, Asia Pacific, and Rest of the WorldGet PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167The IoT technology market comprises players such as Intel (US), QUALCOMM (US), Texas Instruments Incorporated (US), Microsoft (US), IBM (US), Cisco Systems (US), and Amazon Web Services (US), among others.Of all the major end-use applications, the industrial end-use application held the largest share of the IoT technology market in 2016.
The growth of the industrial application was primarily driven by the need to implement predictive maintenance techniques in industrial equipment to monitor their working and to avoid unscheduled downtimes in the production cycle.
Furthermore, the government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are also promoting the implementation of the IoT solutions for the industrial end-use application.Of all the regions, North America held the largest market share of the overall IoT technology market in 2016.
An established IT ecosystem and the early adoption of various IoT-enabled products across multiple end-user applications are the most prominent factors behind the growth of the market in this region.
No matter if it is the automobile, manufacturing, transport, entertainment, or retail industry, the Internet of Things (IoT) technology has been adopted by every sector during the last three years. It has even entered our living room and turned our houses smart.
Have Smart And IoT Devices Added Value To Your Home? Is IoT Expanding Rapidly?
The profoundly private information is shared with the IOT software development company that runs the smart systems. Sensors on the owner’s vehicles share location details. When the homeowners arrive, the software turns on lights, HVAC systems, coffee machines, etc.