06 March 2019
The global internet of things market is projected to witness remarkable growth in the coming years owing to development of wireless networking technologies. Internet of things are a group of smart devices that connect applications, systems, and people to gather and share data. The technology has evolved from machine to machine communication (M2M), wherein machines are linked to each other through a network with no human interaction.
Increasing use of internet and advent of cloud computing networks are anticipated to propel market growth. Concepts, such as automation, smart cities, smart communication, and smart manufacturing, are an integral part of IoT, which can further impel market expansion in the coming years. The technology helps the organizations and countries to achieve maximum efficiency and expand their communication system respectively. Rising demand for smart homes, where smart appliances can be controlled using smartphones can drive the market. These appliances are equipped with smart sensors and connected to information grid. Increasing R&D investments by manufacturing companies to develop innovative products, services, and components based on IoT can augment market growth in the coming years.
Growing concerns pertaining to data security owing to increasing cyber security threats can hamper market growth. Lack of infrastructure required to setup IoT in remote and under-developed areas can obstruct market growth from geographical perspective. However, increasing emphasis on data security in organizations to prevent cyber-attacks and effective implementation of IoT technology can create lucrative opportunities for the market.
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The market can be segmented on the basis of software solution, platform, service, and application. Based on software solutions, the market can be categorized into security solution, data management, remote monitoring system, network bandwidth management, and real-time streaming analytics. On the basis of platform, the market can be classified into application management, device management, and network management. In terms of service, the market can be segmented into deployment and integration, professional service, consulting service, support and maintenance, and managed service. Building and home automation, smart energy and utilities, connected logistics, smart manufacturing, smart mobility and transportation, and smart retail are the key applications of IoT.
North America is expected to witness significant growth in the coming years owing to growing adoption of IoT in the automotive and manufacturing sector. Presence of advanced technological infrastructure and large-scale adoption of new technologies and smart devices can propel regional market growth. Launch of advanced products and services by local companies can drive the market in the coming years. For instance, IBM in collaboration with Maersk developed a global trade digitization platform based on blockchain technology to provide secure and efficient methods for conducting globe trade. These companies are also expected to use technologies, such as IoT and analytics, and artificial intelligence, to track movement of goods digitally across the globe. Hence, this collaboration will help IBM to expand its product portfolio in the logistics and transportation sector.
Europe is expected to bode well in the coming years owing to growing adoption of IoT in varied sectors, including manufacturing, transportation, healthcare, and finance. Rising demand for connected devices, such as smart TV and game console, in United Kingdom can augment regional market growth. Consumers are likely to use smart bands and watches for fitness purposes, which, in turn, can impel demand for IoT technology in the region. Supportive government initiatives to promote use of advanced technologies in the region can also propel market expansion in the coming years. The European Union (EU) is supporting organizations and academic institutes to explore potential of the technology across EU member states, which, in turn, can spur market growth in the region. In addition, growing need for hardware as a service (HaaS) and software as a service (SaaS) in the healthcare sector can boost demand for IoT. Implementation of cost effective solutions using advanced technologies can stimulate market growth.
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