As one of the highly trending markets in the world today, the global internet of things market is expected to be crowded by a large number of players of all sizes, according to a research report released by Transparency Market Research. Key players in the market are already ahead in terms of development rates and the acquisition of proprietary technologies. Wi-Fi is expected to continue being the leading technology in the global internet of things market, despite the grand entrance of alternative device communication methods such as ZigBee and NFC, which are also gaining an intense amount of demand and popularity. The global internet of things market is expected to reach US$334.22 bn at the end of 2016. Gaining strength at a whopping projected CAGR of 20.55%, this market's revenue is expected to reach US$1,492.31 bn by the end of 2024.
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Cloud Computing Opens New Doors in Global Internet of Things Market
"It is only natural for two of the leading concepts in device communication, software, and interfacing to find a way to merge with each other to create a whole new world of developments. The global internet of things market is currently finding a massive scope of growth through the growing demand for cloud computing across the world, because IoT communication can help resolve the constraints faced by cloud computing. IoT technologies can help supplement cloud platforms with additional storage options, processing power, and even help out with the energy constraints of hosting large-scale cloud computing solutions," states a TMR analyst.
The global internet of things market is also being augmented by the increasing rates of globalization and urbanization in all regions. A staggering number of users across the world today have access to multiple branches of information technology, data sharing and storage methods, cloud computing solutions, and communication portals. The global internet of things market adds a beneficial layer to all this unlike any other concept and is therefore in extremely high demand.
Real-time Analytics for IoT Lagging Behind
The phenomenal rate at which the global internet of things market currently can unfortunately not yet be matched by data safety and integrity analytics solutions. As the scope and usage of IoT concepts increases by the day, there is a very high need for real-time assessment of failures and data integrity across all networks. The real-time vehicle diagnostics, for instance, are critical in allowing a vehicle's sensors of dangerous road conditions, collision threats, and internal system failures. This is difficult to achieve as in reality, these scenarios require a very fast rate of analysis backed by a constant monitoring status.
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"The sectors of healthcare, hospitality, and retail are expected to be golden grounds for the global internet of things market to expand on over the coming years. Players in the market are likely to find massive growth opportunities in these sectors through concepts such as next-gen door locks and security systems, connected televisions, improved food delivery, and room settings controlled remotely. Retails stores are also showing a high demand for security sensors connected to smartphones or portable devices to monitor their stores efficiently," adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, "Internet of Things Market (Technologies - Zigbee, Bluetooth Low Energy, Near Field Communication, Wi-Fi, and RFID; Applications - Media, Manufacturing, Medical and Healthcare, Consumer Application, and Energy Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
Key segments of the Global Internet of Things Market
Internet of Things Market, by Technology
- Bluetooth Low Energy
- Near Field Communication
Internet of Things Market, by Application
- Medical and Healthcare
- Consumer Application
- Energy Management
Internet of Things Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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