Internet of Things Market: #IoT on the Rise; Latest Connected Technologies Paving New Path
IoT Potential for Improvement of Operation Efficiency Boosts Demand in Industrial Sector
“Internet of things can add the scope of utilizing technologies such as actuators and sensors within an industrial operation,” states a TMR analyst. “These can help monitor any and all aspects of an operation, and more importantly do it without the need for human intervention. This not only makes surveillance transparent and concrete, but also takes systems monitoring to a whole new level.”
The Internet of things can allow sensing technologies to connect with programmable intelligent machines that can therefore perform required functions a much faster rate and with higher accuracy.
Technology Over-reliance Might Deter Users
On the other side of the coin, the Internet of things is an extremely technology-dependent system. While the minimization of human intervention will help reduce operations time, it can increase the risk of incurring faults. No system, whether run by humans or computers, can be completely glitch-free. But the lack of human perception could make it increasingly difficult to pinpoint the fault.
North America IoT Demand on the Rise
Players in the global Internet of things market can definitely look forward to an expectedly optimistic CAGR of 21.4% in overall market revenue, within a forecast period from 2015 to 2021. The market is expected to be valued at US$924.86 bn by the end of 2021.
Wi-Fi IoT technology has looked the most promising one so far. It is expected to continue leading the market till 2021, in which year it will reach close to US$301 bn. The applications for Internet of things have been the most diverse in the industrial sector. This particular application segment is expected to rake in over US$216 bn in revenue before the end of 2021.
North America, thanks to the high rate of IoT developments in the U.S., will continue being the leading region for most Internet of things players. This region is expected generate over US$346 bn by the end of 2021.
The current competitive scenario in the global Internet of things market is quite fragmented. Google, Inc., Cisco Systems, Inc., and Apple, Inc., the top three vendors in the market as of 2014, had a collective share of 48.69% in the market value. A new publication by leading market intelligence agency, Transparency Market Research (TMR), states two key priorities for all prominent players in the Internet of things market. The first is consolidation through mergers and acquisitions that allow a company to not only improve their product portfolio, but also their coverage area for products and services. The second priority for most Internet of things players is a consolidated yet adapted strategy for all emerging economies around the world.
Countries in Latin America and Asia Pacific hold high importance for leading players looking to expand their regional hold and improve demand. The healthcare industry is perhaps the most promising one currently, owing to the sheer volume of demand for the use of connected devices within a hospital or medical facility.