As the Internet is advancing, the scope for the Internet of Things (IoT) finding many paths to serve the human race. The Global Internet of things (IoT) market is expected to grow to $300 billion by 2020 and 1.6 Trillion by 2025. 2017 is the year where the global internet of things(IoT) market crosses the billion-dollar valuation.
One cannot give a brief about the market of the internet of things generally. It is segmented by –
- Type – Hardware, Software, Services, and Connectivity.
- Industry Verticals – Transportation, Healthcare, Manufacturing, retail, and energy.
- Geography – Global geographical locations to witness high growth.
Internet of things(IoT) market overview
The global internet of things market is going to cross 1.6 trillion dollars in the phase of 2020-2025 with a CAGR of 10.5%. With the increase in wireless networking, smart devices, Cloud computing, and adaptation the IoT market is expected to have a high growth soon.
- The Internet of Things (IoT) technology will connect the devices over the internet. The devices such as wearables, smartphones, sensors, and other devices will involve in active data collection which further can be used to increase the user experience and quality of the product.
- As companies are adopting IoT in the sectors like manufacturing, retail, healthcare and automation are more likely to have a positive growth. This will eventually change the industry approach to handle complex things efficiently and reduce the downtime as well.
- The Industry 4.0 revolution is the perfect stage for new technological advancements which uses IoT to fast pace the manufacturing process with real time data collection and analytics.
Retail sector to witness high growth in near future
- IoT technology is very helpful to connect retail businesses with people. This will enable the business firms to analyze product performance and understand customer behavior.
- Another major IoT application lies in smart devices such as refrigerators which order the beverages like milk when it knows that it is running out.
- E-commerce is another aspect where IoT is making a huge difference. The ease of shipping and tracking orders is much easier than ever.
North America more likely to experience high growth
- The North America is more likely to witness high growth as the region is one of the prominent geographical aspects which focus more on human-automation, smart energy projects, connected automobiles, and more.
- North America has huge tech establishments which use IoT to the great extent such as IBM, Google, Intel, Microsoft, and many more. Many cellular firms are ready to launch their 5G services with advanced IoT environments.
- Another prominent reason where North America can stand high is home automation. People are willing to use more automated devices for their purposes. To mention a few, smart bulbs, lighting automation, smart TV, AC and Doors and locks as well.
- Over 25% of the homes in this region are using more than two IoT devices. By the end of 2022, this count will increase and reach 48% according to the data.
There is no growth without competition. Many firms, they may be small or big, they are building many products and services using IoT Technology. They will compete at global markets.
Some of the Major developments in the IoT sector in recent years are –
- April 2019 – IBM (International Business Machines) announced their partnership with Sund & Bleat. It is one of the world’s largest infrastructure providers to assist IBM’s new AI-based IoT solution program.
- January 2020 – Cisco announced a new IoT security architecture. It will maintain the high security and integrity among the devices.
- March 2020 – IBM and Cisco announced a partnership that allows huge data coordination to Cisco’s IoT Edge to Azure IoT.
As we know that IoT is popping up everywhere and impacts millions with its applications. Today, the modern digital world is witnessing many whooping projects in the IoT sector. IoT based start-ups are coming up with huge funding’s.
With all the recent developments the growth of IoT will be huge. By the end of 2025, it will be a Trillion dollar industry.