The IoT (Internet of Things) market is poised to earn around USD 1.8 trillion by 2022. It was about USD 605 billion in 2014. Technological advances and investments by venture capitalists should drive the market over the next seven years (2015 to 2022). Advances in telecommunication and increased penetration of broadband services also boost the market.
New startups invest in IoT innovations and have an advantage over big market players. For instance, cloud service provider, Electric Imp and smart plug maker, Zuli are quite prominent and attract huge funding owing to their multiple product applications. Issues of safety and privacy could hinder the IoT (Internet of Things) market.
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On the basis of components, the market is segmented into devices, connectivity, platforms, and IT services. Devices consisting of modules and sensors occupied 30% shares in 2014. Platforms like IoTivity by Intel would link various devices on a network. Apple HomeKit and Google Brillo will integrate applications seamlessly owing to their consumer-friendliness.
Consumer electronics, transportation, manufacturing, retail, and healthcare are the applications of the IoT (Internet of Things) market. Consumer electronics generated almost 30% of the overall revenues in 2014. They are estimated to occupy the biggest shares in the future. Manufacturing and retail should be the next largest income generators.
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IoT allows wireless communication between applications and devices through the Internet. This has introduced connected cars which give traffic updates and other real-time information to users. These cars have allowed transportation to gain 25% shares in the market.
Major technology providers like Google & Cisco develop innovative products and provide seamless connectivity solutions. Their wide presence propels North America in being the leading IoT (Internet of Things) market. Lack of standards that safeguard consumer’s privacy hampers this region.
Asia Pacific contributed more than 35% of the total market. It expects to grow at a CAGR close to 16% from 2015 to 2022 (forecast period). Japan, China, and India could drive the regional market. Product innovations and new technologies drive the worldwide market. Renowned market players comprise Samsung Electronics, Apple Inc., Accenture PLC, Google Inc., and SAP SE. They invest in R&D (research & development) to gain edge over their competitors.
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