The Internet of Things (IoT) is referred as the networking of major physical objects through embedded actuators, sensors, and other devices which can transmit the information about the objects. The data received from these devices can be analyzed to optimize service, products, and operations. Hence, the frenzied pace of adoption, deployment, and diffusion of internet based process and various technology is expected to drive the IoT market.
The rapid plunging costs of IoT sensors and the rise of cloud computing as strong base for IoT is also anticipated to enhance the industry over the forecast period. Furthermore, few other factors contributing to the growth includes technological advancement in broadband and internet; growth in wireless small range communication; omnipresence of various tablets and smartphones generating the gateways for monitoring & controlling IoT devices; and block-chain application along with the transforming influence on IoT security.
Leading Players of Internet of Things (IoT) Market:
The leading competitive large scale vendors in the market include Qualcomm, Alcatel-Lucent, Cisco Systems, and AT&T. The other prominent vendors in the IoT market are Freescale Semiconductor, Accenture, CTS, ARM Holdings, Atmel, Telefonica, Atos, Bosch Software Innovations, Broadcom, NEC, , Dell, TCS, Digi International, Amazon Web Services (AWS), Echelon, Zebra Technologies, Ericsson, GE, Hitachi, , Apple, HP, Huawei Technologies, IBM, Samsung Electronics, Infosys, , Texas Instruments, Intel, Siemens, Juniper Networks, Microsoft, National Instruments, Oracle, Rockwell Automation, , Google, SAP, Schneider Electric, Symantec, Tech Mahindra, Tieto, Verizon Communications and PTC.
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Additionally, the development of telecom and internet infrastructure, digitalizing lifestyles of major population, and simultaneous growth of digital consumers are also projected to influence the industry. Also, low cost of devices has increased the application in manufacturing; industrial sector will further influence the market positively over the forecast period.
Increasing focus of suppliers towards IoT technology along with rising standards has influenced the industry growth. However, rising integrity standards have led to the complexity in connectivity may hinder the market growth over the forecast period.
M2M (machine to machine) & telecom providers, device & sensors providers, third-party integration providers, regulatory agencies, governments, consultancy & advisory firms, application developers & aggregators, and Application Program Interface (API) integrators are few clients of the IoT market.
Increasing demand for Big Data Analytics is further expected to fuel the technology implementation since several industries such as energy; transportation, manufacturing, and healthcare are utilizing analytics for tracking the information and maintaining the records for stored data. This integration of IoT and analytics allows continuous transfer of real time data between networks and machine resulting in efficient management of high volume data.
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Manufacturers are opting for the technology majorly to enhance business productivity and more optimized and maintained factory floor performance. Increased application for location-based sensors in various sectors to manage and track inventories will accelerate the growth of the market in the forecast period.
APAC is expected to contribute majorly to the IoT industry and is anticipated to witness enormous growth in the forecast period. Increased investments in infrastructure and technological development in various APAC countries and the increasing application of Nano-scale devices and sensors are projected to spur the growth in the region
The IoT market is highly fragmented owing to the presence of large and small players. Major industry players, network & service providers and core machine to machine vendors are focused on merger & acquisition for expanding the industry presence and enhance the customer range. The entry of new vendors with new technology is expected to further enhance the competition in the industry.
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