Internet of Things is a software integration platform, which allows electronic devices to communicate with each other without human intervention. Exchange of information gathers big data, which creates business intelligence, which has assisted in structuring new business model. Many businesses are using the Internet of things strategically to build the competitive edge by creating, communicating, aggregating, analyzing the data. For instance, the global Internet of Things has changed the operational pattern of dairy business, Cowlar a company manufacturing smart collar for cows is monitoring the real-time health conditions and ambient temperature, which has resulted in an increase in production of milk. Owing to increase in demand for smart devices in various application, the market is expected to grow with high CAGR.
Surge in the demand for connectivity paired with increasing adoption of smart devices is the factor driving the growth of the market during the forecast period. Seeking potential to adopt smart devices, the major technology players are investing in Internet of Things market, for instance, in February 2017, IBM a leader of the Internet of Things market has invested USD 3Bn to set up new global center in Munich to drive innovation for Internet of Things devices.
Another driving factor for the growth of the market is the Internet of Things device assist the business to equip with business intelligence, which is assisting the companies to streamline their processes and build the customer-centric business models. For instance, in oil and gas industry, the extraction process is now been monitored with the Internet of Things devices instead of a field agent.
The government of emerging countries is adopting technology at faster pace, which may contribute in the growth of the Internet of Things market such as government of India is planning to invest worth USD 15 billion by 2020 in the Internet of Things market. Other than government investment, corporate sectors is also witnessing decentralization, which may replace ERPS by the Internet of Things to cut down the cost of ownership and to optimize the process.
Compatibility issue and data security are the key parameters, which may affect the adoption of IoT device in forthcoming years but major players are continuously innovating new features to enhance the security and compatibility of IoT devices.
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The Global Internet of Things market is segmented into verticals and regions. On the basis of vertical, the market is further bifurcated into transportation & logistics, oil & gas, automobile, agriculture, healthcare. On the basis of the region, the market is further bifurcated into North America, Europe, Asia Pacific, Central & South America and Middle & Africa.
The major players associated with the Internet of Things market are Aeris Communication, IBM Corporation, PTC Incorporation, Smith Micro Software, Inc., Microsoft Corporation, Oracle Corporation, Wind River Systems.Advantech Co., Ltd., Amplia Soluciones, Cumulocity GmbH.
In Feb 2018, a major player in the Internet of Things market named Aeries collaborated with TracPlus, which is into real-time tracking of physical assets on land, air, and sea. This collaboration will help TracPlus to improve on their Service Delivery. Similarly, Microsoft a technological conglomerate is assisting enterprises in manufacturing industries to move towards 4.0. This transition will help manufacturing industries to improve operational efficiency and reduce cost which will further act to increase the presence of Internet of Things in manufacturing market. All the major manufacturing companies will look to take advantage of the emerging technology resulting in growth of the market, major players in the Internet of Things will look for mergers and acquisition as the key strategy for forthcoming years.
The Global Internet of Things market is segmented
• Transportation & logistics
• Oil & gas
• North America
• Asia Pacific
• Central & South America
• Middle & Africa
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