Internet of Things Market- Uncovers Potential Demands in the Market
The Internet of Things (IoT) represents connected smart
devices and systems to access data collected by embedded circulatory in devices
and other similar physical objects. With the expanding application of IoT, the
global internet of things market is expected to witness a double digit growth
over the coming years. Internet of things is used widely in energy efficiency,
healthcare, security, education and other similar applications. IoT is also
used in the industries such as manufacturing, agriculture, retail, and other
similar sectors. The various components of the IoT include sensing and
identification, data processing, network communication, security and support
technology.
Based on the various technologies, the global internet of things market can be broadly segmented as radio frequency identification (RFID),
gateways, sensor nodes, cloud management, zigbee, data acquisition and
supervisory control (SCADA), system integrators, software platforms,
information and discovery service (IDS), near field communication, and others.
Based on the industry verticals, the global IoT market can
be segmented as consumer electronics, government, industrial and commercial
buildings, healthcare, automotive manufacturing, supply chain management,
transportation, consumer and residential, energy, and others.
Advances in information technology, and electronics and
semiconductor manufacturing facilitated the connection of large number of
things and devices. Miniaturization of electronic devices, owing to the
evolution of very large scale integration (VLSI) and evolution of the sensor
technology, is one of the predominant drivers of internet of things market.
Asia-Pacific was the largest market for internet of things
in 2014; followed by North America. The largest market share of Asia-Pacific is
attributed to the advanced information and technology infrastructure of Japan,
China and India. Furthermore, Asia-Pacific region is growing at the fastest rate
attributed to the strengthening of IT infrastructure of the South-East Asian
countries. Brazil is one of the largest
and highest growing markets of internet of things in Latin America.
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The global IoT market is marginally consolidated with top
six companies accounting more than 40% of the global internet of things
market. Some of the major competitors of
Internet of things market are Alcatel-Lucent S.A., International Business
Machine Corporation (IBM), AT&T Inc., Apple Inc., Huawei Technologies Co.
Ltd., Cisco Systems Inc., Google Inc., NXP Semiconductors NV., Intel, Gemalto
NV., and Qualcomm Incorporated.
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