Internet of Things Market to Witness the Highest Growth Globally in Coming Years

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Advances in information technology, and electronics and semiconductor manufacturing facilitated the connection of large number of things and devices.

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.

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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.