The internet of things (IoT) is an advanced concept based on the uniquely identifiable objects, which have virtual representations. Radio frequency identification or RFID is often seen as the prerequisite for IoT or internet of things. In the processes of IoT and M2M (machine to machine) communications, objects or things are considered as essential projected active participants in various social processes, information channels and business verticals. These objects are supposed to communicate with each other with help of interpreted information and react to the environment with or without direct intervention from humans. Global internet of things market is in its budding stage and is expected to grow at an exceptional rate.
Internet of Things Market Segmentation
Global internet of things and machine to machine communication market is segmented based on the types of technologies and platforms, component of IoT, modules and connections of M2M and the types of applications across various industrial verticals. The market is also segmented based on the different geographical regions. Based on geography, the market is widely segmented into North America, Latin America, Middle East and Africa, Europe and Asia Pacific. The business verticals include retain, public safety and urban security, energy and power, telecommunication and information technology, healthcare, energy and utilities, transportation and automotive, architecture, manufacturing and others.
IoT Components: RFID, sensing and identification, data processing, network communications and support, safety and security technology.
M2M Connections: Sim-cards, network connections and different types of modules
Technologies and Platforms: Sensor nodes, RFIDs, gateways, near field communications, cloud management, supervisory control and data acquisition, complex event processing, information and discovery services and Zigbee
Market Trends and Forecasting Reports Until 2018
Detailed analysis of the aforementioned segments provide details about the market dynamics, trends, opportunities, threats, key players and business prospects in future. Based on the similar study, global internet of things market is expected to grow at over 30% of CAGR from 2012 to 2017. In 2011, the IoT and M2M market was worth over $44 billion, which is poised to witness growth of over $290.0 billion by the end of 2017. Europe, Asia Pacific and North America will grow at an impressive rate, which is a positive sign for the industry. The concept of internet of things was first put forward in 1999; however, it is already making waves across various industrial verticals and geographical regions. Increasing adoption is creating better business opportunities, which is a great sign for the global industry.