What Makes Internet of Things Market A Trillion Dollar Industry?

Started with the machine-to-machine (M2M) communication, the internet of things has come a long way. The concepts of man to machine, machine to machine and machine to mobile are collective called as internet of things (IoT) – a term coined by Kevin Ashton in 1999. The Auto-ID labs at MIT made this concept truly popular. Today, smartphones have become the strongest connecting tool and vital instrument for the internet of things technology. The basic idea behind using smartphones as a medium is the fact that they can be easily connected with all your ‘things’, through powerful sensors and network technologies. The power of IoT can easily connect phones, wristwatches and even buildings through ubiquitous network. As a result, numerous companies in the internet of things market, including semiconductor giants like GE and Samsung are manufacturing their products revolving around this technology.

Internet of Things Trillion Dollar Industry

Image Source: teamarin.net

Future of Internet of Things – Competition & Innovation

The global industry is full of fierce competition when it comes to all the aspects related to the internet of things technology. From the facets like manufacturing to marketing, key players in the industry have contributed to a federated infrastructure in the market, leading to a strong competition. Key to the success and popularity of this technology lies in the offering of multiple capabilities and seamless intersection and integration of the technologies. As far as the future of internet of things is concerned, the manufacturers are already working towards connecting all the information sources with the wireless technologies. These sources include mobile phones, sensors, vehicles, offices and residences, watches and all the other devices customers use on a daily basis.

Innovation in the IoT technology is changing the basic characteristics of the internet itself. From human-to-human, internet is now turning into an everything-to-everything communication system. As a result, the industry is also seeking innovation from the manufacturers who want to stay in the news for all the right reasons. Interconnection of everyday objects will open numerous business avenues in this industry. Concepts like building automation, smart cities, smart meter, connected cars, wearable technology, clothing, and changing types of wired and wireless protocols are expected to drive the innovation and evolution of futuristic devices in the near future. Revamped protocols for EnOcean, ZigBee, RFID, WiFi, NEMA, Ethernet, KNX, and so on will contribute to the growth in applications for the market.

The Business Aspect – What to Expect?

According to the experts, internet of things as revolutionized the consumer electronics and application industries. As a result, the future prospects for the internet of things market are highly positive. Technologies like wearable electronics and connected cars are set to invite number of industry leaders to try their hand in this ultramodern technological wave. The industry is poised to witness exponential progress in building automation, consumer electronics and industrial applications. All in all, growth in the research and development activities and impressive funding contributions from key players as well as governments from around the globe are set to drive the concepts of smart grids, wired and wireless communications, precision agriculture, and smart automation.

Research also shows the rapid rate of adoption in the industry, as far as various businesses are concerned. In fact, this rate of adoption is rapid than that of the consumers. The “time saving” factor plays a vital role in this adoption making it a trillion dollar industry. Several customers on the other hand are not ready to give away their preexisting devices in order to get the IoT enabled devices. Convincing a maximum number of customers to embrace their brand new products is considered to be a major challenge for the companies in the internet of things market. Privacy is yet another challenge ahead of the manufacturers. Consumers are highly concerned about sharing their day-to-day things on virtual platforms as they are concerned about hacking and such other malicious activities.

All said and done, the internet of things technology is here to stay. This fact is good enough to attract businesses for larger investments into the IoT market and amplified research and development activities for maximum applications of IoT.

To more about market forecast click here

Share this post:

Related Posts

Comments are closed.