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Internet Of Things Business: Latest Market Statistics and Trends

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Global Internet of Things Industry

The internet of things (IoT), a subsection of the wider wireless technology industry, is a network of physical objects embedded with electronics, software, sensors and network connectivity that enables these objects to gather, transmit and exchange information. IoT technologies include a wide variety of devices such as wearable devices, heart monitoring implants and DNA analysis devices, animal biochip transponders and built-in sensors.

Applications of IoT are diverse. They include automatic environmental monitoring of earthquake or tsunami early-warning systems, monitoring and control of infrastructure operations like the construction of bridge and railway tracks, manufacturing management through manufacturing process control, and automation of homes and other buildings by monitoring and control of mechanical, electrical and electronic systems.

An IoT network offers broad range connectivity that goes beyond machine-to-machine (M2M) communication, as it can be applied to almost any object which has a unique identity code (UIC) and which can be connected to the internet. Rapid technological advances and high demand for automation in various industrial segments are driving the research and development of new technologies in the IoT industry.

IoT providers primarily develop technologies or services or devices which can enable the connectivity of objects. They usually work in collaboration with service providers in diverse sectors and with third party users to build communication for automation and make optimal use of resources.

The global IoT market is forecast to reach $1.7 trillion by 2020. Key players in the IoT industry include Amazon Web Services, AT&T, Google and Cisco.

Key Segments

The IoT market can be broadly categorized into a consumer-facing segment and a business-facing segment

Home automation and lifestyle technologies are key subsegments in the consumer-facing segment of the IoT market. Home automation IoT technologies primarily control household devices. For instance, radio frequency identification (RFID) technology can identify the contents of a refrigerator via a smart phone and can be used to build a shopping list or generate recipe ideas. Wearable devices are the main subsegment of the lifestyle segment. Health and fitness-oriented wearable devices can track biometric measurements such as heart rate and perspiration levels, and even complex measurements like oxygen levels in the bloodstream.

The business-facing segment includes technologies related to retail, health, energy, mobility, cities and manufacturing. In the retail division, data visualization technologies enable easy tracking of products along the supply chain. This service is also used by consumers to track orders. In the healthcare division, wearable devices can track vital body statistics. Specialized equipment such as smart beds can continuously monitor a patient’s physiological functions such as heart rate and breathing rate, and can trigger an alert to healthcare staff in case of emergency.

Regional Market Shares

North America, Europe and Asia are the main regional markets within the global IoT market.

North America holds the largest share of the global IoT market and equates to about one-fourth of the global market. This market’s value is expected to grow rapidly in the near future. Increasing technological advances are the key reason for the market growth. Growth in the industrial, automotive and healthcare segments will have high impact on overall IoT market growth in this region.

Europe also holds a significant share of global IoT market. Western Europe’s revenue share is expected to increase from about 10% to approximately 20% of the global IoT market by 2020. The market in Europe is primarily driven by government support for the growth of IoT. The automotive industry is likely to contribute a large share to IoT market revenues in Europe.

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