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Global Internet of Things Market: A Report by GrowthPraxis

  • January 2016
  • 40 pages
  • GrowthPraxis
Report ID: 3643613

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Internet of Things (IoT) is a paradigm where the objects surrounding us will be on a network, and can communicate with each other making use of RFID and WSN (Wireless Sensor Network) with minimal human intervention. Therefore, it is a technology in which information and communication systems are invisibly embedded in the environment surrounding us. Smart connectivity with existing networks and context aware computation using network resource is an indispensable part of IoT.

The emergence of efficient and low energy wireless protocols, improved sensing devices, low cost processors, and an array of start-ups and incumbent firms developing the necessary management and application software for ubiquitous connectivity has finally made the concept of the IoT mainstream. The total number of connected devices surpassed the number of human beings on earth in 2011, and by 2020, number of connected devices is expected to be approximately 7- 8 times the global population.According to us, for every Internet-connected PC/Phone, there will be 5-10 other connected devices per household, which can be monitored and controlled by it. These will include consumer electronics, equipments, cars, home appliances, and a number of devices which form the “things” in IoT. In our view, the concept of IoT will disrupt the Consumer and Industrial markets. It is expected to change the way things work currently generating billions of dollars in revenues, opening up new growth avenues for semiconductor, networking equipment, and service providers globally.

What benefits can IoT generate?

Improved asset utilization: With improved tracking of assets (machinery, equipment, tools, etc.) using sensors and connectivity, businesses can benefit from real-time insights
Efficient processes: Organizations can use real-time operational insights to make smarter business decisions and reduce operating costs.
Although IoT offers huge potential, organizations must overcome key challenges, such as the lack of interoperable, technologies and standards, data and information management issues, privacy and security concerns, and the skills to manage IoT’s growing complexity.

5 key questions that the report answers:

Why “internet of Things” has evolved?
What is the current market size of IoT and what is the projected market size of IoT by industry verticals and geographies?
What is the business ecosystem or Value Chain of IOT?
What are the agencies and alliances formed for driving IoT?
What will be the impact of IoT on various businesses?

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