The global internet of things market is flooded with all sizes of organizations, with a major section of it fundamentally based in the sector of internet and communication (ICT) or consumer electronics. Intel Corp, Cisco Systems, Inc., Amazon.com, Apple, Inc., Inc., Microsoft Corp., and Google, Inc. are among the key players dominating the global internet of things market. The leading players are focusing to take over propriety platforms and the latest technologies are being used to the optimum to develop advanced and innovative products, to gain distinct amount of shares in several region. Various organizations are concentrating to design a secure technology solution to have a competitive edge over others in the IoT value chain.
According to Transparency Market Research, the global internet of things market is estimated to expand at a significant CAGR of 20.55% within the forecast period from 2016 to 2024. In year 2016, the global IOT market was evaluated to be around worth of US$334.22 bn. Moreover, this revenue figure is likely to reach around worth of US$1,490.31 bn by the end of 2024.
The major technologies used in the IoT market are Zigbee, Wi-Fi, RFID, Bluetooth low energy, and near field communication. Among these, the ZigBee segment was accounted for the maximum revenue share in the market, in 2015 and is foreseen to continue its lead in the market within the forecast period. Geographically, North America region was anticipated to lead the market for internet of things in 2015.
Concerns Regarding Data Security and Privacy to Hamper Market Growth
The rising concerns regarding data security and privacy in IoT based gadgets is a significant factor prone to frustrate the market to a degree. The security of sensitive personal information is a key concern anticipated that would hinder the development of the market to a certain degree, the matter is not considered on an immediate basis. The shortage of security measures and constrained processing power, for example, encryption, is another essential factor prone to hamper the interest for internet of things. To this end, there is an urgent requirement for real-time assessment of errors and data integrity to make use of IoT in various applications areas, for example, in healthcare and automotive.
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Use Cases in Hospitality to Provide Lucrative Opportunities in Future
The increase in adoption of IoT in less tech-driven organizations is additionally to fuel well for the internet of things market. For example, the popularity of IoT to better food delivery is foreseen to open up interesting chances for market players. Moreover, use cases in hospitality, healthcare, and retail is likely to provide lucrative avenues for the players. The combination of wireless technology in next generation systems and smart locks savvy locks and cutting edge frameworks has made them more secure and convenient. This is foreseen to help their demand among vendors, along these lines catalyzing the development of the IoT market.