Internet of Things (IOT) interconnects devices, objects, and systems, which allows sharing of information, and coordination of operations between disparate systems and devices. Presently, IoT is a billion-dollar industry, which is growing continuously. IoT-enabled devices help organizations to increase operational efficiency and optimize business outcomes. IoT-enabled devices such as smart home devices are increasingly being used due to their highly intuitive and innovative features. These improve home automation efforts, home security, and safety. Devices such as sensors, wearable devices, medical equipment, health monitors, and other medical devices are being connected with IoT.
The IoT-enabled devices market is driven by the development of wireless networking technologies and increase in Internet connectivity such as low-power, wide-area (LPWA) network solutions that provide advantages such as cheap, mobile, low-power, and long-range connectivity, for low bandwidth (low bit rate) applications. Growing importance of automation, big data analytics, and the role of data as a key business asset allowing users to take information-based decisions also drives the global IoT-enabled devices market. Additionally, factors such as increase in adoption of cloud platforms, which provide advantages such as reduced overall costs, better collaboration between developers, storage and access of data remotely, propels the IoT-enabled devices market. The IoT-enabled devices market faces limitations such as the lack of security in development process, privacy concerns over data gathered by the devices, the lack of an open-source interoperable standard that all IoT products and services follow leading to technology fragmentation, the complex requirements of acquiring, aggregating, analyzing, and using large amounts of data generated by IoT-enabled devices, and geopolitical uncertainties.
Based on customer type, the IoT-enabled devices market can be bifurcated into consumer IoT and industrial IoT. The consumer IoT segment can be divided into home, lifestyle, health, and mobility. The home sub-segment can be further divided into home automation, home improvement, and energy efficiency. The lifestyle sub-segment type can be categorized into wearables, entertainment, and music systems, drones, and robotic pets. The health segment can be segregated into fitness tracking, monitoring devices, and diagnosis devices. The mobility segment can be categorized into smart cars and eBikes.
The industrial IoT can be divided into industry size, public services, manufacturing, mobility, health, and hospitality. The public services segment can be divided into schools & universities, banking and insurance, and administration. The manufacturing segment can be divided into applications such as mining, oil & gas, and supply chain. The mobility category can be classified into traffic, airports, and railway. The health segment can be bifurcated into surgery and patient care. In terms of industry size, the global IoT-enabled devices market can be segregated into small and medium enterprises (SMEs), large businesses, and consumers. Based on industry, the IoT-enabled devices market can be trifurcated into Banking, financial services and insurance (BFSI), health care, and government.
As per market players, the manufacturing industry is expected to spend around US$ 200 Bn on IoT-enabled devices and solutions in 2018, which makes IoT in manufacturing by far the largest spending category. Consumer IoT, fourth in 2018, is expected to have double digit growth with strong spending for smart appliances.
Major players operating in the IoT-enabled devices market include Google Inc, Apple Inc, ESOL Co. Ltd, BlackBerry Ltd, ARM Ltd. Hardware manufacturers for IoT components such as Chips (Microcontrollers, System on Chips and RF/Communication ICs) include Broadcom Inc., Cypress Semiconductor Corporation, Maxim Integrated Inc., Intel Corporation, Qualcomm Incorporated. Manufacturers for development boards for IoT-enabled devices are Arduino S.r.l, Cubieboard, Raspberry-Pi Foundation. IoT platform vendors include Accenture, ADAMOS GmbH, Amazon Web Services, Inc., Bosch Limited, C3 IoT, Inc., Device Insight GmbH, IBM Corporation KaaIoT Technologies, LLC, Microsoft Corporation, Schneider Electric, Siemens Ltd., and Sierra Wireless S.A.
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