According to our global internet of things market outlook report “Disruptive technologies: Advances that will transform life, business, and the global economy“, the Internet of things (IoT) is one of the top three technological advancements of the next decade (together with the mobile internet and the automation of knowledge work).
The Cisco, in 2008 number of things connected to Internet was greater than the population residing on earth, by 2020 number of things connected to internet will be about 50 billion. Although estimated number of installed IoT devices in enterprise sector dominates the market, however that share may decline as the government and home sectors gain momentum.
Internet of Things (IoT Major Outlook
By the year 2020 each person will own an average of 7 connected devices in the communications. In the automobiles 8.7 million cars had internet access which has now grown to 23.6 million in 2016. Industrial segment tends to see the annual growth rate of 30% due to increase in machine to machine connection.
According to Verizon report, global internet of things market in the year 2014 was USD 591.7 billion and growing at the pace of 17% forecasted to reach USD 1.3 trillion. The installed base of internet of things tends to grow from USD 9.7 billion in 2014 to 25.6 billion in the year 2019, hitting USD 30 billion in 2020. The total market size of digital precision agriculture services is expected to grow at the CAGR of 12.2% b/w 2014 and 2020, to reach USD 4.5 billion.
Internet of Things (IoT – Competitive Analysis
Key players are making innovative developments in Internet of Things (IoT. The same will help in improving the market performance. Heavy investments are made by major players in the R&D sector
Internet of Things (IoT – Scope
- Privacy and security were seen as the key technical building blocks needed.
• Potential solutions can be helpful to protect the data and privacy by providing legal authorities, technical control, social ethic and market self-regulation.
• 5G is the promising technology to deliver on IoT opportunities like robotics and autonomous vehicles.
• Verizon is going mainstream by entering in agricultural sector, measuring soil and moisture conditions to enhance plant quality, lower the operating costs and increase crop value.
• LTE is being evolved to scale up the performance and mobility and scaling down complexity and power. For instance, LTE Cat-M1 (eMTC) and LTE Cat-NB1 (NB-IoT), these two technologies will be merged by Qualcomm.
• With IoT, you don’t need to go online because your environment is already there serving you, so if we don’t need to be online than IoT will eliminate the Internet online.
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