The global internet of things (IoT) market is presently making a mark with an impregnable demand in cloud computing. For the most part of the demand, the global market has gained momentum through its mushrooming reach across the cloud computing sector. Anyone who uses cloud computing will immensely benefit from the pivotal employment of IoT concepts. Combating energy and storage related problems and improving the efficiency of cloud computing platforms are some of the key advantages of using IoT.
A report by Transparency Market Research predicts the international IoT market to propel by 20.55% between 2016 and 2024. In 2015, the market generated a moderate revenue of US$280.70 bn, which is foretold to rise to a colossal US$1490.31 bn by the end of the forecast period.
Who will win the Race between ZigBee and Wi-Fi by 2024?
According to the research experts, the global IoT market will ride its luck on the ZigBee segment by technology, which took a head place in 2015 on the basis of revenue. Putting behind other divisions in the technology categorization of the global market, i.e. Wi-Fi, Bluetooth (low energy), near field communication, and radio-frequency identification (RFID), ZigBee is expected to continue its dominance until 2024. It is estimated that ZigBee will clasp the market with a decimal increase from the already impressive share by the end of the forecast period. One of the reasons that ZigBee is envisioned to take command of the market is its extreme high value function and frequent demand in the hot smart home markets.
Out of the prominent applications of IoT, medical and healthcare is envisaged to show promising results throughout the forecast period while securing a mountainous market share. However, media is foreseen to be in a hurry to grow out across the global IoT market with a breakneck CAGR.
Is Asia Pacific the Future of Global IoT Market?
With a more than 60.0% of collective share in the global IoT market in respect of revenue, North America and Europe had announced their presence in 2015. However, North America is predicted to count on the rising demand for the assessment of high speed networking technology and interconnectivity of objects to lead the global market. The other regions that hold prominence in terms of geography are Asia Pacific, the Middle East and Africa, and Latin America.
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With regard to the speed of growth, there is no other geographical segment than Asia Pacific that looks propitious over the forecast period. The market in this region is prophesized to be driven by the augmenting fondness of consumers for smart devices and other connected and portable consumer electronics. A majority of such consumers are surveyed to belong to developing nations such as India and China. Key vendors in the global IoT market are expected to fall for the rocketing uptrend in both the export and import value of electronics produced in China. Besides this, China houses one of the herculean populations of the world, most of which are smartphone users.
Google, Inc., AT&T, Honeywell International Inc., Cisco Systems, Inc., Amazon, Microsoft Corp., Apple Inc., General Electric, and Intel Corp. are some of the dominant players that are expected to stimulate the global IoT market with a heavy upswing in demand.