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The Internet of Things (IoT) represents connected smart devices and systems to access data collected by embedded circulatory in devices and other similar physical objects. With the expanding application of IoT, the global internet of things market is expected to witness a double digit growth over the coming years. Internet of things is used widely in energy efficiency, healthcare, security, education and other similar applications. IoT is also used in the industries such as manufacturing, agriculture, retail, and other similar sectors. The various components of the IoT include sensing and identification, data processing, network communication, security and support technology.
Based on the various technologies, the global internet of things market can be broadly segmented as radio frequency identification (RFID), gateways, sensor nodes, cloud management, zigbee, data acquisition and supervisory control (SCADA), system integrators, software platforms, information and discovery service (IDS), near field communication, and others.
Based on the industry verticals, the global IoT market can be segmented as consumer electronics, government, industrial and commercial buildings, healthcare, automotive manufacturing, supply chain management, transportation, consumer and residential, energy, and others.
Lack of standard and range of operating platform of various devices under IoT, is one of the major hindrances in IoT applications. However, the significant effort to consolidate and merge to provide a common platform, such as MQTT protocol for sensors communications, is in progress, which is expected to lower the impact of the hindrance in coming years. The lack of any legislation for the IoT in many countries is posing challenge for the growth of internet of things market.
Advances in information technology, and electronics and semiconductor manufacturing facilitated the connection of large number of things and devices. Miniaturization of electronic devices, owing to the evolution of very large scale integration (VLSI) and evolution of the sensor technology, is one of the predominant drivers of internet of things market. Furthermore, continuously improving power performance of the electronic devices, improvement in information technology infrastructure in developing countries, evolution of smart phone and other potable communication devices, introduction of cloud technologies, artificial intelligence, software-defined networking, and significant growth of social media, are some of the other important drivers of the internet of things (IoT) market.
Some of the factors restraining the growth of the global Internet of thing (IoT) market include lower efficiency of the IoT devices in processing large sample of data, device protection and privacy related issues, lack of common operating platform and protocol, changing technology of the devices, and technical conflicts such as cyber-object or virtual agent.
Asia-Pacific was the largest market for internet of things in 2014; followed by North America. The largest market share of Asia-Pacific is attributed to the advanced information and technology infrastructure of Japan, China and India. Furthermore, Asia-Pacific region is growing at the fastest rate attributed to the strengthening of IT infrastructure of the South-East Asian countries. Brazil is one of the largest and highest growing markets of internet of things in Latin America.
The global IoT market is marginally consolidated with top six companies accounting more than 40% of the global internet of things market. Some of the major competitors of Internet of things market are Alcatel-Lucent S.A., International Business Machine Corporation (IBM), AT&T Inc., Apple Inc., Huawei Technologies Co. Ltd., Cisco Systems Inc., Google Inc., NXP Semiconductors NV., Intel, Gemalto NV., and Qualcomm Incorporated.