The Internet of Things is a network comprising things or physical objects embedded with software, electronics, network connectivity, and sensors. The Internet of Things enables objects to be controlled remotely across existing network infrastructures and creates opportunities for direct integration amongst computer-based systems and the physical world. It is an intelligent and invisible network and improves the overall accuracy, economic benefit, and efficiency of the system in which it is used.
Technological Developments in Healthcare to Propel Internet of Things Market
The Internet of Things finds its application in a number of sectors such as automotive, industrial, consumer electronics, healthcare, retail, and others. Amongst these, the industrial sector led the market for the Internet of Things. On the other hand, the consumer electronics and healthcare application segments are anticipated to be the most rapidly developing segments of the market for the Internet of Things.
Technological developments within the healthcare field, initiatives taken by the government for expanding the Internet of Things, and the requirement to reduce cost and increase the efficiency of communication for exchanging and collecting data are amongst the prime factors stimulating the market for the Internet of Things. On the other hand, security risks associated with relying on this technology are the key factor that may inhibit the growth of the market in the coming years.
Wi-Fi Held the Biggest Share in 2014 owing to Widespread Usage in a Number of Industries
In terms of technology, the Internet of Things market is segmented into Bluetooth Low Energy (BLE), ZigBee, near field communication (NFC), radio frequency identification (RFID), and Wi-Fi. Amongst these, in 2014, the segment of Wi-Fi held the biggest share in the market. The reason for the dominance of this segment is the secure connection provided by it owing to software-defined networking via securing and scanning devices at the network entry point. In addition, Wi-Fi is being extensively used in a number of industries, schools, campuses, lodgings, residential homes, and office buildings. This will further increase the demand for the Wi-Fi segment in the coming years.
North America Constituted a Share of 38.6% in 2014
In terms of geography, the Internet of Things market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America dominated the market and constituted a share of 38.6% in the market in 2014. The reason for the dominance of this region is the swift growth of the automotive, healthcare, and industrial sectors in this region. Europe trailed North America, accounting for the second biggest share in the market, and is predicted to maintain its dominance in the forthcoming years due to the supportive regulations formulated by governments in the region in favor of the Internet of Things, thus ensuring effectual working of the Internet of Things in a number of application areas. Asia Pacific is predicted to be the most swiftly developing region in the forthcoming years.
The prime players operating in the market include Google Inc. (U.S), Apple Inc. (U.S), Cisco Systems Inc. (U.S), Microsoft Corp. (U.S), IBM Corp. (U.S), and Intel Corp. (U.S), among others.
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