The term IoT or the Internet of Things refers to the interconnected devices and machines that can send and receive data over a network without relying on human-to-human or human-to-computer interaction. IoT holds immense potential to transform the way businesses and organizations operate. For many organizations, IoT forms the basis of their digital transformation, which has been helping them in optimizing their operations and business outcomes.
IoT will also help manufacturers consolidate all production systems into a single data model. IoT enables remote monitoring, which in turn, can be employed for infrastructure management and environment monitoring. It can also be used in medical and healthcare systems, energy management, and in building and home automation. As a result, the importance and adoption of IoT have been growing across various industry verticals and government organizations.
The global Internet Of Things Market (IOT) is expected to grow at a very high CAGR of 26% during 2017 to 2022. The high growth rate to be exhibited by the market can be attributed to the way IoT has been revolutionizing the interaction between organizations and their customers, besides enabling organizations to enhance their operational efficiency.
Almost all industries are going through a stage of transformation in their attempt to provide more affordable, accessible, and better service to customers. So, the needs and requirements of industries are evolving with time and to meet these needs, new applications and solutions are being developed over time. In this scenario, IoT, along with cloud computing and Big Data, will witness increased adoption and this will drive the global internet of things market.
IoT will pay a key role in smart manufacturing. The demand for IoT in the banking industry is growing rapidly and this trend is likely to continue in the coming years as well. This too will give a major boost to the global internet of things market. The adoption of IoT in the healthcare industry will also grow significantly in the coming days, as this technology enables real-time remote monitoring of patients and drug management. This in turn, will help cut down healthcare costs and enhance patient experience.
However, the global market will also face certain challenges in the form of lack of common standards, lack of shared infrastructure, and issues like data sharing and control over data. Due to these challenges, IoT is yet to gain the kind of popularity it truly deserves.
Among the regional markets, North America will hold the largest market share over the next couple of years. In 2017, the region held about 32.9% share in the global internet of things market. The growth of the North American market can be mainly attributed to rapid digitalization across various industries in the region and growing adoption of smart connected devices.
The global internet of things market is presently being dominated by major players like Affectiva, iMotions, Beyond Verbal, Kairos, Cogito, Noldus Information Technology, Sentiance, Tobii, NVISO, Sensum, Lexalytics, IBM, Google, Microsoft, and Gorilla Technology, among others.