Verified Market Research recently published a report, “Internet of Things (IoT) Market by Software Solution (Real-time Streaming Analytics, Security solution, Data management, Remote monitoring system, Network bandwidth management), by Platform (Application Management, Network Management, Device Management), by Application”.
According to Verified Market Research, the Global Internet of Things Market (IoT Market) Size was valued at USD 212.1 Billion in 2018 and is expected to witness a growth of 25.68% from 2019-2026 and reach USD 1,319.08 Billion by 2026.
Global Internet of Things Market Overview
The need for wireless networking technologies is the macroeconomic indicator, which is expected to cause a surge in market growth. The Internet of Things (IoT) being developed by market players and becoming increasingly connected via wireless connections, its necessary that a Wireless Personal Area Network (WPAN) be created to allow multi-vendor interoperations. Wireless networks attend to the unique requirements of smaller vertical markets and niche applications to provide the benefits of interoperability through standardization. Each standard criteria of a wireless network have specific characteristics arranged and optimized to serve specific IoT applications.
The IEEE 802 Wireless Working Groups, IEEE 802.11 Wireless LANs (aka Wi-Fi) and IEEE 802.15, develop standards not only for wireless networks but for IoT networks, mesh networks, wearables, and busy light communications. The dawn of cloud data management in large scale IoT applications is anticipated to accelerate market growth.
With cloud computing, there is no need for individual organizations to organize extensive hardware, construct management networks, and workflow development in IoT. The advantages offered by cloud services are providing lifecycle management, where Cloud had introduced the IoT remote device lifecycle management, which plays a crucial role in enabling a 360-degree data view of the device infrastructure.
The enterprises can move the applications between the cloud and the node to support the claims. Other factors, such as reduced cost and the role of data analytics, will further foster market growth. The IoT is reshaping Industry 4 and Small Manufacturing Enterprises (SMEs). With many SMEs trying to make ends meet, IoT has been a boon for the small startups, and the SMEs have gained multiple benefits.
The influence of IoT on various Indian SMEs is in the retail sector, where customer service is improved. The customer’s grocery list from the smartphone is connected as he enters the store, and the purchase time is saved by following the organized path. In Medical Services, the SMEs furnish the market revenue and gain the patient’s trust. They can examine the patient’s health by tracking the data through wearables.