IoT is gaining market share in various industries due to its advanced features and applications. The IoT enabled devices are growing in numbers. The common IoT devices are smart air conditioners, smart lights, and smart security systems.
What is the market size of IoT and what are the new developments in the IoT industry?
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IoT is basically the interconnection of various sensors and smart devices through the internet. The concept of IoT was first introduced during 1982 with Coke vending machine, which was considered as the first appliance to connect with internet.
Since its introduction, IoT is gaining market share worldwide at a high pace. The typical working state of the IoT network requires four basic components which include sensors/devices, connectivity, data processing and user interface.
IoT has become one of the basic modules in almost every industry in recent years. Some of the industries that are benefiting from the IoT network includes automotive, farming, buildings, retail, electronics, supply chain, manufacturing, power, insurance, packaging, and assets tracking.
Some of the key developments in IoT industry are using of more fast internet (5G) for IoT communication, using of a blockchain network for IoT connection (for more security), different platforms for IoT management, advanced cloud management, advanced IoT operating systems, and integration with AI and big data.
Because of these advanced features and developments in recent years, the global market of IoT has grown notably. Some of the aforementioned developments are still at nascent stages and will take time for complete commercialisation.
The market size of IoT was around US$ 130-200 billion in 2018, which will reach between US$ 1 trillion by 2025, based on various market research reports.
There are various top players in the development of IoT technology including Cisco, IBM, Bosch, SAP, Siemens IoT Analytics Company, Vates, TP-Link, Verizon, VironIT, and HQSoftware.