IoT Industry – An Insight into Future Convergence and Challenges
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IoT is expected to transform how we work, live and other things. Smart object and their different applications such as smart cities, smart homes, and smart environment is dynamic the evolution of the universal market. Moreover, increasing demand of smart wearable electronic products in different application is boosting the market growth. The prospective for cyber physical systems to improve productivity in the production process and supply chain are growing the demand of industrial sector in Internet of Things market. Additionally, fast technological advancement is increasing the global IoT market growth.
Wi-Fi connectivity is growing rapidly and due to various government initiatives supporting the widespread usage of WiFi and collaboration between various companies, market is experiencing a surge and is forecasted to grow considerably during the forecast period. Consequently, all drivers are set to contribute to the expansion of global market of Internet of Things in the upcoming years. Moreover, IoT finds in application such as urban planning and environmental planning, is could create immense opportunities for the IoT market.
Growing acceptance in the various industrial segments along with strong economic growth in growing economies are contributing to the prospective growth opportunities of the global Internet of Things market. Internet of Things is anticipated to increase acceptance through end-user applications like medical and manufacturing and this will lead to the increase in the growth of IoT market in the upcoming years. However, the major challenge that Internet of Things markets likely to face is the lack of standardization in IoT products and interoperability problems. The privacy and security problems with usage of cloud technology is likely to obstruct the anticipated growth of IoT market.
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The key companies in the global Internet of Things market have been competitively profiled across the five broad geographic regions. This competitive landscape is inclusive of the various business strategies accepted by these key players and their recent developments in the field of Internet of Things. Furthermore, the report contains analysis of market attractiveness of different applications and provides an insight into various application areas of the Internet of Things.
The global Internet of Things market is characterized by the presence of numerous major players in the market. The major players of the market compete their competition on the basis of factors such as price, performance, quality, support services and innovations of product. Major players in IoT market are Intel Corp. (U.S), Amazon (U.S), Microsoft Corp. (U.S), Cisco Systems Inc. (U.S), Google Inc. (U.S), AT&T (U.S) and Apple Inc. (U.S) among others.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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