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Over the past few years, the Internet of Things has given all physical things, a complete digital makeover. Today, a wide variety of things are being computerized and linked to networks, ranging from cars, watches, appliances, and clothes. Even farm fields and roadways are being upgraded and modified with digital sensors. This optimistic outlook has helped many companies and industries to redesign their operations.
Vodafone, recently signed a deal with Inmarsat, to use their satellite network for offering global business connectivity. Vodafone has plans to develop its connectivity for smart cities, driverless cars, and many other advanced applications in various areas such as energy, transport, and agriculture. Inmarsat, with this contract, said that this was the very first time that any mobile phone network company has signed a contract to discover it satellite broadband network.
This news motivated many leading players in the global Internet of Things market to merge with companies to enhance their services and maintain their dominance. The global Internet of Things market is highly fragmented in nature and is predicted to reach US$924.86 bn by 2021, progressing at a 21.40% CAGR from 2015 to 2021. Transparency Market Research (TMR), in its new report, highlights the key drivers and restraints of the global Internet of Things market.
How has the market for the Internet of Things grown regionally?
Currently, North America leads the demand for the Internet of Things owing to the advancements in the technology. Going forward, Asia Pacific is expected to be the biggest contributor to the adoption of the IoT services. The demand for IoT services is expected to be the highest from the manufacturing industries in India, China, and Japan, which is expected to propel the Asia Pacific Internet of Things market.
Factors expected to propel the global Internet of Things market
The global Internet of Things market is primarily driven by the technological advancements and the rising initiatives taken by governments of many nations to expand IoT services. The rising need to minimize cost and increase the efficiency of routine operations is also expected to contribute towards the global Internet of Things market. The demand for smarter devices is increasing at a significant pace in most of the emerging nations, which is another factor expected to propel the global market.
Factors are expected to challenge the global IoT market
Security risk still remains the biggest factor expected to challenge the global market for the Internet of Things. The excessive reliance on technology might be a challenge for some of the developing nations where the latest technology is not fully utilized.
The positive outlook behind the Internet of Things is such that it will continue to enable technology to enhance physical systems such as food production, health care, transportation, and energy consumption and make them more efficient and smarter. The adoption of IoT technologies such as ZigBee, Bluetooth low energy, near field communication, Wi-Fi, and radio frequency identification is expected to increase, which is a key factor expected to drive the global Internet of Things market.