[May 24, 2017] |
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IoT Platform Market - Trends and Forecasts by Technavio
Technavio's latest report on the global
IoT platform market provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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http://www.businesswire.com/news/home/20170524006195/en/
Technavio has published a new report on the global IoT platform market from 2017-2021. (Graphic: Business Wire)
Sunil Kumar Singh, a lead analyst from Technavio, specializing in
research on embedded
systems sector, says, "The global IoT platform market is
growing at a significant rate. The growth stems from the growing demand
for digital transformations from traditional industries who are looking
to gain a competitive advantage in their respective markets."
The global
IoT platform market was valued at USD 420 million in 2016 and is
expected to grow at a CAGR of nearly 32% by 2021. The increase in the
number of interconnected smart devices such as PCs, laptops, personal
digital assistants (PDAs), tablets, smartphones, and sensors integrated
into everyday consumer devices and physical assets is driving the market
growth. In addition, advances in technology have resulted in low-cost,
compact, and energy-efficient sensors and communication devices.
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The top three emerging trends driving the global IoT platform market according
to Technavio research analysts are:
Development of an open Wi-Fi network
OpenWireless.org is a cyber activist group seeking to improve the
Internet connectivity and access by encouraging sharing among users. The
organization has developed a software that can convert the wireless
router of the mobile device into a wireless access point. If people
accept and adopt this idea, then a ubiquitous public wireless network
can be created.
"This untapped bandwidth can be utilized by using the sharing
software developed by OpenWireless.org. The group plans to route the
guest traffic over the anonymity software Tor or a VPN for enhanced
privacy. It will use a protocol called EAP-TLS, which is the equivalent
of HTTPS, to encrypt each user's link," according to Sunil.
Growing diversity in IoT standards
Vendors across the IoT market have to work in tandem on an open-source
platform to ensure interoperability among the IoT devices and also set
some standards for all the devices. The AllSeen Alliance, founded in
2013, was created to develop a larger ecosystem of vendors and products.
Leading enterprises including consumer electronics manufacturers, home
appliances manufacturers, service providers, retailers, enterprise
technology companies, innovative startups, and chipset manufacturers
have joined hands to develop the framework AllJoyn.
Industrial Internet revolution
Industrial internet of things (IIoT) is a combination of big data
analytics and IoT. It offers a number of opportunities for organizations
across sectors such as agriculture, healthcare, manufacturing, mining,
oil and gas, and transportation. Currently, these sectors account for
60% of the global economy.
At present, IIoT is in its early stage but is poised for tremendous
growth. The increase in the number of sensors shipped has fueled the
global IIoT market. Large companies and governments have taken
industrial Internet initiatives such as Made in China Strategy 2025 and
Internet Plus in China and Industry 4.0 in Germany to encourage
digitalization of industries.
The key vendors are as follows:
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Alcatel-Lucent (News - Alert) (Nokia)
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Amazon Web Services (AWS)
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AT&T
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Cisco Systems
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Microsoft Corporation
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170524006195/en/
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