Internet of Things Technology & Application Market by Communication Technology Estimated to Reach $1423.09 Billion by 2020 - New Report by MarketsandMarkets
(PR Web Via Acquire Media NewsEdge) (PRWEB) September 03, 2014
According to a new market research report "Internet of Things Technology & Application Market by Communication Technology (ZigBee, Z-Wave, Bluetooth, Wi-Fi, NFC, RFID), Application Vertical (Building Automation, Consumer, Wearable Electronics, Industrial, Automotive & Transportation, Agriculture) & Geography - Global Trends & Forecasts to 2014 - 2020", the value of Internet of Things market was worth $1029.5 Billion in 2013, and is expected to reach $1423.09 Billion by 2020, at an estimated CAGR of 4.08% from 2014 to 2020.
Browse more than 149 market data tables with 68 figures spread through 452 pages and in-depth TOC on "Internet of Things Technology & Application."
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The term 'Internet of Things' from its early introduction in 1990s by Mark Weiser has evolved enormously and now it has taken the center stage. "Internet of Things" was the theme of 2014 – Consumer Electronics Show (CES) which was held in Las Vegas, U.S. on January 5, 2014. Over the next decade, 'Internet of Things' (IOT) is expected to transform our world.
With new technological inventions and its seamless integration in our day to day lives, it is evident that Internet of Things concept is already laying down the foundation for a promising future. Few trends in technology and application are acting particularly as future IoT enablers which may help in shaping the future of the IoT. Some of these critical technology trends which are expected to have a huge impact on IoT evolution are IPV6, sensor proliferation, cloud computing, big data, and faster communication standards such as 4G-LTE and beyond.
Wearable electronics is one of the key application segments which are being revolutionized by the Internet of Things. This industry is rapidly evolving and therefore promises an array of growth opportunities for the IoT industry in the coming years. The emergence of wearable electronics is seen as the next big thing after smartphone revolution.
Growing demand for wearable electronics stems from the fact that consumer preference for sophisticated gadgets with advanced computing functions is growing stronger. And wearable electronics offers a plethora of innovative and attractive applications ranging from consumer, healthcare, enterprise, industrial, and so on, to meet the needs of modern market. The focus of wearable products and device has been 'miniaturization or portability of the devices' and giving mobility to huge amount of data and information. So it is expected that the consumer preference for sleek and compact wearable device will be the key driver for wearable electronics. The industry is all set to join the mainstream of personal computing in the next few years.
As the technology matures over time, it is expected to find new application verticals. As the world moves towards connected living, the next generation of wearable devices is emerging as a universal platform that could connect with wearer's smartphones and real-time computing along with integrating augmented reality and artificial intelligence. Moreover, the next generation devices, expected to get launched in the coming years, will become smarter and will bring intelligence out of those electronic chips and components. All these products are expected to bring together the power of advanced and intelligent computing and design. Products such as eye-wear and wrist wear are likely to become the future of personal computing.
Internet of Things Application & Technology has revolutionized the consumer application industry. Various other IoT applications are also evolving and will further drive opportunities for many industry players across the vast IoT ecosystem. The detailed segmentation by applications included in the report covers all the major smart devices used in Internet of Things such as smart thermostats, meters, plugs, hubs, locks, and many more. The major IoT application segments that have been extensively covered in the report are building automation, industrial, consumer, wearable electronics, automotive & transportation, and agriculture. Besides, major wired and wireless communication technologies, protocols, and standards have been discussed in the report. Whereas, the geographical segmentation section gives the Internet of Things market for various geographical regions namely: Americas, EMEA, and APAC.
Apart from the segmentation, the report also covers other market aspects for the Internet of Things such as drivers, restraints, opportunities, burning issues, and winning imperatives in detail. It also evaluates the market through various models such as the Porter's five forces model, and analyzes the market's intermediate-level value chain, functional ecosystem, and company landscape. This report, based on the extensive research study on Internet of Things, is aimed at identifying the various market segments and sub-segments through an extensively detailed classification. It also profiles more than 10 key players in this market along with the in-depth competitive landscape.
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