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IOT Market in Nordic 2016-2020 - Rise in Adoption of IoT in Supply Chain Management - Research and Markets

[September 05, 2016]

IOT Market in Nordic 2016-2020 - Rise in Adoption of IoT in Supply Chain Management - Research and Markets

Research and Markets has announced the addition of the "IOT Market in Nordic 2016-2020" report to their offering.

The report forecasts the IoT market in Nordic region to grow at a CAGR of 15.11% during the period 2016-2020.

One trend that will definitely boost market growth is the increased adoption of IoT in supply chain management. IoT technology plays a vital role in the improvement of supply chain processes. IoT services allow enterprises to improve their existing supply chain processes by enabling the remote monitoring of vehicles. These services also permit the provision of real-time updates about cargo shipments.

According to the report, a key growth driver is the low price of connected devices. IoT connects billions of devices and sensors to develop innovative applications. IoT communication primarily connects various devices, such as smartphones, laptops, and tablets, with people and systems. This connection also helps send data to the centralized server through networks such as wireless local area network (WLAN), adio frequency identification (RFID), and Bluetooth. These sensors have become an integral part of M2M or IoT communications in many applications, including smart homes, connected cars, connected health, and precision agriculture.

Further, the report states that one challenge that could restrict market growth is the lack of standardization as it hinders the large-scale commercial use of IoT. In the IoT network, standardization is necessary for the technical and application layers.

Key vendors: