A peek into the History and Future of the internet with brief insights on how the changing technologies have paved the path and changed the lives of humankind.
The kitchen has always been a natural home for gadgets, and it's the room which is most likely to be transformed by the Internet of Things. Here’s a summary of how the IoT world could play out when it comes to your kitchen.
The Internet of Things refers to the network of physical objects that attribute an IP address for Internet connectivity. Internet of Things is defined as an invisible and intelligent network of things that communicate indirectly or directly with each other. Internets of Things enable communication between the physical objects and other internet-enabled systems and devices. In addition, Internet of Things also makes the life of consumers much more comfortable and easier by controlling the electronic devices from one place. Furthermore, technological advancement in the field of healthcare, government initiatives for expansion of the Internet of Things and need to increase efficiency and cost reduction are the major factors that are driving the Internet of Things market globally.
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Among all the application segments, industrial holds the largest market share at present in the Internet of Things market. The potential for cyber physical systems to improve productivity in the supply chain and production process are increasing the demand of industrial sector in Internet of Things market. Healthcare and consumer electronics sectors are expected to be the fastest growing applications in the Internet of Things market globally. In 2014, automotive sector is the second largest application segment in the Internet of Things market globally.
This market research study analyzes the Internet of Things market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. The report also identifies the restraints and drivers affecting the industry and analyzes their impact over the forecast period. In addition, it identifies the significant opportunities for market growth in the coming years.
The report segments the Internet of Things market on geography as Rest of the World (RoW), Asia Pacific (APAC), Europe and North America, and these geographies have been estimated in terms of revenue (USD billion). In addition, the report segments the market based on technology as ZigBee, Bluetooth low energy (BLE), near field communication (NFC), Wi-Fi and radio frequency identification (RFID). Furthermore, the Internet of Things market is segmented on the basis of application which includes industrial, automotive, consumer electronics, retail, healthcare and others (including energy and utilities, and entertainment). The above mentioned segments have been anticipated on the basis of geography in requisites of revenue (USD billion).
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North America represents the largest market share of the Internet of Things market. In 2014, North America accounted for largest revenue share in the global Internet of Things market. The rapid growth of industrial, automotive and healthcare industries is the major factors driving the growth of Internet of Things in North America. Europe holds the second largest share in the Internet of Things market followed by Asia Pacific and RoW respectively. The market in Europe is primarily driven by government regulation supporting the growth of Internet of Things. The strong regulations in place will ensure the effective operability of the Internet of Things concept in various application areas. The automotive industry is likely to contribute a large share to market revenues in Europe.
For better understanding of the Internet of Things market, the study also includes market attractiveness analysis and competitive landscape, wherein applications are benchmarked based on their market scope, growth rate, and market attractiveness.
The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company details, product type, financial overview, historical roadmap, business strategies and the recent developments in the field of Internet of Things market. Major market participants in the Internet of Things market include Google Inc. (United States), Cisco Systems Inc. (United States), Apple Inc. (United States), Microsoft Corp. (United States), Intel Corp. (United States) and IBM Corp. (United States) among others.
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Market segmentation
The Internet of Things market is segmented as below:
Global Internet of Things market: by Technology
• ZigBee
• Bluetooth Low Energy (BLE
• Near Field Communication (NFC)
• Wi-FI
• Radio Frequency Identification (RFID)
Global Internet of Things market: by Application
• Industrial
• Automotive
• Consumer Electronics
• Retail
• Healthcare
• Others
But in recent years that slope has transmuted into a free fall.
Everything is or is being connected to the internet, hence IoT!
One such sector to benefit from this revolution is the healthcare industry touted to be a $117 Billion market by 2020.
Enterprises are going through a global digital transformation with IoT being at the center of it.
With smart devices recording various patterns of consumer behavior such as their interaction with AI, the conversion rate, consumer decision processes etc, this information coupled with machine learning, design thinking, the blockchain, and data intelligence, will be continuously churning out insights previously inconceivable.
Smart Homes: IoT at home
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Technology moves extraordinarily quickly and it can seem like there is something new coming out every week or every month. New technologies are often driven by visionaries, people who have inspiring ideas for new technologies, but who don’t necessarily have the means to develop them whether that be because of a lack of skills or funding. It is not uncommon for these new technologies to fail almost before they even get going.
One of the main reasons for this is because they are so ahead of their time that the mass market would not fully understand how to use the new technology or have not yet discovered the need for this new technology. A good example of this is electric cars. Electric cars were first being developed as far back as 1828 and people are only beginning to adopt this technology now in the masses.
One such technology that has been successful and that is being integrated into people’s lives more and more every day in the Internet of Things. In some cases, is it so engrained that people do not yet know that some of the devices they are using is powered by or is using the Internet of Things?
What is the Internet of Things?
The Internet of Things is part of what makes devices ‘smart’. Devices that make use of the IoT may have an IoT sim that enables them to connect to the internet and to a network. Examples of devices that may be connected to the Internet of Things include TVs and refrigerators.
In reality, if something can be connected to the internet then it can be part of the Internet of Things. Devices that are connected are able to talk to each other. The data that is transferred between these devices can be collected, analyzed and used to help make people’s lives easier or to help tasks get done quicker.
An example might be a refrigerator that is connected to the Internet of Things. Some refrigerators will be able to tell when you are running slow on supplies and place an order for groceries without any assistance or prompt.
Privacy and Security Concerns
Although the Internet of Things is still really in its infancy, there are already a number of concerns that are being raised around privacy and security. Essentially the smart devices in your home rely on the collection and analysis of data to do their job. Who owns this data, where this data is stored, and whether companies should have access to it are all questions that are currently being debated.
Privacy is another key issue that people are wrestling with. The internet has many great benefits but it can also be very easily misused. Some cases of this misuse have been where people have installed security cameras into their home. Hackers may be able to gain access to these cameras, watch you in your home and know when you are at home and when you are not.
Although the Internet of Things seems like a great and useful tool, key issues like these need to be considered before diving head-first into the world of IoT.
Read more relevant article: 5 Things to Know About IoT Security
