Internet of Things (IoT) is one of the booming technologies that find application in almost every area of human life. The technology can be defined as a system of interconnected devices with an ability to move data over a network with no need of any human interaction as well as computer. Bluetooth low energy, Zigbee, Wi-Fi and RFID, and near field communication are some of the key technologies utilized in the Internet of Things (IoT).
Internet of Things (IoT) is increasingly employed in order to offer superior quality of life for humans. For instance, the technology is utilized in a wide range of sectors including the manufacturing, medical and healthcare, media, energy management, and consumer application. This broad range of application of the technology highlights that the companies engaged in the Internet of Things (IoT) market holds promising opportunities for growth in the years to come.
Healthcare Industry Utilizes Technology to Provide Superior Healthcare Services
In the healthcare sector, Internet of Things (IoT) holds ability to playing key role in advancing the quality of care offered by healthcare professionals from all across the globe. While the technology is not utilized in the sector to its full potential, the adoption rate is expected to increase at rapid pace in the upcoming years. Some of the key factors supporting this estimation include dropping prices, compact size, and user-friendliness of various IoT-supporting devices, which are used to monitoring different types of patients. Apart from this, healthcare IoT applications are found helpful in increasing the patient satisfaction and engagement by letting the patient interact with their doctors.
Over the period of upcoming few years, various organizations related to healthcare sectors including pharmacies, hospitals, and healthcare laboratories are likely to implement Internet of Things (IoT) technology for a wide range of purposes such as advancing the workflow optimization, medical device integration, and inventory management. This will surely help in boosting the market expansion.
Adoption of Advanced Technologies across Logistics Sector to Increase Demand for Internet of Things (IoT)
With the booming e-commerce sector across the globe, the trend of quick delivery of goods is increasing among the e-commerce companies. This scenario has resulted into boosting noteworthy demand avenues in the logistics industry. While the Internet of Things (IoT) is being accepted across every industrial vertical at rapid pace, the logistics industry seems to be showing the technology adoption at sluggish pace. Enterprises engaged in the logistics industry are mainly focused on achieving two purposes, namely, boosting their revenues, and improving the customer satisfaction. Thus, they are investing in the automation of different regular activities related to warehouse, fleet, yard/ dock, or freight. This strategy is helping enterprises in gaining improved speed, efficiency, optimization, and timing of their services.
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Growing Government Initiatives for Smart Cities Fuels Application Avenues for Internet of Things (IoT)
The government bodies of many countries across the globe are increasing initiatives toward the development of smart cities. As a result, they are seen allocating huge among of money for building smart rooms, smart environments, and thereby providing a better lifestyle for populace in the countries. This scenario has worked as a key driver for increasing demand for Internet of things (IoT).
Asia Pacific: One of the Key Regions for Market Expansion
On regional front, the Internet of Things (IoT) market shows prominent presence in many geographical regions such as Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of them, North America seems to be one of the dominant regions in the market on the back of increased acceptance of advanced technologies and presence of key players in the region. Moreover, the market is estimated to gather promising expansion avenues in Asia Pacific region in the years ahead. Some of the key reasons driving the regional market growth are increased use of smart devices across countries such as China and India, increased Internet penetration, and growth in the use of mobile devices in the region.
What are Enterprises Doing to Remain Competitive in Market?
Amazon (U.S), Cisco Systems Inc. (U.S), Intel Corp. (U.S), Microsoft Corp. (U.S), AT&T (U.S), Google Inc. (U.S), General Electric (U.S), Honeywell International Inc. (U.S), and Apple Inc. (U.S) are major companies contributing to the growth of the global Internet of Things (IoT) market. The market experiences presence of many well-entrenched players. This scenario clearly signifies that the new entrants need to strategize their moves in order to gain prominent market position. As a result, the companies are seen participating in various activities such as partnerships, collaborations, and joint ventures with established players. On the other hand, the key enterprises are increasing focus on merger and acquisition activities to gain major share of this market.
Offering innovative and superior quality products and services is one of the key motives of all the players operating in the market. Thus, enterprises are seen increasing investments toward the research and development activities. Apart from this, several vendors are expanding their regional presence. On the back of all these activities, we can surely say that the global Internet of Things (IoT) market will expand at rapid pace in the years to follow.