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Published on : Jan 07, 2016

Presently, the whole world is talking about is the Internet-of-Things (IoT) devices. The internet of things is primarily a network of things or physical objects implanted with software, electronics, network connectivity, and sensors, which allows all these objects to gather data and exchange it. The Internet-of-Things further allows the devices to be sensed and managed across the present network structure and also create opportunities for direct integration among the computer-based systems and physical world. This connection helps in enhancing the accuracy, efficiency, and attain economic benefit. The extensive adoption and implementation of the IoT is anticipated to take some time; however, the time-line is proceeding owing to the developments and advancements in technologies across the globe. 

People, around the world, have very less time, accuracy and attention issues, which is a major problem as it results in poor collection and management of information in the real world. On the other hand, computers have been designed keeping this in mind, hence computer devices collect and manage data accurately. Adoption of these devices can help in reducing time, cost, and waste. Technological developments in wireless networking and standardization of communication procedures aids in collecting information from sensors from anywhere and at any point of time. 

The global IoT devices market is growing substantially, as the governments, businesses, and consumers are getting aware of the benefits associated with the adoption of IoT devices. Some of the products that are available under the wide product portfolio of IoT devices are smart glasses, smart refrigerators, smart homes, smart ACS, smart lighting systems, and smart thermostats. Among all these mentioned devices, in the next few years, the smart lighting system is anticipated to exhibit high growth across the globe. The growing awareness on energy saving and rigid government rules and regulations regarding energy consumption are some of the major factors that are boosting the demand for IoT devices in the next few years. Currently, the global IoT devices market is at a nascent stage and is expected to grow at a fast pace in the coming years. Many companies will be a part of this market owing to the competitive advantage it will offer. The prominent players involved in this business are LG, Carrier Corp., and Honeywell International.