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Global IoT Communication Technology Market - Widespread Adoption across Healthcare, Transportation, Manufacturing Sectors Promises Phenomenal Growth

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Published on : Mar 06, 2017

ALBANY, NY, March 06, 2017: The report conveys crucial information about the major growth drivers, challenges, market attractiveness, and analysis of key trends. The report also furnishes an in-depth discussion of the profiles of the major market players, wherein their patent portfolios have been discussed. 

IoT (Internet of Things), also known as Internet of Everything, refers to the technology that enables the connection of everyday gadgets with one another. Through the facility of machine-to-machine communication, one can have remote access to ‘smart’ devices such as smartphones, smart watches, smart washing machines, smart air conditioners, smart refrigerators, smart lamps, smart sensors, smart cameras, smart cars, smart television sets, and almost every technologically advanced object. Enhancing the user experience through high efficiency, IoT can be used at homes, workplaces, hospitals, military, aviation, and almost every sector.   

The emergence of cloud platforms and hyper-scale data centers is responsible for the growth of the IoT communication technology market. The global IoT communications technology market is likely to reach new heights on account of the wide range of applications of this technology. The technology is adopted across the healthcare, transportation, retailing, and energy sectors. The rise in smart city projects worldwide has also been contributing towards market growth.  

On the other hand, the immensity of the options available can be baffling for some consumers. Ongoing controversial debates related to privacy, security, and standardization of IoT services can restrict the growth of the market. However, significant opportunities are likely to emerge owing to increased dependence of humans on machines.  

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North America appears to be the leading regional segment in the global IoT communication technology market. The prominence of this region can be attributed to the extensive internet penetration, flourishing IT industry, and widespread adoption of advanced technology in the countries of North America. The U.S. is expected to account for a major share in the regional market. 

Although the emerging economies of Asia Pacific are still in their nascent stage as far as IoT is concerned, the increasing popularity of smartphones is expected to aid the expansion of the market. The widespread deployment of IoT communication technology across the logistics, manufacturing, and transportation sectors in emerging economies has been fuelling the demand for this technology. The robust development of the automotive and construction industries in Asia Pacific will generate substantial opportunities for the IoT communication technology market in this region. The governments of Asian countries such as India have been striving to connect every nook and corner of their respective nations. Moreover, major IT industries in India have been adopting new digital technologies such as IoT and artificial intelligence. 

Some of the leading companies operating in the global IoT communication technology market that are discussed in the report are Ericsson, International Assignees, IBM, Qualcomm, LG, and Intel. 

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