FREMONT, CA: In fast-paced digital era, Internet of Things (IoT) is impacting the lives of the people from home to enterprise, holding innumerable opportunities. A recent report by Transparency Market Research sheds light on the adoption, current trends, and growth of IoT for the year 2015- 2021.
IoT refers to the physical objects connected as a network with an IP address for internet connectivity. By using IoT, users can control the electronic devices from any place with internet connectivity without any need of physical presence. The need to reduce the cost and increase in efficiency is driving the global market. Currently Industrial sector has the largest share of IoT market. The report expects consumer electronics and healthcare to grow at a faster pace during the forecast period.
The report categorizes IoT market with respect to technology, geography and applications. The technology category includes ZigBee, Bluetooth low energy (BLE), NFC (Near Field Communication), Wi-Fi and RFID (Radio Frequency Identification). Continents such as Asia Pacific (APAC), Europe and North America along with Rest of the World (ROW) fall under geography category. The IoT market is also segmented according to its industry applications that comprises of automotive, industrial, consumer electronics, healthcare, retail and utilities.
North America stands on the top of IoT adoption list followed by Europe, APAC and ROW. The rapid growth of automotive, industrial and healthcare industries is the key drivers of IoT in North America. The government regulations in favor of IoT growth is the primary driver of IoT in Europe. The report anticipates automotive industry to contribute a major share to the market revenue in Europe.