COVID-19 Impact on Internet of Things Cloud Platform Market- Future Outlook Remains Positive and Expected to Reach USD 8.6 Billion by 2023

Are there some considerations that a developer needs to pay attention to so that whatever they come up with becomes effective?

Therefore, whenever you intend to create a project, you need to be vigilant while selecting the apt platform.

Usually, most developers select platforms based on their purchasing thresholds since they design and create the projects for sale.

If there are several of them, it shows the level of trust people have developed on the platform.

Other factors that define the eminence of a platform include the frequent updates, operation times, communication efficiency from the support team, and availability of several tools, among others.

For instance, most projects that are designed to connect to public networks such as spy cameras are the most vulnerable.

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

Every year, around 30 percent of the perishable produce left from farms fails to make it to the dinner table.

They are not just responsible for moving goods from point A to B anymore.

At present, IoT applications are helping in supply chain analysis, inventory management, vehicle tracking, fleet maintenance, and automation of various processes.

Predictive Analysis To Get The Best Out Of Business Opportunities

Transport part of the logistics sector involves a lot of risks that are linked to the country’s infrastructure, climatic conditions, and political situation as well.

At present, some companies are using algorithm-based systems to analyze weather and events data for predicting possible issues.

Internet of Things (IoT) is playing a key role in bringing the digital interactivity amongst things that have surrounded us.

The future is here, where IoT is a key driver and has already taken over the Internet world.

There has been a huge number of interactions that are now taking place between web applications and other objects present in our ecosystem.

Today the term “physical world” encompasses an ecosystem that is made up of electronic devices, smart devices, telecommunication-enabled devices, smart homes just to name a few!

Today, the rapid advancement of the Internet has now been able to connect all these devices.The Convergence of Cloud and IoTToday, cloud computing and IoT are the two technologies which have transformed the way we live and it is clearly evident that IoT is boosting the operations of cloud computing and in future is going to be used for making advanced predictions regarding the customer preferences and also support the facilities that will be provided by the managed service providers.

Currently with the deployment of various Smart City initiatives, a huge volume of data is being generated, stored, processed and then accessed, which led to rapid growth of IoT and generation of data demands an associated technology that can provide a connection between these “Things”.

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

As the Internet of Things and associated devices becomes more prevalent in our discussions around digital transformation, there are a lot of solutions being brought forward for how and where these IoT devices will be hosted and stored. While cloud computing is often recommended as a good solution, there is a new infrastructure concept that is proving as a better choice, called edge computing. These two solutions are sometimes discussed interchangeably as if they are exclusive to one another but utilizing one does not preclude the other as they function in different ways. The current impression is that edge computing is likely to replace cloud architectures altogether, however, it is more like that edge computing will be utilized in specific use cases where it delivers superior results.

Internet of Things, we can easily say, is a revolution in making; and it’s going to be one revolution that we all reckon by.

It’s a concept fast gaining popularity amongst people from not just the technologically inclined people, but just about everyone.

Similarly, our cities are also being aimed at having a better technologically equipped transportation system, complete with inter-connected sensors to help streamline the traffic.

Internet of things development is also expected to take us towards a future that sees a better monitored and controlled lighting, pollution, power plants, and so on.

Healthcare is looking for a future that allows for an at-home health monitoring that is as good as a clinical health monitoring through connected sensors, a vastly better communication, and even well-connected wearables.

We are about to embrace a future where the healthcare landscape is an ever-improving one, where your doctor will get your blood pressure update without having to be present near you, or your sleep pattern could be relayed back to and tracked by your physician in real-time, or your EEG and ECG devices, your blood glucose and other vital sign checking devices would be connected and well-monitored over the Internet.

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.