Internet of Things (IoT) envisions a world of heterogeneous things that have identities as well as physical and virtual attributes and that are seamlessly and securely integrated into the internet infrastructure using standard communication protocols. We will witness objects and devices that are a part of our daily lives connected to the internet through sensors. IoT gives a tremendous opportunity for various types of companies, including IoT application and service providers, IoT platform providers, integrators, telecom operators and software vendors.
All the major internet companies – like Google, Apple, Facebook and Microsoft – are working towards developing a far better breed of data center. According to our study, smart devices alone will generate approximately USD 714 billion in revenues by 2020 and a market value close to USD 15 trillion. Many IoT vertical segments are expected to experience a double-digit growth in the upcoming years. More than 25 billion autonomous devices are expected to be generating and gathering data with the internet by 2020, compared to the present-day 2 billion autonomous devices which represent a CAGR of close to 70%.
IoT has brought about a revolution in technology, where everything from thermostats and cameras to cars is getting plugged into the internet. Data can now travel from those very devices through massive data centers operated by big companies like Google, Apple and Facebook.
Internet of Things can create opportunities to collect, measure, and analyze an ever-increasing variety of behavioral statistics. Google has recently started working on a new Android-based operating system which is meant to run specifically on the emerging class of low-power devices (Internet of Things). The operating system is codenamed “Brillo” and this is going to be linked to the company’s Android unit. Brillo will be aimed at ultra-low power devices with 64 or 32 MB RAM. Google has also tried to enter the connected home before with Android@Home, and planned to extend this project and work sometime soon in the future.
The factors driving this market are:
The factors restraining this market are:
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