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.
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 2018, automotive sector is the second largest application segment in the Internet of Things market globally.
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.
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In addition, 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).
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.
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.
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.