Internet of things (IoT) is a system of various interconnected objects such as computing devices, entities as well as people over a network which are capable of transferring data. IoT brings various connected devices together which opens up a new world of possibility for innovation. Organizations across the boards are leveraging IoT technology to streamline their operations, improve decision making, offer enhanced customer service, and creating new business opportunities.According to AMA, the market for Internet of Things is expected to register a CAGR of 23.98% during the forecast period to 2024. This growth is primarily driven by Increasing Investment in the Development of Wireless Networking Technologies Globally, Adoption of Cloud Platform and Growing Number of Smart Devices across the World, and The combination of AI, machine learning and contextually rich, real-time data.
Globally, a noticeable market trend is evident The Advent of Advanced Data Analytics and Data Processing
. Major Players, such as Honeywell International Inc. (United States), Amazon Web Services, Inc. (United States), Texas Instruments (United States), Microsoft (United States), Google (United States), Intel Corporation (United States), Huawei Technologies Co., Ltd. (China), IBM Corporation (United States), SAP SE (Germany), AT&T Inc. (United States), Cisco Systems Inc. (United States) and Siemens AG (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In March 2019, Tobii launched new tools and resources for XR, VR, AR, and PC development. These Software Development Kit (SDK), tools, and resources enable the easy integration of eye tracking technology and create enhanced experiences for customers
United States and United Kingdom governments are cracking the whip on Internet of Things (IoT) insecurity with new regulations aimed aimed at ensuring IoT devices are more secure both in the public and private sectors, respectively. In the United States, Congress has proposed legislation recently introduced in both the Senate (S.734) and the House (H.R. 1668) that seeks new security standards for IoT devices sold to government agencies from vendors and federal contractors. and As a part of this legislation, the National Institute of Standards and Technology (NIST) is being tasked with completing its review of considerations for managing the cybersecurity risks associated with Internet of Things devices by September, 2019.
- Increasing Investment in the Development of Wireless Networking Technologies Globally
- Adoption of Cloud Platform and Growing Number of Smart Devices across the World
- The combination of AI, machine learning and contextually rich, real-time data
- The Advent of Advanced Data Analytics and Data Processing
- Reduction in the Cost of Connected Devices
- Growing Penetration of Automation and Introduction of Industrial IoT
- Data Security and Privacy Concerns
- Interoperability and Lack of Common Standards
- The Dearth of Skilled Professionals
Increasing Collaboration and Partnership between Various Technology Giants to Offer Real-Time Data Analysis, Small and Medium Enterprises Gaining IoT Traction and The Growth in the Usage of Disruptive Technologies include Artificial Intelligence, Machine Learning, and Big Data Globally
Data Migration From Legacy Systems and Issue Related Towards the Connectivity of Devices
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