The healthcare industry is a key area of interest for most players in the global Internet of things (IoT) market. Not only is the healthcare technology itself constantly evolving, it is also welcoming for all efficient ways to introduce and maintain device connectivity. The immense scope gained by the IoT market from implementing its technologies in the healthcare industry can be seen in the high rates at which connected devices are being integrated in crucial points within a healthcare organization, thus speeding up processes.
Another key driver for the Internet of things market that cannot be overlooked is the massive amount of incentives provided by government bodies to key and promising players. Countries such as South Korea are building an open Internet of things environment across the country to improve the abilities of connected divides.
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The usage of Internet of things is, however, hindered by the potentially high security risk that companies might run into. Security risks are particularly high when it comes to the implementation of IoT processes through cloud-based platforms. While the utility of cloud computing in IoT is exceptionally sought after, the concern of data integrity and security is still deterring many companies from availing these services.
Owing to the above factors, the global market for Internet of things is progressing at a highly optimistic CAGR of 21.4% from 2015 to 2021 in terms of revenue. Its revenue is expected to reach US$924.86 bn by the end of 2021.
Massive Growth Scope in Asia Pacific Leads Key Players to Strengthen Regional Base
North America is currently the leading region in terms of demand for Internet of things technologies, and will expectedly continue to place the leading demand for it till 2021. The region will, however, lose market share to Asia Pacific and its rapidly growing interest in the Internet of things. By 2021, the Asia Pacific Internet of things market revenue is expected to stand at 21.36% of the global market. The key reason for this massive growth rate is strong demand for IoT in the Asia Pacific manufacturing industry, especially in Indonesia, China, Japan, and India.
The demand for Internet of things in North America is still expected to be very high, owing to the developments for incorporating IoT technologies into the industries of healthcare and consumer electronics.
Industrial Applications of IoT Spur Demand for Latest Connected Technologies
By the end of 2021, the industrial sector is expected to hold a share of 23.40% in the Internet of things market value. It will therefore continue being the leading application segment for IoT technologies owing to the extremely high demand for the use of connected devices on the work floor and the implementation of cloud-based platforms for remote connectivity and improve process efficiency.
Some of the key developments occur in the collaborative IoT testbed created by IBM and National Instruments. The resultant potential found for cyber physical systems that can be capable of imparting significant improvements in the productivity of a company poses key implications on the industrial sector as a whole.
The key providers of Internet of things products and services include Google, Inc., Cisco Systems, Inc., Apple, Inc., IBM Corp., and Microsoft Corp.