The Internet of Things (IoT) represents connected smart devices and systems to access data collected by embedded circulatory in devices and other similar physical objects. With the expanding application of IoT, the Global internet of things market is expected to witness a double digit growth over the coming years. Internet of things is used widely in energy efficiency, healthcare, security, education and other similar applications. IoT is also used in the industries such as manufacturing, agriculture, retail, and other similar sectors. The various components of the IoT include sensing and identification, data processing, network communication, security and support technology.
Based on the various technologies, the global internet of things market can be broadly segmented as radio frequency identification (RFID), gateways, sensor nodes, cloud management, zigbee, data acquisition and supervisory control (SCADA), system integrators, software platforms, information and discovery service (IDS), near field communication, and others.
Based on the industry verticals, the global IoT market can be segmented as consumer electronics, government, industrial and commercial buildings, healthcare, automotive manufacturing, supply chain management, transportation, consumer and residential, energy, and others.
Lack of standard and range of operating platform of various devices under IoT, is one of the major hindrances in IoT applications. However, the significant effort to consolidate and merge to provide a common platform, such as MQTT protocol for sensors communications, is in progress, which is expected to lower the impact of the hindrance in coming years. The lack of any legislation for the IoT in many countries is posing challenge for the growth of internet of things market.
Some of the factors restraining the growth of the global Internet of thing (IoT) market include lower efficiency of the IoT devices in processing large sample of data, device protection and privacy related issues, lack of common operating platform and protocol, changing technology of the devices, and technical conflicts such as cyber-object or virtual agent.
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