LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global IoT platform market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Sunil Kumar Singh, a lead analyst from Technavio, specializing in research on embedded systems sector, says, “The global IoT platform market is growing at a significant rate. The growth stems from the growing demand for digital transformations from traditional industries who are looking to gain a competitive advantage in their respective markets.”
The global IoT platform market was valued at USD 420 million in 2016 and is expected to grow at a CAGR of nearly 32% by 2021. The increase in the number of interconnected smart devices such as PCs, laptops, personal digital assistants (PDAs), tablets, smartphones, and sensors integrated into everyday consumer devices and physical assets is driving the market growth. In addition, advances in technology have resulted in low-cost, compact, and energy-efficient sensors and communication devices.
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The top three emerging trends driving the global IoT platform market according to Technavio research analysts are:
Development of an open Wi-Fi network
OpenWireless.org is a cyber activist group seeking to improve the Internet connectivity and access by encouraging sharing among users. The organization has developed a software that can convert the wireless router of the mobile device into a wireless access point. If people accept and adopt this idea, then a ubiquitous public wireless network can be created.
“This untapped bandwidth can be utilized by using the sharing software developed by OpenWireless.org. The group plans to route the guest traffic over the anonymity software Tor or a VPN for enhanced privacy. It will use a protocol called EAP-TLS, which is the equivalent of HTTPS, to encrypt each user's link,” according to Sunil.
Growing diversity in IoT standards
Vendors across the IoT market have to work in tandem on an open-source platform to ensure interoperability among the IoT devices and also set some standards for all the devices. The AllSeen Alliance, founded in 2013, was created to develop a larger ecosystem of vendors and products.
Leading enterprises including consumer electronics manufacturers, home appliances manufacturers, service providers, retailers, enterprise technology companies, innovative startups, and chipset manufacturers have joined hands to develop the framework AllJoyn.
Industrial Internet revolution
Industrial internet of things (IIoT) is a combination of big data analytics and IoT. It offers a number of opportunities for organizations across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation. Currently, these sectors account for 60% of the global economy.
At present, IIoT is in its early stage but is poised for tremendous growth. The increase in the number of sensors shipped has fueled the global IIoT market. Large companies and governments have taken industrial Internet initiatives such as Made in China Strategy 2025 and Internet Plus in China and Industry 4.0 in Germany to encourage digitalization of industries.
The key vendors are as follows:
- Alcatel-Lucent (Nokia)
- Amazon Web Services (AWS)
- Cisco Systems
- Microsoft Corporation
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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