Internet of Things Devices Market Size , Share , Trends , Analysis and Forecasts To 2021
Market Research analysts forecast the global IoT devices market to grow at a CAGR of 3.72 % during the period 2017-2021 .
According to the report , the smart home concept is gaining ground rapidly , as consumers look to improve domestic convenience through electronic devices . This is an evolutionary development in the residential real-estate sector with the primary aim to make living more comfortable , convenient , secure , entertaining , and sustainable . Smart home technologies using advanced sensors are affordable and can be used by any average household to connect appliances such as heating modules , lighting systems , air conditioning units , computers , television sets , entertainment systems , security devices , and camera systems . The home owner can control these devices using their smartphones and tablets . Moreover , home appliances are using artificial intelligence to accurately predict consumer preferences based on historical data . The rise in the demand for smart homes can be attributed to the increase in the number of working couples with dual incomes globally . The market is most prevalent in the Americas and Europe , along with developing economies in APAC ( India , China , and Singapore ) also adopting the concept . For instance , in India , the Godrej Interio of the Godrej Group is developing connected homes . However , it believes that it will take a couple of years for the concept to gain momentum in the country .
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Further , the report states that security is the biggest concern for individual consumers and enterprises purchasing IoT devices . Connecting the physical world with the digital sphere requires the highest security standards to minimize the impacts of cyber security hacks . This is a big negating factor in the market , as most people lack assurance and are not 100 % confident about integrating such technologies for the various devices they own . For instance , hacking smart meters within an energy grid can result in major blackouts . The case of a hacked refrigerator was registered in the US . This hack exposed e-mail accounts and credentials of the owner , while affected more than 1,000 other devices . The Stuxnet malware that attacked the Iranian nuclear facilities in 2010 resulted in vital information being leaked , endangering the global population .
About IoT Devices
IoT devices are instruments that can be connected to the internet to offer remote controlled connectivity . These devices sense and analyze their surroundings to offer inputs about the designated area . IoT is a network of physical objects interconnected through various network technologies . The devices in this network can communicate among themselves and with the external environment when required . Kevin Ashton , a British entrepreneur , coined the term IoT in 1999 , while dealing with networked radio-