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-