Tracking the Growth of the IoT Market
Ronald Monte | January 26, 2018
Even if you’ve never heard the term “Internet of Things”, you can be sure you’re experiencing it. IoT is transforming the way we live, do business and interact in ways that could not have been predicted just a few years ago. We’re not only able to connect devices, appliances and other technologies but we can now enable smart technology that creates an intelligent IoT.
Forecasters are predicting that the global Internet of Things market will grow from $2.99T in 2014 to $8.9T in 2020. GrowthEnabler & MarketsandMarkets released their analysis that shows the top three sub-sectors within the Internet of Things market will be Smart Cities, Industrial IoT and Connected Health.
Manufacturing, transportation and logistics companies are pouring money into IoT with the expectation that it will lead to improved speed, accuracy and scale in their supply chains. Forbes has predicted that these three industries will account for 50% of spending within the IoT market.
While there are a number of industries driving the push to grow the Internet of Things market, there are also a few specific types of products that will be directly responsible for enabling this level of growth within IoT. Three of those products are:
One of the most critical elements to the success of IoT is the ability to maintain secure and reliable solutions. Blockchain is becoming a prominent player in the IoT world as it enhances security and simplifies device management. Some of the ways Blockchain is enhancing IoT include:
- Secure traceability of certifications in supply chains,
- Enforcing shipping contracts
- Expediting incremental payments
- Tracking objects throughout the supply chain.
2. Cognitive IoT
IBM sees the explosion of IoT as a transformative opportunity to combine structured and unstructured data with cognitive analysis. Instead of programmable systems that take in expected data, cognitive systems are not specifically programmed in that way.
This cognitive IoT will be able to take in vast amounts of data and efficiently analyze it to generate meaningful information for companies. These companies can then increase efficiency, recognize new opportunities, mitigate risks and improve customer satisfaction.
To maximize the potential of the Internet of Things, it is essential to understand how to link together such a wide range of objects that speak different languages.
Engineers working to connect these devices and objects are focused on linking them together to glean as much data as possible, they do not want to focus on the coding required to generate a smooth flow of information. Products such as Node-RED are increasing in popularity because they are a programming tool for wiring together hardware devices, APIs and online services in a more streamlined approach.
Even with the explosion of the Internet of Things, it is still in its early infancy. The potential of this market and what it will do to change the way we live and work are endless. Therefore, it is expected that this growth is only just beginning and will continue not only in 2018 but in the many years after that.
To learn more about how Cemtrex Inc. (NASDAQ: CETX) is addressing the needs of a wide-variety of industries including IOT, Virtual Reality (VR), Augmented Reality (AR), and Wearable Technology around the world download our latest investor presentation here.