Despite lack of standards within the Internet of Things (IoT) industry, it is interesting to recall that,
Increased use of the Internet coupled with favorable government initiatives
from many countries is boosting the growth prospects for the global IoT market.
Several organizations are implementing IoT solutions to enhance their
business efficiency through process optimization.
The growing number of low-cost smart connected devices like portable
navigation devices, media players, and imaging devices is steadily at the core
of stakes.
“The increasing
use of big data analytics among industries such as healthcare, energy and
utilities, manufacturing, and transportation to gain insights on their stored
data is helping the IoT market towards the upward trajectory’’, According to
Amrita Choudhury, a lead analyst at Technavio for ICT research.
Many experts from the industry are unanimous on the fact that, the
manufacturing sector is the highest end-user market for IoT. This is because
manufactures use IoT technology to enhance their business productivity and for
predictive maintenance and optimization of factory floor performance.