As an emerging technology, the Internet of Things (IoT) is driving a lot of excitements within businesses and organizations of all sizes.
One can then observe that, increased use of the Internet coupled with favorable government initiatives from
many countries has boosted 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 nurtures the momentum.
The increasing use of big data analytics among industries such as
healthcare, energy and utilities, manufacturing, and transportation to gain actionable
insights on their stored data is helping the IoT market towards the string
curve.
The manufacturing sector is billed as 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.
Technavio research analysts estimate the market to grow at a rate of nearly
36% during the period 2016-2020.