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Research and Markets Adds "Global Internet of Things Devices Market 2017-2021" Report

By Ken Briodagh March 03, 2017

According to a recent announcement, analyst firm Research and Markets has added a new “Global Internet of Things Devices Market 2017-2021” report to its offering portfolio. The report predicts that the global IoT devices market will grow at a CAGR of 3.72 percent during the period of 2017 to 2021.

The Global IoT Devices Market 2017-2021 report has been prepared, according to the announcement, based on an in-depth market analysis with inputs from industry experts. Research and Markets said the report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of IoT devices.

The report says the smart home 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.

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 cybersecurity hacks. This is a big negating factor in the market, as most people lack assurance and are not confident about integrating such technologies for the various devices they own.

IoT market drivers:

Large-scale benefits of using IoT devices

Growing demand for smart homes and development of smart cities

Rise in industrial automation

Large-scale funding of IoT start-ups

Improved energy efficiency

Rising membership of ZigBee Alliance


IoT market challenges

Growing privacy and security concerns

Poor awareness hindering adoption

Lack of infrastructure and connectivity issues

Poor battery life

IoT market trends:

Development of high-power processors for IoT devices

Development of an open Wi-Fi network

Growing diversity in IoT standards

Key vendors:

Samsung Electronics

Google

LG Electronics

Sony

Seiko Epson

Honeywell International

For more information about this report, click here.




Edited by Alicia Young

Editorial Director

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