Home >> News >> Global Internet of Things (IoT) Market is $16.3 billion in 2016 and anticipated to reach $185.9 billion by 2023

Global Internet of Things (IoT) Market is $16.3 billion in 2016 and anticipated to reach $185.9 billion by 2023

Internet of Things (IoT) Market
Internet of Things (IoT) Market

The worldwide market for Internet of Things (IoT) is $16.3 billion in 2016 anticipated to reach $185.9 billion by 2023. Sensors and software analytics platforms are implemented with connectivity capability for streaming data from endpoints and using analytics to process the data in a manner that generates alerts when appropriate.  The complete report provides a comprehensive analysis of Internet of Things (IoT) in different categories, illustrating the diversity of uses for digital tracking devices in industry, healthcare and consumer markets.  Analytics makes the images more cogent to everyone, farmers, doctors, machine operators; the uses of IoT are quite diverse.

Letting people anticipate problems that only become visible to humans days or weeks after the sensors and images detect issues is a fundamental aspect of IoT, along with generating apocopate levels of alerts. Not too many and not too few.

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The 2017 study has 678 pages, 240 tables and figures. Worldwide Internet of Things (IoT) markets are poised to achieve significant growth with the use of sensors, cameras, and platforms that are used to help implement precision digital control and send alerts for all manner or management of devices and machinery. Visualization and digitization let people better control any device or mechanical thing.

Providers of Industrial IoT aim to implement asset efficiency solutions.  Designing the asset efficiency solution, developing the application, adapting advanced engineering knowledge for the use cases, and supplying the information platform is the composite task of the analytics engine. IBM is a premier supplier of an analytics engine with its Watson product.

There is enormous variety in the Internet of things markets. Bosch supplies industrial IoT sensor technology, acquiring data from the edge, providing device management. Scalability is achieved by the Bosch IoT Suite and ProSyst IoT middleware. The Vorto code generator enables M2M modelling. PTC supplies the Thingworx Application Enablement Platform (AEP), used for creating dashboards, widgets and other user interface elements.  Intel provides the Moon Island Gateway used for data aggregation at the edge, as well as horizontal infrastructure in collaboration with HP.

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Hitachi analytics is used to diagnose manufacturing process. Hitachi uses its analytics platform to integrate production and sensor data outputs to help visualize, analyze and diagnose a manufacture polymer mixing problems.  A polymer mixing process was said to be producing inconsistent output quality, with yields dipping to 50%.  Hitachi addressed the scrapping of poor batches and huge costs by addressing ever-changing product specifications and variations in a range of production parameters.  Using IoT and the analytics platform, production engineers were able to stabilize the process even as new product formulations were introduced.

Table of Contents

Internet of Things (IoT) Executive Summary 31

Internet of Things (IoT) Market Driving Forces 31
IoT Technology Market Driving Forces 33
IoT Technology Market Challenges 34
Internet of Things (IoT) Market Shares 37
Internet of Things (IoT) Market Forecasts 39
IoT Market Opportunity Huge 39
1. Internet of Things (IoT): Market Description and Market Dynamics 41
1.1 IoT Sensor Types 41
1.1.1 IoT Monitoring Task 42
1.2 Internet of Things (IoT) Based on Standards 45
1.3 With IoT, APIs Are Used for Everything 45
1.3.1 IoT Use Cases 47
1.3.2 Application Integration for Siloed IoT Projects 50
1.3.3 Changing IoT Landscape Requires Platform Versatility 54
1.3.4 Adaptive Architecture 55
1.4 Internet of Things Revolution Dramatically Alters the Economy 56

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