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Internet of Things (IoT) Market is Transforming Business across Industry Verticals at Micro as well as Macro Level
IoT, in combination with cloud computing and big data, is creating lucrative opportunities for organizations. IoT is transforming business across industry verticals at micro as well as macro level. Organizations have become more connected, efficient, and productive due to internet. With the changing customer needs, organizations moving toward automation and thus facing a technological shift from traditional processes. This shift in technology brings a lot of challenges with it. However, IoT solutions provide real-time data analysis, detect movement, remote-based monitoring, business process management, and workforce management across organizations. Companies such as Cisco Systems, General Electric, Microsoft Corporation, IBM Corporation, SAP SE, PTC, Amazon Web Services, Symantec Corporation, Oracle Corporation, and Bosch Software Innovations are the key players in the IoT market. These companies are offering solutions and services on IoT, cloud, and analytics to serve smart technologies.
IBM Corporation is one of the market leaders in the IoT market. It offers IoT cloud platform for various industry verticals. It also offers IBM Bluemix, which is a Platform as a Service offering that helps developers integrate IoT data into cloud-based development and later in deploying IoT applications. Apart from this, IBM also provides analytics solution related to the IoT market. IBM has been adopting various development strategies for expanding its global reach as well as its product portfolio in the IoT market. In December 2015, it opened its global headquarters for Watson IoT in Munich, Germany and also launched a series of new offerings, capabilities, and ecosystem partners designed to extend the power of cognitive computing to the billions of connected devices, sensors, and systems that comprise IoT. IBM also acquired The Weather Company’s B2B, mobile and cloud-based web properties, including WSI, weather.com, Weather Underground, and The Weather Company brand in October 2015.
Cisco Systems is another leading market player in the IoT market and provides a broad suite of solutions and services across the industry verticals. Cisco Application Enablement Platform offers infrastructure for application hosting and application mobility between cloud, fog, and middleware services to support app development and lifecycle management. The company is also providing security solutions due to the increasing concerns of attacks on data. Cisco’s security solutions help in security implementations with the help of IT and operational technology. The company seeks to capitalize on the strategic collaborations in order to expand its product portfolio. In February 2016, it collaborated with Actility, a provider of Low Power Wide Area (LPWA) networks, to help customers embrace digital transformation and accelerate the development of new business models based on IoT. Cisco also specializes in providing security solutions for the IoT connected networks, such as cloud-based threat analysis and advanced malware protection.
The key players are engaging in collaborations and partnerships as it enable companies to acquire large capital and resources. It also helps them in investing more in research and development in order to innovate for new products and gain traction in the IoT market.
Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, & Network Bandwidth Management), Platform, Service, Application Domain, and Region - Global Forecast to 2021
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