Cisco, Intel, Microsoft and Google are among of the major leaders in the global Internet of Things (IoT) market, according to a new study.
Transparency Market Research noted the aforementioned corporations, along with Apple and Amazon, as key IoT players, due to their development rates and acquisitions of technologies. The report said the global IoT market will reach $334 billion by the end of 2016 and about $1.5 trillion by the end of 2024.
An analyst from Transparency Market Research said it makes sense that IoT’s union of two leading technologies – software and interfacing – would create something so large.
"The global internet-of-things market is currently finding a massive scope of growth through the growing demand for cloud computing across the world, because IoT communication can help resolve the constraints faced by cloud computing," the analyst said. “IoT technologies can help supplement cloud platforms with additional storage options, processing power, and even help out with the energy constraints of hosting large-scale cloud computing solutions."
However, the explosion of the market is outpacing the solutions that protect the data it creates. The study noted that companies have a high demand for “real-time assessment of failures and data integrity across all networks." But real-time monitoring and analysis are very difficult to achieve due to the required speed, according the report.
Transparency Market Research said health care, hospitality and retail will be “golden grounds" for IoT expansion in the upcoming years.
“Players in the market are likely to find massive growth opportunities in these sectors through concepts such as next-gen door locks and security systems, connected televisions, improved food delivery, and room settings controlled remotely," the analyst said. “Retail stores are also showing a high demand for security sensors connected to smartphones or portable devices to monitor their stores efficiently."