Why IoT? (Market share)

As engineer I say: because it is full of fun and challenges but these reasons won't convince a manager so lets see how it works in the market.

In addition, definitions draw special attention to the potential market of IoT with a fast growing rate, by having a market value of $44.0 billion in 2011. According to a comprehensive market research conducted by RnRMarketResearch that includes current market size and future predictions, the IoT and M2M market will be worth approximately $498.92 billion by 2019. Quoting from the same research, the value of the IoT market is expected to hit $1423.09 billion by 2020, with Internet of Nano Things (IoNT) playing a key role in the future market and holding a value of approximately $9.69 billion by 2020.

 

 

Besides all these fantastic and optimistic opportunities, for current IoT to reach the foreseen market, various innovations and progress in different areas are required. Furthermore, cooperation and information-sharing between leading companies in IoT, such as Microsoft, IBM, Google, Samsung, Cisco, Intel, ARM, Fujitsu, Ecobee Inc., in addition to smaller businesses and start-ups, will boost IoT adoption and market growth. IoT growth rate with an estimated number of active devices until 2018 is depicted in figure below. The increase of investment in IoT by developed and developing countries hints at the gradual change in strategy of governments by recognizing IoT’s impacts and trying to keep themselves updated as IoT gains momentum. For example, the IoT European Research Cluster (IERC) ( http://www.rfid-in-action.eu/cerp/ ) has conducted and supported several projects about fundamental IoT research by considering special requirements from end-users and applications. As an example, the project named Internet of Things Architecture (IoT-A) ( http://www.iot-a.eu ) aims at developing a reference architecture for specific types of applications in IoT, and is discussed in more detail in Section 1.3 . The UK government has also initiated a 5 million project on innovations and recent technological advances in IoT. Similarly, IBM in the USA has plans to spend billions of dollars on IoT research and its industrial applications. Singapore has also announced its intention to be the first smart nation by investing in smart transport systems, developing the e-government structure, and using surveillance cameras and other sensory devices to obtain data and extract information from them.