Automation is the next big wave and industry experts seem to inhesitantly acknowledge the upcoming trend. Simultaneous developments and upgrade on the technological front adds fuel to the fire. From a consumer perspective, it is building higher levels of customer engagement; i.e. consumers are expecting personalized experiences, rather demanding it. The good news is, customer retention seems to be higher for those businesses who are willing to provide custom-tailored service to customers and in turn customers are willing to spend more.
Apart from the typical customer engagement, consumer are actively seeking for comparatively better services within a single point of contact.
E-commerce stores have also adopted to the automation drive with IoT. For example, Amazon Go stores in Seattle combines IoT sensors, machine vision and a mobile app installed at the store entrance. The app tallies the customer’s purchase placed in the shopping bag and charges their linked Amazon wallet automatically. With this approach, it enables the customers to leave the store without any hassle while on the other end Amazon collects the data for future reference. This allows Amazon to send any personalized coupons on customer’s mobile helping them to sort their choices with better precision.
The Internet of Things (IoT) market is driven by increasing inclination towards using cloud platform as a service coupled with rise in use of data analytics and data processing for business insights. In addition, automation being a prime reason to augur market developments in the near future. Need for storage systems with the rise in enormous amount of data is likely to propel the market growth in the near future. However, security concerns pertaining to online data and significant costs of implementation is likely to act as a market challenge for Internet of Things (IoT) market.
Technological segment for Internet of Things (IoT) market comprises Bluetooth, Zigbee, Low Energy, Wi-Fi and RFID. RFID and Zigbee technologies are expected to account for a significant market share in the near future.
Internet of Things (IoT) market is categorized by applications into consumer application, energy management, manufacturing, media and healthcare. Consumer application and manufacturing sectors have received an overwhelming response due to wider attention from consumers.
Regional segmentation for Internet of Things (IoT) market include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America accounts for a greater share in the forecast period. Europe market displayed a cumulative growth in the near future owing to rise in technological advancements and consumer applications.
Asia-Pacific market will witness lucrative opportunities during the estimated period. The market development is subject to rise in sales and customization features offered by business enterprises.
Prominent players in the Internet of Things (IoT) market include Intel Inc, Apple Inc, Google Inc, Cisco Systems Inc, General Electric, Honeywell International Inc AT &T.