Market (IDC), in partnership with US-based IoT service

Market Landscape:Market Overview:             According to International Data Corporation (IDC), in partnership with US-based IoT service provider Aeris, the installed base of IoT endpoints will grow from 12.1 billion at the end of 2015 to more than 30 billion by 2020.                                   The global market for IOT is expected to reach 1.72 trillion by the end of 2022. But currently it is nearly 30 billion dollars. This current trend has been seen in the past technological innovations.Since 1990’s, there was much speculation in the semiconductor industry about the importance of Bluetooth technology and its impact on the world,but it didn’t happen until 2004, when people adopted this technology. Similarly the Internet of Things market is also following similar trend, as people nowadays are looking for simple home automations, and at their workplace . There is a huge scope for this technology.Some of the tech Gaints like google, Ibm, Intel, and Arm, have all started giving out developer kits for IoT developers to help them in building smart IoT devices. For instance google has introduced ‘Google Cloud Platform Services along with Intel’s IoT developer kits to enable developers use cloud platform to build scalable applications. Whereas, ibm has teamed up with Arm to provide developer kits for a wide range of IoT products. IBM watson in the recent past has shown positive signs for growth as Artificial Intelligence and Machine learning are the key factors determining the functionality of IoT Devices. The development of Smart Iot devices also rely upon Artificial Intelligence and Machine learning as these are the core features which determine the smartness of the devices. As the IoT manufacturers gather large amounts of data and uses machine learning to make advanced algorithms so as to enhance the devices for better performance. Thereby creating the market for AI and ML. The market covers wide range of Industries such as Industrial automation, Home automation, Healthcare, IT, Government, Construction, Agriculture, Pharma, wearable clothing/accessories. The smartwatch segment alone contributes to around $10.8 billion, as the demand for the wearable devices such as (wrist bands, smart-watches, lenses) is increasing the demand for better smartphones is also on a rise. The demand for smartphones saw a steep rise from about 150 million devices sold annually 5 years ago to more than a billion devices in 2017.