IoT: Best IoT Project center in Chennai
The Internet of things (IoT) is the network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors, actuators, and network connectivity which enables these objects to connect and exchange data. Each thing is uniquely identifiable through its embedded computing system but is able to inter-operate within the existing Internet infrastructure.
Experts estimate that the IoT will consist of about 30 billion objects by 2020. It is also estimated that the global market value of IoT will reach $7.1 trillion by 2020.
The IoT allows objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit in addition to reduced human intervention. When IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies such as smart grids, virtual power plants, smart homes, intelligent transportation and smart cities.
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Scope of IoT:
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the key regions within the global internet of things market. Among these, North America held dominance in terms of revenue in 2015. North America and Europe’s cumulative share in the global market accounted for 60% in the year. Besides this, emerging nations in Asia Pacific exhibit lucrative prospects for the market. For instance, rising inclination toward smart devices, portable electronic gadgets, and connected consumer electronics has fuelled the demand for IoT technology in nations such as India and China.
Assuming, Asia Pacific will continue showcasing increasingly attractive opportunities, there is high likelihood for the region to emerge at the global IoT market’s fore by the end of the forecast period. Taiwan is also expected to offer increased sales opportunities to the market players. However, China will remain the hub of manufacturing electronic components in the east, thus retaining its lead in the Asia Pacific IoT market.