RAPID GROWTH OF TECHNOLOGICAL ADVANCEMENTS:
The countries across the globe are witnessing a robust growth in technology due to quick adoption of technology. IoT technology, along with sensors, is a leading contributor to the fourth industrial revolution and is unavoidably becoming a part of every individual’s life. Many industries across the globe such as retail, entertainment among others have initiated integrating the IoT technology for easy monitoring, and an increasing number of enterprises are establishing a career in upcoming years in the IoT sensor world. The IoT sensors applications in wireless/ automatic communication systems dominates the wired systems in commercial sector application such as smart farming system, environmental monitoring, smart parking, metering systems and many other applications.
Around the world, US is dominating the IoT sensor market in terms of agribusiness, health, smart cities and industries due to rapid investments from the government’s end and several foreign development investments (FDI). According to report, several countries across the globe such as Argentina, China, Belgium focuses on reduction in cost freight transport, supply chain & logistics. In recent years, around 90% of the crime rates have been reduced in the Latin America due to the utilization of IoT enabled sensors that are used in detecting the crime and burglaries through street cameras and automobile sensors.
For Instance, agricultural industry offers 3.71 percent to Mexico GDP with the help of IoT sensor to measure temperature, humidity and air pollution conditions that automatically optimizes greenhouse conditions on a large scale, thereby helping them to maximize crop yields.
In order to achieve the ideal consistency and better benefits from IoT sensors, numerous factors needs to be taken into consideration. These reasons are summarized by right method, at the prefect time, as per the right quantity, selection of right lubricant is required at the right point of time. The consumers in Latin America are rapidly moving towards a networked society where most of the daily activities are conducted online, rather than via traditional channels. These factors are contributing significantly to the market growth.
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INCREASING USAGE OF INTERNET IN DEVELOPING NATIONS:
The usage of internet has increased immensely across the globe specifically in the developing nations such as India, China and many more. Penetration by the government of the countries of developing nations for internet access & better communication is indirectly boosting the demand for the connected devices. For instance in India from the period of 2010 to 2016 the increment in the number of individual having access & usage to the internet was nearly 294% i.e. in 2010, approximately 7.5% of individuals were having access or using the internet where as in 2016 the users increased to nearly 29.55%. It can be seen in case of Brazil where the users in 2010 were nearly 40.6% & in 2016 the users increased to approximately 61%. This clearly indicates that the number of users & usage of internet in developing nations have been increased at a very high rate specifically in Asian countries.
The above data states that the number of users & usage of internet is increasing the demand for connected devices such as smart phones, laptops and many more which is directly proportional to the installation of IoT sensor within the devices. For instance smart phone ownership has been increased from nearly 15 % to 41 % in the period of 2013 to 2015 within Brazil & from 17% to 59 % in turkey. This is nearly 295% increment in Brazil & more that 300% increment in Turkey. Due to increase in the usage & demand for the smartphones as well as electronic devices the demand for IoT sensors is also increasing with the high rate clearly states that increase in the usage of internet is one of the major driving factors in the IoT sensor market.
RAPID DEVELOPMENT OF CONNECTED VEHICLES:
A connected car is a car with internet access, connected by a wireless local area network or dedicated short-range communications (DSRC) radios. The demand of connected car has been rising exponentially due to its advantages such as voice commands and hands-free controls, Bluetooth, 4g Wi-Fi hotspots, road side assistance, traffic, safety and collision warnings, parking apps, navigation, leave alerts & text alerts, real-time weather, real-time traffic and others. The devices used in connected cars are having IoT sensors to detect the command or to provide the information on real-time basis.
For instance, in India, revenue of connected car has grown from around USD 443 million in 2017 to more than USD 540 million in 2018.
In U.S., revenue of connected car has grown from around USD 16.3 million in 2016 to more than USD 17.2 million in 2017.
In Canada, revenue of connected car has grown from around USD 19.4 million in 2016 to more than USD 20.2 million in 2017.
It has been observed that, connected car manufacturers have been already started adopting IoT sensors in connected cars like general motors, Toyota, Cadillac, and others due to wide range of advantages such as reducing the number of accidents, displaying the real-time information, etc. Thus the increasing demand for connected cars is increasing the demand for IoT sensors directly.
GROWING CONCERN ABOUT DATA SECURITY:
Although the technology for IoT sensor is available from many years, but over the last few years, it has evolved into an entire ecosystem. In today's scenario, it's quite common for mobile devices, vehicles, home appliances and sensors to be connected to the web. The most immediate problem facing businesses trying to take advantage of the wealth of information provided through the IoT is the lack of adequate infrastructure.
One of the major challenges that the enterprises are facing is to ensure the complete safety of the data. In order to shorten timescales and reduce the overall costs, the firms adopt cloud technology that furthers leads to high risks of data security.
The important threat related to the industrial products security and data sovereignty, for the manufacturing process, requires careful enforcement and management in the different industrial sectors. Government needs to emphasize on privacy of IoT sensor user and put concerns about the myriad of smart data collection devices and breaches in security which will have a knock-on the effect of privacy.
On May 2, 2018, ARM declared that its Cortex-M35P chip will provide specification in both software isolation safeguards and anti-tampering. The Cortex-M family of chips is built with the power of IoT-style devices; however, this chip is best in prolific chipset family that resists physical attacks.
GOVERNMENT INTIATIVES TOWARDS IOT APPLICATIONS:
Although the innovation cost is more, still many of the industries are still innovating them, and this number is enhancing day by day. This deployment of IoT sensor is rapidly catching up worldwide.
The emerging regions such as Asia-Pacific, Africa, and Latin America are boosting with the installations of IoT sensors. The manufacturing has put focus on expanding its market in the Latin America especially in the field of IoT enabled sensor. Nowadays government focuses on improving the society into smart cities for those reason it needs Public safety organizations which are challenged to low cost, improved response time, reduced crime and managed natural disasters and extreme weather.
The government emphasizes on providing government agencies which are interested to apply for IoT in order to improve their business environment or reduce the burden on businesses while simultaneously increasing compliances. On the downside, very few IoT initiatives have been scaled beyond pilots, the business models to sustain IoT infrastructure are under-developed, and the policy landscape is woefully inadequate. There’s a significant potential but it requires systematic, informed work by the government, private sector, and civil society.
The opportunities lies in areas that are driving IoT hardware and software adoption with industrial and government support, and it shows no signs of lowering down. For instance, it estimates that the number of connected devices in use will focus on 38 billion units by 2020, a 285 per cent rise in since 2015.
When the appropriate considerations are made in the design process, an IoT sensor can have a positive influence on the overall reliability of the equipment involved. Long-lasting sensors have different applications which can equal a substantial cost saving with the reduction in downtime and man-hours as well as a reduction in waste management in food and beverages
INCREASING ADOPTION OF IOT BY SMALL AND MEDIUM-SIZED ORGANIZATIONS:
In recent years the small & medium scale business organizations have increased their concern towards security, real-time information and many more. IoT sensors have helped the logistics industry by providing the real-time information about the vehicle, health of the engine, security to the vehicle etc. which has led to smart delivery of goods & transport. It has been observes that IoT has been an important part of Biotechnology industry, manufacturing, telecommunication industry & many more.
The small & medium scaled business enterprise are moving towards adoption of IoT as it enables the owner of the organization or the concern person for remote monitoring which increase the operational efficiency of the organization. This also improves the security & safety of the organization & the process of producing a product in a manufacturing plant.
For instance it has been analyzed that in 2015 the spending on IoT by transport & logistics industry was nearly USD 7 billion & it is expected to grow up to USD 40 billion approximately in 2020 i.e. nearly 400% increment.
The spending from retail industry in IoT has been expected to increase nearly 600% in the time period of 2015-2020.
This clearly states that the small & medium scale business are adopting IoT in a very fast pace which is increasing the spending as the number of small & medium scale business in quantitative terms are much more than large scale business which indicates a huge proportion of business organizations (specifically small & medium) is moving towards IoT. This results in huge demand for IoT sensors to manage the needs of organizations.
LACK OF ATTENUATION AND BANDWIDTH:
The global IoT sensors deployment is enhancing rapidly, in many cases the lack of bandwidth connectivity is fluctuating, for this reason organization and authorities require ensuring that the investment in solutions will bring a long-term financial benefit and operability. Whilst there has been rapid adoption of smartphones in the region, remote areas can sometimes offer only limited power networks. For agricultural IoT deployments, where networks are required to cover hectares of connectivity, farmland greenhouses, and power issues need to be addressed.
It depends upon the accessibility of latest technology cloud services, as its IPv4 or IPV6. The rapid and enormous proliferation of smart mobile devices on the Internet, broadband and cloud services, have already shattered the available IP addresses in its current Internet Protocol, IPv4. The new Internet Protocol version 6 (IPv6) spreads the IPv4 address space from 32 bits to 128 bits (340 undecillion or 340 trillion), which should be enough for the upcoming years.
For instance, Chile used the online banking in some of the region where, 53% of the users carry out the service of banking in digital platforms. In fact, the number of percentages of Chilean internet users makes purchase through online and nearly 30% and 44 % book their vacations on the internet.
The bandwidth length is growing in comparison to previous years, and it is enabling the technologies for automation and digitalization of production processes as the Internet of things. The roadmap of IoT is developed in 2014 in Mexico where it is represents the robust productive chain, better logistics and supply chain due to no attenuation in the services of bandwidth.
Some of the prominent participants operating in this market are Sierra Wireless, Inc., Moxa Inc., GENERAL ELECTRIC, Skyworks Solution Inc., Infineon Technologies AG, Honeywell International Inc., Texas Instruments Incorporated, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, NXP Semiconductors, STMicroelectronics, IBM, Sensata Technologies, Inc, Robert Bosch GmbH, TE Connectivity and Qualcomm Technologies, Inc.
Global IoT Sensor Market – Industry Trends and Forecast to 2026
Latin America IOT Sensors Market - Industry Trends and Forecast to 2025