RAPID GROWTH OF TECHNOLOGICAL ADVANCEMENTS
Latin America is witnessing a robust growth in technology owing to its strong economic climate. 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 in the region 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.
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In Latin America, Brazil 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). It has been observed that the potential socioeconomic impact of the IoT on economic productivity and improvements in public services in Brazil is nearly $200 billion which is equivalent to 10% of 2016 GDP. According to report, several countries in Latin America such as Argentina, Chile, Bolivia 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.
INCREASING DEMAND OF TEMPERATURE SENSORS IN INDUSTRIAL AND WEARABLES
The growth of the internet in Latin America has been rapid in the past few years, leading to high to demand of automated IoT sensor; this in turn has enhanced the demand for temperature sensors and others. Most of the industries had grasped IoT sensor for satisfying their end user requirements.
Dependability on IoT sensors, from transportation to healthcare, every end user industry has a robust desire to get maximum advantage from the technology advancement of IoT sensors. The temperature sensor is used in various industries as it is involved in monitoring the temperature using their own sense of hot & cold, analog thermometers, and many digital temperature displays on thermostats, car dashboards, and smart phones.
The government is taking major steps making the companies and industries to adopt ecofriendly solutions. The company has developed advanced technologies for creating and managing robotic applications in various industries for fleet management, supply & logistics management .The wired communication system application in Latin America includes lack of communication signal, environmental issues, attenuation and higher labor costs.
The agricultural development in Latin America will lead this sector to become foremost to make massive use of Internet-enabled devices to collect information on the status of crops, environmental variables and other data, while low cost battery-powered devices can be deployed on site to monitor environmental variables such as vegetation, temperature, humidity, etc.
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.
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.
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.
LACK OF ATTENUATION AND BANDWIDTH
The Latin America 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.
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.
On the basis of sensor type the market is segmented into sixteen notable segments Temperature Sensors, Pressure Sensors, Humidity Sensors, Flow Sensors, Accelerometers, Magnetometers, Gyroscopes, Inertial Sensors, Image Sensors, Touch Sensors, Proximity Sensors, Acoustic Sensors, Motion Sensors, Occupancy Sensors,CO2 Sensors, Light Sensors and RADAR Sensors.
On the basis of technology the market is segmented into two notable segments Wired and Wireless.
On the basis of vertical into three notable segments consumer, commercial and industrial.
Some of the major players operating in this market are Latin America IoT sensors market CANON MEDICAL SYSTEMS CORPORATION, NXP Semiconductors, STMicroelectronics, IBM, Sensata Technologies, Inc., Robert Bosch GmbH, TE Connectivity and Qualcomm Technologies, Inc. among others among others.
Latin America IOT Sensors Market - Industry Trends and Forecast to 2025