Global IoT Communication Protocol Market: Snapshot
The global IoT communication protocol
market is expected to witness a healthy growth on account of the high
demand from businesses and organizations. IoT will be in high demand and
be used as a key model for organizations across various verticals in
the years to come on account of the high operational efficiency it
provides. In addition to this, IoT enables cost savings, which is a key
requirement for most organizations.
Some of the factors boosting the global IoT communication protocol
are increased adoption of wireless sensors and increasing popularity of
cloud computing. Another factor aiding the growth of the global IoT
communication protocol market is the support of the government. Across
the globe, governments have been increasingly funding for the research
and development of the IoT field. This support from the government has
been a key factor for widening the scope of the IoT communication
protocol market. Huge funding from governments across the globe has
resulted in innovative cross-domain applications of IoT and has
immensely benefitted the growth of this industry and therefore, IoT is
now increasingly penetrating across industries. It is anticipated that
the future will see higher adoption of IoT across verticals supported by
the easy availability of high speed internet and increasing popularity
of wearable devices.
The initiatives taken by emerging
countries to brace up and join other nations in terms of being
technologically advanced will make them key markets for IoT
communication protocol in the future. Aggressive investments are being
made by nations such as India, China, and Japan and leading towards an
increased adoption of the Internet of Things. This is boosting the
demand for IoT chip and driving the IoT communication protocol market in
turn.
In Internet of Things, the interconnected
devices are usually of short range, low power, wireless devices with
their own predefined set of operations. Moreover, these devices are not
compatible to existing internet protocol due to which a new set of
protocols are developed to cater the requirements of the IoT. Some of
the most widely used protocols in IoT are Message Queuing Telemetry
Transport (MQTT), Constrained Application Protocol (CoAP) etc. These
protocols facilitates in power conservation making devices operate for a
longer duration of time.
The IoT communication protocol market has
been experiencing massive growth in the recent years due to growing
popularity of Internet of Things and the increasing adoption of smart
watches and activity trackers in consumer markets. Continuous growth in
demand for smartphones and other connectivity devices and increasing
demand for cloud computing is expected to drive the market in near term.
Additionally, expansion in use of wireless sensors and low-power
wide-area network is further expected to fuel the market growth.
However, lack of communication standard across platforms and high power
consumption by connected devices is hindering the market growth.
Significant government funding across globe for Internet of Things and
increasing adoption of wearable devices in multiple application areas
such as healthcare, industrial, and military is expected to create huge
opportunities for the companies operating in global IoT communication
protocol market.
The global IoT communication protocol
market is segmented on the basis of connectivity technology, end-use
application and geography. Based on the connectivity technology, the
market is broadly classified into Wi-Fi, Bluetooth, ZigBee, Near Field
Communication (NFC), global navigation satellite system (GNSS), EnOcean,
ANT+, cellular and others. Among these EnOcean, is expected to show
sustainable market growth during the forecast period. The development of
IoT needed for ultra-low power devices and sensors is expected to
increase need for EnOcean protocol technology.
.
In terms of end-use application, the
market for IoT communication protocol is segmented into wearable
devices, healthcare, automotive and transportation, building automation,
industrial, consumer electronics, and precision farming. Among these,
building automation segment is expected to dominate the market due to
high demand for energy efficiency and security & safety required in
buildings. Moreover, advancements in the wireless communication
technologies and convergence of IoT and building automation is expected
to further increase the growth of the building automation system market.
On the basis of geography, the global IoT
communication protocol market is segmented into North America, Europe,
Asia Pacific, Latin America, and the Middle East and Africa. Among
these, Asia Pacific is expected to lead the IoT communication protocol
market during the forecast period due to huge potential for the
applications of Internet of Things in developing economies such as China
and India. Moreover, Middle East & Africa (MEA) and Latin America
is expected to tender growth opportunities owing to the increasing in
consumer devices market.
Some of the leading companies operating
in the global IoT communication protocol market with significant
developments include Synopsys, Inc., Stmicroelectronics N.V., Mediatek
Inc., Gainspan Corporation, Ceva, Inc., NXP Semiconductors N.V., Texas
Instruments Inc., Enocean GmbH, Atmel Corporation and Mindtree Ltd.
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