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Wi-Fi Emerges as IoT Segment | @ThingsExpo #IoT #M2M #InternetOfThings

Internet of Things is touted as the next big thing slated to revolutionize how we communicate online or how we work

"Internet-of-Things" (IoT) is touted as the next big thing slated to revolutionize how we communicate online or how we work. The majority of the chatter rising from industries nowadays is focused on how to deploy machine-to-machine (M2M) communication and optimally capitalize on the technology. Simply put, IoT is built on the paradigm of cloud computing and data gathering sensors networks. Hence, it provides instantaneous and mobile virtual connection. Proponents of the technology believe that within a few years IoT will make even the smallest speckle of technology in our lives, "smart'. Be it seaports or road transport systems, soon IoT will transform them into sectors driven by smart technologies.

As broadband internet becomes more widely available, the cost of being online is decreasing. More devices are manufactured with Wi-Fi capabilities in response to the declining technology costs, and smartphone penetration worldwide is skyrocketing. All these developments are laying the foundation for a futuristic global village powered and driven by IoT, thus rendering a highly lucrative market for Internet-of-Things globally.

In terms of technology, the global Internet of Things Market is segmented into Wi-Fi, ZigBee, near field communication, radio frequency identification, and Bluetooth low energy. Of these, the Wi-Fi segment accounted for the largest share of the market in 2014. The escalating use of Wi-Fi across industries, schools, residential buildings, and office buildings is contributing to the growth of the segment. Based on application, the global IoT market is segmented into automotive, industrial, consumer electronics, healthcare, retail, and others (such as entertainment and energy and utilities). Of these, the healthcare and consumer electronics segments are anticipated to exhibit the fastest growth in terms of demand for Internet of Things in forthcoming years.

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Ram Sonagara works at Transparency Market Research. TMR is a market intelligence company providing global business research reports and consulting services.