How the Internet of Things Capture the technical market?
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The Internet is one word that we are using in our day-to-day lives, but how many of us knew that there is an internet, which is a network of physical objects. Vehicles, machines, home appliances, and many other objects that use sensors and APIs to connect and exchange data over the Internet are called the Internet of Things.
Agriculture, healthcare, manufacturing is all creating an invisible net of internet within the things, collecting relative data, and passing it on so that the procedure of knowing and imitating tasks shall not become a task. Technology-based companies are seeing a bright future in the industry as each one of the mass is wanting things to get simplified and easier to work. Moreover, if kept in simple sentences, each one of us loves the convenience and the internet of things is the key reason we can enjoy the benefits of technology. Be it television, refrigerator, cars, electricity, or anything else.
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Business is already investing billions into this concept – it is known that in the year 2008, there were officially more devices connected to the internet than the percentage of human beings. This number is about to go to 50 billion by the year 2021 according to CISCO.
In a report of GE that came forward, they made a prediction, which says that the IOT will add as much as 50 trillion dollars to the GDP globally in the next 20 years. Besides, business insider has to add that these products with Internet of things will outperform the laptops, smartphones, and many such devices.
Sure, this huge revolution is slowly and gradually taking up the market making things easier and tech-savvy, generating faster living technologies that tech giants are creating a vast market for the same.
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Answer:
Internet of Things Technology Market by Node Component (Processor, Sensor, Connectivity IC, Memory Device, and Logic Device), Network Infrastructure, Software Solution, Platform, Service, End-use Application, and Geography - Global Forecast to 2022