+1-510-404-8135

Internet of Things (IoT) and Its Impact Across Industries

Internet-of-things

Internet of Things (IoT) is changing the dynamics of the lifestyle. The increasing number of connected devices with the internet and the growing use of electronic sensors create a realm of a copious amount of data.

These connected devices are steadily expanding from mobile phones and watches to surveillance cameras and industrial production units. Complete connectivity amongst devices has a humongous impact on several industries. For instance, the use of connected devices has helped in data generation and analysis for increasing operational efficiency and low-cost production across manufacturing units. In another instance, the increasing demand for connected devices has given rise to the ideation and development of smart cities, offices, and homes.

Check out the BIS Research Studies covering the impact of IoT across different industries:

  • Global Internet of Things in Oil and Gas Market: The three main advantages that the deployment of IoT in the oil and gas industry will bring to the industry are improved reliability, enhanced business operations, and added value in the business. Each of the industry streams (upstream, midstream, and downstream) can be benefitted from the use of IoT in the above-mentioned categories. The IoT in oil and gas market was estimated at $13.35 billion in 2019.
  • Global IoT Chip Market: As per BIS Research, the global IoT chip market generated $8.33 billion in 2018 and is expected to witness a CAGR of 15.18% during the forecast period 2019-2029. The growth in the IoT chip market is attributed to the constantly emerging demand in consumer electronics applications. Additionally, declining sensor costs and innovative silicon chip technology are further expected to drive market growth in the coming future.
  • Global Industrial IoT Market: The global industrial IoT market generated $72.34 billion in 2018 and is expected to witness a CAGR of 8.67% during the forecast period 2019-2024. The growth in the industrial IoT market is due to the high rate of demand for industrial IoT applications in smart industries. Additionally, low sensor costs and innovative sensor technology are further expected to drive market growth in the coming future.
  • Global IoT Security Market: The global IoT security market generated $16.55 billion in 2018 and is expected to witness a CAGR of 22.26% during the forecast period 2019-2024. The growth in the IoT security market is due to the increasing number of data breaches along with the rising security demand for critical infrastructure. Additionally, the growing demand for IoT security regulations and guidelines for protecting the ecosystem is further expected to drive the market.
  • Global Healthcare IoT Security Market: The global healthcare IoT security market consists of a multitude of companies catering to different needs within an IoT security environment. The broad segments that the market could be categorized as are healthcare IoT security solutions and healthcare IoT services. In 2018, the global healthcare IoT security services market was valued to be $571.8 million and is expected to reach a value of $16,305.1 million by the end of 2028.
  • Global Internet of Energy Market: The increasing demand for energy efficiency across the globe has propelled the need for the Internet of Energy. Moreover, there is an increased concern for decentralized power generators in the electricity distribution supply chain to reduce the electricity demand. The market is expected to grow at a significant CAGR of 21.05% during the forecast period 2019-2024.
  • Global IoT in Agriculture Market: The IoT technologies have completely transformed the agriculture sector by providing decision support systems supported by real-time data gathered by utilizing the most modern technologies. IoT in agriculture is an ecosystem comprising wide-ranging components. The IoT in the agriculture market is projected to reach $28.65 billion by 2023.