IoT Devices Market: Rising Application Of IoT Sensors To Drive The Market Size

24-Jul-2018 | Zion Market Research

Rampant popularity of wireless networking technologies and growing application of cloud platform are likely to boost the IoT devices market expansion. A study has predicted that IoT devices market revenue will reach its peak by 2020. Modern era is witnessing the widespread application of IoT devices across both consumer as well as enterprise settings.

IoT devices find extensive applications in automotives, home automation, agriculture, wearable technologies, and healthcare. It can find application in power & utilities sector. For instance, the use of connected technology can help service providers to effectively handle energy distribution issues through automated communication with switches, bulbs, TVs, and power outlets.

The connected technology is equipped with the ability to examine the real-time situation and can offer assistance in the business decision-making process. Escalating demand for IoT sensors in electronics items will further augment the scope of IoT devices industry. The IoT sensors are also used for the purpose of environmental monitoring, thereby helping in making substantial contributions towards green environment initiative.

In a major boost to IoT devices market, recently, a UK-based tech firm has developed a new product referred as FridgeCam, a smart fridge consisting of a camera fitted with AI inside the refrigerator. Reportedly, each time one closes the fridge, the camera sends the inside image to the App designed by the firm. It helps the individual to know what is in the stock inside the fridge at the time of shopping.

Earlier, in May this year, a team of engineers at National University of Singapore designed a smart microchip, referred as BATLESS, through the use of small on-chip solar cell that helps the microchip to self-start & continue to operate in the dim light without any battery support. Experts predict that the strategic move is likely to pave the way for creation of cost-effective IoT devices.

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