Over the past few years, IoT has emerged as one of the most significant 21st-century innovations. The term “Internet of Things” (IoT) refers to a network of physical objects, or “things,” that have sensors, software, and other technologies built into them to link and exchange data with devices and other systems over the Internet. Increased automation, digitalization in industries, increased adoption of Wireless Networking Technologies or wireless devices, and a growing focus on improving workspace efficiency are some of the major factors driving the market growth.
According to Allied Market Research, the global Internet of Things market is projected to display a noteworthy CAGR from 2022 to 2031. Leading market players have implemented various competitive strategies, like mergers and acquisitions, joint ventures, and product launches, to take complete control of the expanding market. For example, Eleos Technologies and Geotab Inc. joined forces in January 2020 in California to launch “UNIFY.” The UNIFY platform aims to offer customized fleet management systems with FMCA-compliant ELD for enhanced solutions and insights. Nordiac Option Haltian, Ilmarinen, and FVC (Finnish Venture Capital) provided funding for Haltian, which has its headquarters in Finland. The company fixes on using this money to broaden its selection of products and offer practical solutions to smart restrooms, smart buildings, and smart factories.
For the purpose of laying the groundwork for a new Cognizant IoT innovation lab, Cognizant acquired Bright Wolf in October 2020. IoT custom solutions are the area of expertise of Bright Wolf. Cognizant’s skill in the fundamental industrial IoT technologies combined with Bright Wolf’s experience in the production-class industrial Internet of things deployments has improved the company’s operational effectiveness, consumer resiliency, and competitive advantage. As part of the strategy of its partnership with Mobily, Nokia declared the completion of the deployment of an NB-IOT (Narrowband Internet of things) network in the L 800 band in March 2021. The completion of the project has increased Mobily’s digitization due to the supply of its new NB-Iot facilities to serve its corporate clients better.
‘Honeywell Forge Real Estate Operations,’ a connected building solution created by SAP SE and Honeywell in May 2021, helps operators gain better insights into their operations by assisting them in making informed real estate decisions. The solution connects Honeywell’s OT data with SAP’s IT data for its analytical processes. Microsoft acquired ‘ReFirm’ Labs to enhance security capabilities and Firmware inspection across servers and IoT equipment to form the intelligent edge. To provide businesses with more information and visibility to monetize IoT, Cisco and Telstra renewed their previous five-year SaaS agreement in September 2021. This enabled Telstra to expand its revenue streams and achieve its corporate objectives. The French company Watt sense, which makes software and hardware and provides plug-and-play IoT administration systems for small to medium-sized buildings, was acquired by Siemens Smart Infrastructure in October 2021.
Oracle, on the other hand, announced its acquisition of Cerner, in December 2021. Cerner is a top provider of digital data systems used in medical centers and enables healthcare practitioners to provide better medical care to individual patients and communities. Siemens added features like an intelligence-based layout to its NX software in February 2022, which is part of the Xcelerator portfolio.
Impact of COVID-19 on the Internet of things market:
Due to shutdowns in several nations worldwide, the COVID-19 outbreak positively impacted the global Internet of things market. As more and more individuals started staying at home, there was a steep incline in demand for rapid internet connectivity. The substantially increased data usage propelled the market growth during the pandemic. In conclusion, the global video streaming market is expanding rapidly and is predicted to reach an even higher level in the upcoming years.
Author’s Bio – Gayatri Mohite is an emerging author who loves to explore new things. An addiction to reading motivates her to write. She also loves to sing, travel, and cook. A fresher who is constantly upgrading her skills has embarked on a new journey to touch up her expertise even more.