Internet of Things (IoT) Software Market 2021


The Internet of Things (IoT) software market is expected to experience significant growth over the next few years.

Organizations of all sizes are increasingly using IoT to communicate real-time data from networks of devices and sensors.

At this point, billions of physical devices around the world are connected to the Internet to collect and share data. As the price of computer chips has fallen and wireless networks have become almost ubiquitous in populated areas, the adoption of IoT has increased dramatically across all industries. As a result, the world has become “smarter” when it comes to merging the digital world with physical objects.

Just about any physical object can be designed with IoT capabilities that communicate data to owners.

IoT software platforms help manage the networks of devices and sensors that many organizations use to communicate real-time data around supply chains, fabrication shops, security systems, and more.

Here are some examples of IoT-based solutions:

  • Smart bulbs controlled by the app
  • Smart and self-adjusting thermostats
  • Cargo temperature monitoring sensors
  • Smartwatches and fitness bracelets

See below to learn all about the IoT software market, from technology to companies in the industry:

State of the IoT Software Market

In his report, “Internet of Things (IoT) Market, 2021-2028Fortune Business Insights estimates the global IoT software market size to be $ 309 billion in 2020.

The research company expects the market to reach over $ 1.8 billion by the end of 2028, a compound annual growth rate (CAGR) of 25.4%.

A 2020 article in The Economist, “How the world will change as computers spread into everyday objects”, Highlights various reasons for the large-scale trend we are seeing in the adoption of IoT.

“As computers and connectivity become cheaper, it makes sense to integrate them into more and more things that are not, in and of themselves, computers – of [diapers] and from coffee machines to cows and factory robots, ”the article reads.

The world is increasingly tuned in to the usefulness of data insight acquired by IoT, as computers have made their way into multiple aspects of daily life. The Economist article reports that an economic forecast predicts that by 2035, the world will be using around one trillion connected computers that are built into everything from food packaging to bridges and clothing.

Main growth drivers

The main growth driver in the IoT software platform market is the increasing adoption of IoT technology across a wide range of industries, institutions and entities. The increased personal use of IoT, like smart wearable devices, is also at stake here.

Fortune Business Insights says COVID-19 responses in the healthcare sector are another key factor. For example, devices like connected thermometers and pulse oximeters that patients use at home can be monitored remotely by medical staff, reducing the need to see patients in person.

As the internet becomes more accessible globally, especially with the advent of 5G, we can expect to see the adoption of IoT software increase in tandem.

Primary industries

The use of IoT software is particularly widespread in these sectors:

  • Health care
  • Manufacturing
  • Transport
  • Supply Chain
  • Retail
  • Municipalities
  • Agriculture
  • Finance
  • Assurance

Features of IoT software

IoT software helps organizations understand the huge amount of data transmitted between IoT devices and sensors.

From a centralized desktop interface, users can view real-time data and immediately apply data insights. For example, if an IoT temperature sensor signals that the temperature inside a product warehouse is not ideal, a company can make adjustments (often remotely, with smart thermostat systems) and make the adjustments. HVAC repairs needed.

IoT software typically includes centralized, cloud-accessible desktop interfaces, so organizations can easily share data insights and collect data in the field. Other typical features include:

  • Data management tools
  • Data analysis tools
  • Device management
  • Security features to protect IoT endpoints
  • Application development assistance
  • Alarms and alerts

Benefits of IoT software

Broadly speaking, IoT software enables users to achieve the promised benefits of IoT.

Notable benefits of IoT software platforms include:

  • Facilitate the process of collecting and using Big Data
  • Real-time information from sensors and other smart monitoring devices
  • Centralize and organize incoming and outgoing data from networks of IoT devices and sensors

See more : Internet of Things (IoT) Security Market

IoT software use cases

Indoor environmental quality monitoring

Wireless IoT sensors transmit information about air quality and other indoor climate metrics to IoT software platforms, so building managers, service providers and others can make necessary adjustments for health and comfort. This IoT app has been especially welcome in the post-COVID-19 era, ensuring that spaces are as hygienic as possible.

Energy consumption management

IoT software can help reduce energy costs by providing data insight from IoT sensors. Some systems can even integrate with automated HVAC controls to maintain predetermined energy parameters. Users can also opt for real-time notifications on significant changes in power consumption, which can help reduce repair time for electrical and plumbing issues.

Consumables monitoring

Across the service industry, IoT software platforms help managers track the consumables their customers are using. For example, a hotel can use IoT sensors to report data on the status of consumables in guest rooms, a figure that can vary widely from room to room. When supplies like hand soap or in-room coffeemaker supplies run out, staff can target specific rooms, reducing time wasted checking rooms with plenty of supplies on hand.

Traffic control

Transportation engineers can use data from IoT sensors at intersections, traffic lights, and public transportation to analyze traffic patterns, which inform the decisions they make about transportation projects and repairs. IoT sensors can count vehicles, monitor speed, and check road temperature conditions, allowing for more efficient weather preparation before traffic spikes in winter.

Predictive repairs and maintenance

Wireless IoT sensors can record data on the condition of devices, plant machines, fleet vehicles, tools and basically all the equipment that businesses need to stay in good working order. This data can help reduce repair costs and improve maintenance programs, reducing downtime.

Smart cities

At a large geographic scale, regional IoT programs can help regional planners and city planners create cities and communities more efficiently. Sensors and mobile devices can provide data to IoT software platforms to help planners determine where to place traffic lights, make infrastructure improvements, and examine how residents are actually using their community.

Supply chain improvements

When perishable goods, in particular, have to be transported, large sums are at stake. If goods arrive damaged or damaged, money is lost throughout supply chains, from producer to consumer. IoT sensor data on shipping conditions provides valuable insight into how goods hold up under current shipping conditions, allowing carriers to make adjustments on the fly.

See more : 85 best IoT devices

IoT software vendors

These 10 companies account for the majority of the IoT software market share in the world:

  • Amazon Web Services (AWS)
  • AT&T
  • Robert bosch
  • Cisco Systems
  • IBM
  • Oracle
  • SAP
  • Siemens
  • Broadcom
  • Texas instruments

Conclusion

IoT software platforms will continue to play a critical role in how businesses apply information to IoT data. Without a reliable analytics engine at the operations center, IoT data cannot be used to help teams make informed decisions that impact everything from customer comfort to building safer, more user-friendly communities. for residents.

See more: Best IoT Platforms and Software


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