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What is the global market review of IoT?

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The IoT has been the best product from the OT cybersecurity platforms. Be it the industrial products, PLCs, or other automation products, IoT made a remarkable and trustable alliance to handle the sophistication of the latest technologies.

As per Statistica, the IoT market value is expected to reach a global amount of $1.6 trillion by 2025. As per Morgan Stanley, the IIoT market is expected to reach $110 billion in 2020.

The cybersecurity frameworks used in cross-industry are: –

  1. The ISA known as the International Society of Automation created the industrial Automation and control systems (IACS) security framework. ISA-99 is a collaboration with industrial cybersecurity experts.
  2. The Industrial Internet Consortium developed the Industrial Internet Security Framework for IIoT.
  3. The Cloud Security Alliance (CSA) is also developing a cross-industry IoT Security Control Framework.
  4. The IoT Security Foundation got its own IoT Security Compliance Framework.
  5. A testbed for IoT and cyber-physical systems is created by NIST.

Growth in IoT market forecast from International Data Corporation (IDC) estimated 41.6 billion connected IoT devices to generate 79.4 zettabytes (ZB) of data by 2025. The growth has been seen in various devices, connectivity, platforms or cloud, and other applications. The sectors IoT saw its growth are PCs, Smartphones, Tablets, other Internet Media devices, Smart Speakers and Screens, Smart TVs, Connected vehicles, wearables, smart home devices, and enterprise IoT.

The rapid development of the connected sensors and the improvement in the adoption of 5G is enabling the fastest growth in IoT-connected devices. As per the 2020 Business Insider survey, 39% of respondents are planning to support 5G in IoT projects.

The growth of IoT is so strong that as per Gartner’s 2019 survey, 59% of them believe that it will replace the OT monitoring and control system within 36 months. It is best to adopt IoT products and services.

The major cloud and edge computing providers in IoT sectors are: –

  • AWS IoT
  • Google Cloud IoT
  • IBM Watson IoT Platform
  • Microsoft Azure IoT Hub

The important additional IoT platforms are: –

  • Alibaba Cloud IoT
  • AT&T M2X
  • Bosch IoT Suite
  • Cisco Kinetic
  • Deutsche Telekom Cloud of Things (CoT)
  • GE Digital Predix Platform
  • Huawei OceanConnect
  • Oracle IoT Cloud
  • SAP Leonardo IoT
  • Schneider Electric EcoStruxure
  • Siemens MindSphere
  • Software AG Cumolocity IoT
  • Verizon ThingSpace

The market leaders involved in the IoT space are Dell, Ericsson, Fujitsu, Hitachi, HP Enterprise, Intel, Qualcomm, and Samsung.

Source:- missionsecure

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