The Internet of Things (IoT) is much more than the result of seemingly fragmented and complex technologies smashed together. Internet of Things (IoT) and Home area network (WAN), 4G networks , Serial Communication, Wide area network, 2G networks and 3G networks adds up to total Networking market. Applications of Internet of Things (IoT) are Consumer Electronics, Industrial Manufacturing, Agriculture Industry, Automotive Industry and Wearable Electronics. Submarkets of Internet of Things (IoT) are Building Automation. As per a new market research report, "Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, & Network Bandwidth Management), Platform, Service, Application Domain, and Region - Global Forecast to 2021", published that the IoT market is estimated to grow from USD 157.05 Billion in 2016 to USD 661.74 Billion by 2021, at a compound annual growth rate (CAGR) of 33.3%.
Speaking of IoT, Let’s review the history of it. The evolution of IoT started decades ago as part of the first face of the digital transformation back in the mid-1960s with the introduction of commercial mainframes and green screens. Eventually, evolving into PCs and Unix servers in the 1980s. The concept of a network of smart devices was first discussed in 1982 with a modified Coke machine at Carnegie Mellon University what becomes the first internet-connected appliance. It is finally in 1991 that the first vision of IoT emerge in the paper "The Computer of the 21st Century" by Mark Weiser and other venues such as UbiComp and PerCom. In the following years of complement and discussion from a number of people such as IEEE Spectrum in 1994 by Reza Raji describing “moving small packets of data to a large set of nodes, so as to integrate and automate everything from home appliances to entire factories". However, the concept of the IoT became popular in 1999 as Bill Joy envisioned Device to Device (D2D) communication as part of his "Six Webs" framework, presented at the World Economic Forum at Davos and through the Auto-ID Center at MIT and related market-analysis publications. With the Radio-frequency identification (RFID) proposed, it was seen as a prerequisite for the IoT where all objects and people in daily life could be equipped with identifiers, and where computers could manage and inventory them. From the year of 2013, the vision of the IoT has further evolved due to a convergence of multiple technologies, ranging from wireless communication to the Internet and from embedded systems to micro-electromechanical systems (MEMS), what meaning is that the traditional fields of embedded systems, wireless sensor networks, control systems, automation (including home and building automation) etc. all contribute to the IoT and contribute to the global digital transformation.
The major forces driving the IoT market are development of cheaper and smarter devices, evolution of high speed networking technologies, and increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security, and analytics which is expected to drive the market during the forecast period. That’s also what the benefits we get from IoT.