Internet of Things technology is picking up faster in Asia. Frost & Sullivan has reported Total Asia Pacific spending on Internet of Things is forecasted to be US$9.96 billion in 2014 and will continue to grow at a CAGR of 34.1% to reach US$57.96 billion by 2020.
IoT is hot in Japan, Singapore, China, Australia and South Korea and also gaining importance in India, Malaysia, Thailand and Indonesia.
Mr. Andrew Milroy, Vice President, ICT Practice, Asia Pacific at Frost & Sullivan said IoT spending in logistics and transportation currently contributes to the bulk of IoT spending.
The issues which can delay IoT are security and information privacy.
Big companies such as Advantech, Intel and Cisco have moved swifty to have early market advantage.
Cisco recently announced a strategic engagement with Bangalore based Electronics City Industries Association (ELCIA) to develop Asia's first end-to-end Internet of Things (IoT) innovation hub in Banglalore, India.
Atmel , Broadcom , Dell, Intel , Samsung, and Wind River, are together forming a new industry consortium for Internet of Things (IoT). The consortium named Open Interconnect Consortium (OIC) to define a common communications framework for wirelessly connect and intelligently manage the flow of information between all kinds of devices including mobile.
Advantech is making Wireless Sensor Network, Embedded IoT Gateway supporting wireless sensor solutions for M2M communication including IEEE 802.15.4, Zigbee, UHF RFID and SubG (433MHz) RF technologies. Intel wanto power these systems using its processors.
IoT is employed by supply chain system companies such as SAP. SAP offering solutions to continuously collect data from connected things, which include both people and devices.
Imagine the specification data of a product move from supplier's database to buyer's db seamlessly without manual keying of data as soon as the product enters the warehouse.
IoT throws lot ofopportunity in application software, embedded software, embedded computing, chip design, sensors for Indian design service companies.
Cisco finds IoT is expected to generate a $613 billion global corporate profits in 2014.