London, 13 February 2015 – TechNavio, a tech-focused research firm, has published a new report on the Global Internet of Things Market, which is expected to grow at a CAGR of 31.72 percent from 2014-2019.
The new report draws attention to the increasing number of smart connected devices, which is expected to pass 17 billion in the next five years. All these interconnected devices are becoming increasingly difficult to manage, monitor and maintain, which will increase the demand for M2M and M2H communication.
“M2M allows machines to interact securely over a network. In a broader way, M2M increases IT efficiency for organizations in terms of automated BPM, ERP, and streamlined CRM processes. Since M2M and the IoT are interconnected and interdependent, emergence of M2M will be a huge trend for this market through the projected period,” says Faisal Ghaus, Vice President of TechNavio.
Additionally, the report highlights adoption of IPv6 as another key market trend. The IPv4 system limited network connectivity to 4.3 billion devices, which was not sufficient for the growing number of IoT-connected devices. However, IPv6 has the capacity to handle 3.4x10^38 unique IP addresses, which will facilitate better device management and encourage adoption of the IoT.
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