IoT communication protocol is a highly diversified and competitive market with players that range from start-up firms to top-tier companies. According to a recent market report, with the rate of propagation of wireless sensors, rise in the adoption rate of emerging technologies, and mainstreaming of smart consumer applications, IoT technology has become a popular concept across all domains, including healthcare, automotive, and others.
The global IoT communication protocol market has been categorized based on connectivity technology, end-users, and regions. Based on the connectivity technology, the market has been segmented into Wi-Fi, ZigBee, Bluetooth, Smart bluetooth, Ant+, Near Field Connectivity, and EnOcean, among others. On the basis of end-user, the market has be categorized into wearable devices, automotive & transportation, healthcare, building automation, consumer electronics, precision farming, and industrial.
The major factors driving the IoT communication protocol market are the rapid growth in demand for the smartphones and various connectivity devices, development of internet connectivity, progress in the usage of low power wide area networks, and wireless sensors across the world and cloud computing gaining traction in the market. Absence of a common communication standards across the world and the high power consumption and the frequent replacements of the batteries by the connected devices are the major factors that may hamper the growth of the market in the near future. Additionally, government support and the significant spending across the globe for research and development of IoT and various growth opportunities for innovative cross domain applications are major growth opportunities for the IoT communication protocol market players.