Evaluation of an IoT Market Topic
Introduction to the IoT Topic
The Internet of Things (IoT) is an essential topic as it significantly impacts various industries, including the air purifier manufacturing industry. Technologies for measuring harmful substances in the air and purifying air for home and personal use have gaps and need to be improved. However, rising demand is pushing the market to innovate. The global smart air purifier market will develop and expand at a compound annual growth rate (CAGR) of 12.4% from 2020 to 2027 (Size, 2019). This trend brings new ideas and companies to the market.
Vitesy is a company specializing in designing and producing smart air purifiers. The development of the IoT inspired the company to combine technologies, design, and ecological environment to create a new product. The increasing popularity of innovative home technologies has created a growing market for Vitesy’s products and has positively impacted the company.
Potential Impact on the Company
The growing market gives Vitesy several opportunities and threats. Growth can be secured through expansion and a new market in the US (To Infinity and Beyond, 2023). Studies confirm the growing threat to health due to indoor air pollution (Tran et al., 2020). Thus, Vitesy’s products will be in stable demand. Like all manufacturers of innovative home products, the company can face cyber threats. Security problems are associated with several types of attacks: network, software, and object (Augusto-Gonzalez et al., 2019). Risk protection may require additional security development costs.
Besides producing technological goods, Vitesy prioritizes people’s health and the ecological environment. The company is involved in environmental projects, including planting trees and using sustainable materials and production systems (Our Green Impact, 2023). This approach inspires the trust and respect of customers.
Explanation of the IoT Market
The IoT market is a rapidly growing industry that connects various devices to the internet, allowing them to collect, process, and exchange data with each other and with human users. According to Grand View Research, the IoT market’s volume was $250.72 billion in 2020 and, until 2028, will increase annually by a quarter (2023). One of the directions of the IoT is smart home technologies, which are rapidly developing, creating new devices and making the environment safer and more manageable.
References
Augusto-Gonzalez, J., Collen, A., Evangelatos, S., Anagnostopoulos, M., Spathoulas, G., Giannoutakis, K. M., & Nijdam, N. A. (2019). From internet of threats to internet of things: A cyber security architecture for smart homes. IEEE 24th International Workshop on Computer Aided Modeling and Design of Communication Links and Networks (CAMAD), 1-6. Web.
Grand View Research. (2023). Industrial internet of things market size, share & trends analysis report by component (solution, services, platform), by end-use (manufacturing, logistics & transport), by region, and segment forecasts, 2023 – 2030. Web.
Our green impact. (2023). Vitesy. Web.
Size, S. D. M. (2019). Share & trends analysis report by technology (photoelectric, dual sensors, ionization), by end-use (commercial, industrial, residential), and segment forecasts, 2019–2025. Grand View Research. Web.
To infinity and beyond. (2023). Vitesy. Web.
Tran, V. V., Park, D., & Lee, Y. C. (2020). Indoor air pollution, related human diseases, and recent trends in the control and improvement of indoor air quality. International journal of environmental research and public health, 17(8), 2927. Web.