Report claims retailers will connect 12.5bln business assets such as products, digital signs and Bluetooth beacons, to Internet of Things platforms by 2021.
IoT was being rapidly brought into use across diverse industry verticals to reduce operational and manpower costs, and increase operational efficiency.
The IoT market here was driven by the presence of huge players of consumer electronics such as Philips, Samsung, among others, which would lead to the introduction of advanced and affordable consumer electronics.
Research has found that the consumer Internet of Things (IoT) installed base will reach over 15 billion units by 2021, an increase of 120 per cent over 2016.
An Institute of Electrical and Electronics Engineers keynote paper presented recently by computer engineers has laid out a framework to improve research on cyber-physical systems, or what is commonly known as the Internet of Things.
The 200 per cent increase, from 2016, will be driven in large part by a reduction in the unit costs of hardware.