Whenever you look at a cool gadget the first thought can be probably this is what IoT is. Most of us have a mental image of IoT linked with advanced technology. Reason being, media reporters have been misguiding the world by showing advanced gadgets and linking it to the Internet of Things (IoT) concept for years. Clearly, IoT is beyond advanced technology, it is the whole network and meaningful data it extracts.
IoT is a blanket term for the inter-networking of things where things are referred to devices or machines and their connectivity to software, the internet, or other cloud-based programs, through which these devices are enabled to send and receive data. All the smart devices are part of this giant IoT and not the whole IoT per se. These devices collect the data and transmit to the servers across the world which in turn is purchased and used by giants like manufacturers, health care industrialists, IT giants to observe the behavioral pattern of the consumers. This real-time data is helpful to generate analytics which forms a base to make decisions and helps in planning to cater future needs of the consumers. It’s obvious that this data is worth trillions of Dollars as whomsoever knows the future can start working on it today and garner the monopoly in profits in years to come.
This whole early bird concept made us witness driverless self-automated cars today to mention a very basic example.
You must have heard that IoT is the next big thing but the picture is still blurred for most of us. Let us walk you through some numbers to establish why IoT is something to look forward to.
Bain predicts that by 2020 IoT vendors who are selling the hardware, software and comprehensive solutions are likely to score annual revenues above $470B.
McKinsey estimates the total IoT market size in 2015 was up to $900M, growing to $3.7B in 2020 and has a potential economic impact of $2.7 to $6.2T until 2025.
General Electric predicts investment in the Industrial Internet of Things (IIoT) will be $60 trillion during the next 15 years.
IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025.
Here is a global market potential (in billions) of IoT devices owned from 2015 to 2025. Over the course of 10 years, the market will increase by 489.55% globally! Gasps!
Referring to the IHS forecasts above, if there will be 75.4 billion devices in 2025, the market will be practically multiplicated! Now think like an investor or an entrepreneur, isn’t this the opportunity for which you were waiting for years? Not only should we be engaged from an investing perspective, but IoT can totally change your life or business and for the better.
Let’s dig into latest IoT trends to understand the potential of IoT and what the future has treasured for us.
IoT and Personal life
When the elite class is already living in smart homes it will take time for smart homes to get common. The reason being we have a lot of individual apps in the market for varied necessities but to collaborate all these apps there only few solutions available. Creating a single, seamless user experience is something that can break your bank eventually if not immediately.
However, with big giants entering the market, we can expect smart homes to become affordable in coming years.
A decade ahead from today, we will be living in homes where house appliances, cars, phones, computers, lamps and all electronics will be interconnected.
GeniCan is the another trending concept debuted at the CES 2017 conference this year which is the centre of attraction. It is an accessory you can plant on or close to your garbage bin and when the trash is thrown away, you can scan the barcode of the items you are getting rid off. This device will automatically add them to your shopping list. Even garbage has gone smart now!
IoT and Key-industry players and others businesses
Of Course IoT is a big investment prospect for the investors as enterprises and corporations continue to believe that IoT holds the promise to enhance customer relationships and drive business growth by improving quality and productivity, we will begin to see widespread adoption and invest in such technologies.
Industrial IoT is expected to flourish first with its focus on remote asset management and predictive maintenance. It will surely reduce equipment failures or unexpected downtime based on operational data.
Not only core industrial industries but financial firms, retail sector, e-commerce, energy, automotive, health sector… All industries will be revolutionized as they integrate IoT into their everyday business, end-user products, or their operations.
IoT and Governments/Municipalities
Stuck in traffic? And finding it hard to find a parking spot? Tired of whining about the construction around every corner. IoT has the potential to change the way we perceive all of the above.
With the advent of IoT, traffic flow will be optimized because instead of just having stop lights on fixed timers we’ll have smart stop lights that will function according to the flow of traffic. So, practically no traffic jams, hush!
Drivers will be notified on a real-time basis about the traffic and street conditions and will be re-routed from areas that are congested or under construction.
With IoT, we can envisage efficient cities with smart homes, smart industries, and smart governance.
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