IoT – Internet of things, the much discoursed topic of modern lives is bigger than what you can think of. Although the definition is same yet the complete perception of IoT has been changing over last decade. Internet of things, that was merely seen as a domain of comfort devices has evolved into a thrilling world of apps that run on the cloud & interact with multiple devices. Whether you want a cup of coffee right when you wake up or need to monitor your heart rate or want to set an ideal temperature in your bedroom before walking in, all can be done in one click. Your smartphones can control half of your routine activities and it’s no sham. The Internet of Things (IoT) is rapidly interlacing with every business and consumer product. We have unfolded further, the myths, growth prospects and future of IoT.
In next five years, you may see more than 50 billion connected devices globally. Smart appliances, smart thermostats, and smart cars have already become a reality. IoT has created many verticals, using the cloud for the device-as-a-service business line. Capturing the essence of big data, there has been an unprecedented level of control over products for customers and suppliers. According to IDC, the overall IoT market was valued at $655.8 billion in 2014 and was estimated to grow at an annual rate of 16.9 percent.
The fact of the matter is that the advent of Internet of Things technology for a massive number of products will affect the larger product development ecosystem, rather than only confining on the types of products being generated. This will also let vendors make strategies that they require in order to grab the opportunities created by technology. There have been a massive number of products that are connected to the internet as smartphones, computers and various home appliances. The impact of all this data is real and it enhances beyond mobile initiatives.
While the idea of IoT has been around for years, it’s still in the initial phase and stepping into consumer space swiftly. Following are the prominent IoT devices that have created a huge buzz:
These examples are just the tip of the iceberg and point towards the hidden opportunities surfaced in the world of IoT technologies.Apple as well as Google has already joined the IoT bandwagon with their respective wearable devices. Moreover, Apple has released various API kits for developers on iOS platform in the form of Health kit, Carkit, and Watch kit. Google, on the other hand, is focusing on Brillo, a development platform for connected devices.
The growth of IoT is undeniable as it would seamlessly improve the standard of living for individuals. The main areas we will see the Internet of Things take hold will include buildings (automation), the energy sector, consumer goods& services, healthcare, industrial & manufacturing, transportation, retail, security and of course all IT networks.
From Bluetooth to Wi-Fi, everything is getting connected and Big Data is at the center of it.
A recent finding from IDC predicts that the worldwide IoT market will grow to $7.1 trillion by 2020 with 212 billion connected devices globally. In addition to it, nearly 90% of the cars would be connected to the internet by 2020. These figures are extraordinary and show that some pretty big things are happening in this industry.
Although internet of things has been around for many years now, its adoption is still very meek. A study by cisco has suggested that only .06% of things are connected to the internet. This means that out of 1.5 trillion things that can be connected to the internet just 10 billion things are connected. This brings in the big question related to the adoption of this technology. The fact of the matter is that most of the users, as well as businesses, are getting accustomed to mobility and smartphones and it will take some time for them to get an overview of the future of mobility.
Technology that creates buzz one day becomes redundant as soon as more efficient ways of information sharing come into being. The same is true for internet of things connected devices. It is certainly the future but businesses must be ready to face the challenges that come along. Consider following points before incorporating IoT:
If you would have told someone few years back, that everything from watches to coffee makers and cars would be talking to one another one day, then before taking it seriously, one would have gasped for air. But in the current age of connected devices, these are more like the need of the hour.
The Internet of Things (IoT) is the combination of connected devices, cloud computing and big data. It is one of the most used phrases in the online business today. While some suggest that it will eventually take over the internet, others feel that its dominance in the current market dynamics has already begun. The debate is on, and it has long way to go. Tell us your first thought on Internet of things viz. privacy issues, comfort, cost of devices, investment or anything that you find missing in our post. Leave your comments below.
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