Sensing The Market: Future of Internet of Things

The Internet of Things (IoT) is transforming the everyday physical objects that surround us into an ecosystem of information that will enrich our lives. Many industry experts and excited consumers have pegged The Internet of Things (IoT) as the next Industrial Revolution or the Next Internet.The IoT is much more than the result of seemingly fragmented and complex technologies smashed together. IoT is beginning to grow significantly, as consumers, businesses, and governments recognize the benefit of connecting inert devices to the internet.

Millions to Billions of devices to be connected:

By 2020 there will be more than 34 Billion connected to the internet, driven by rapid development in digitization and networking and growing efforts to bring as much as electronic devices under the digital fold. Internet of Things is expected to be the largest market in the world with an estimation that it will be more than the double the size of tablet, smartphone, PC and the wearable market by 2019. Sensors playing a vital role in wireless connectivity, turning billions of objects in data-generating “things”, like position, temperature, light, etc. and at times interact with the environment will be a key factor to increase the devices connected to the internet.

Consumers and Businesses:

The IoT is going to help consumers achieve their goals by improving their decision-making capacity through augmented intelligence provided by IoT. As IoT is now viewed as a new revenue stream, from 2016 and beyond it will be a main stream path for generating higher revenue because of data monetization, low power devices and platform as a service. The Internet of Business Things is will help companies by achieving process optimization and efficiencies by collecting and reporting data collected by the business environment.

Factors accelerating Adoption:

Evolving regulatory landscape – Regulatory factor will be a huge driving factor behind the IoT adoption. The requirement in sectors where the product can multiply up to 10 times that is from manufactures to consumers will lead to deployment of millions of sensors to track machines and other assets. IoT will enhance the performance of small/medium/large enterprises by quickly providing critical information to the customers and chain partners. As more and more things are ranging from remotely programmable home appliances, fitness devices to aircraft jet engines the IT sector is going to be mostly dominated by the IoT projects.
Increasing Consumer Expectation – As consumers have now started to appreciate their smartphone, they are well known with the fact that smartphones can do a lot more. Since consumers want to be connected they also want what and how things are connected to them are things that matter them the most.
Easing innovation for enterprises – IoT provides a single platform for development tools, building and managing applications, secure network connectivity. The availability of such a mature platform eases the development process and helps enterprise users to focus on creation of new product and service category for better future experience for citizens, consumers businesses.

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