There’s a lot of noise at the moment about the Internet of Things (or IoT for short) and its impact on everything, the way we shop, work, travel and much more. But what is IoT, how does it work and is it really that important in today’s technology-driven world?
What is Internet of Things?
Internet of Things means having electronic device and many other things connected and interacting with the Internet, so they can be tracked and monitored in real-time. Basically, it is complex network of things and people connected with each other over the Internet.
Any device that is connected to internet, from your smartphone, which helps to track your location, to refrigerator, which lets you know that you are running low on milk, to air-conditioner, which starts and sets the temperature based on your preference remotely, to self-driving car which detects objects in the path, to TV which automatically records your favorite show, to name a few, are all part of the IoT.
How Big is the IoT Bubble?
In case of Internet of Things, “Is it going to work?” is no longer a question; rather “How can this work better?” is what everybody is working on. IoT technology has already crossed the early stages. IoT connected devices collect and analyze huge amount of data, when integrated with machine learning (ML) and Artificial Intelligence (AI) finds rich ground across IoT deployments and use cases, thereby helping in maintaining lower operational costs, better delivery, great customer services & support, and also in creating new products and solutions.
According to IDC recent survey, worldwide spending on the Internet of Things (IoT) is forecast to reach $772.5 billion in 2018, an increase of 14.6% over the $674 billion that will be spent in 2017. A new update to the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide forecasts worldwide IoT spending to sustain a compound annual growth rate (CAGR) of 14.4% through the 2017-2021 forecast period surpassing the $1 trillion mark in 2020 and reaching $1.1 trillion in 2021.
(Data Ref: https://www.idc.com)
Top Industries Leveraging IoT
Today we are seeing more things than ever before being connected to the internet, and so Internet of Things is one such technology that can be applied to a lot of, or rather almost all the industries. IoT is transforming industries in unprecedented, rapid ways as it allows more control, data and automation as required. Different industry verticals can have different use cases of IoT. Manufacturing, Healthcare, Logistics, Agriculture, Education, Retail, Supply Chain, are the top industries leveraging the increasing use of IoT technology. As the technology matures and more vendors begin to compete, more IoT based solutions will be developed. The business which understands the use cases, potential and opportunities of IoT devices offer in their sector are the ones that are likely to drive innovation over the next few years and will benefit the most.
December 27, 2019