The digital revolution of IoT is here to stay. As it spreads in a humongous way, a report from IDC states that the number of connected ‘things’ will potentially increase up to 25.6 billion by the end of 2019 and 30 billion in 2020. The market spend on this technology is anticipated to reach $ 1.3 trillion in 2019.
What IoT Entails?
IoT of the Internet of Things is a technology revolution that has affected every industry vertical. From smart communities and cities to healthcare and transportation it is gaining momentum in every industry, and companies are leveraging IoT for boosting the bottom lines. As it is helping to generate higher revenues, its adoption is also increasing with a focus on IoT services.
A typical IoT Framework works in this manner. It simplifies the business decisions by providing accurate analytics and robust applications. Data integration lies at its core. The interoperability of components and key systems is integral to propel the growth of this technology in near future.
Key Factors Accelerating the Adoption of IoT:
The main trends that triggered the growth of IoT industry are Platforms-as-a-Service, the rise of IoT startups, monetization of big data, and development of core networks. In the recent times, IoT services have become instrumental for industrial and sectoral growth.
There are many factors that influence the increasing adoption of IoT technologies. They vary according to the objectives of adoption. The optimizers believe that Internet of Things can improve operational inefficiencies and resolve the issues pertaining to performances.
One of the major factors leading to the growth of IoT adoption is an evolving landscape of regulatory compliances. Almost every industry including energy and healthcare has benefitted from this transition.
When government levies regulations for monitoring, management, and control of processes, the rise of IoT devices is imminent. Sensors are the most important component of this technology. The regulatory environment is making it necessary to integrate these sensors at many essential touch points.
From tracking of machines in construction sector to managing the supply chain in drug industry, there are many ways in which implementation of IoT devices has become crucial for intelligent tracking and informed decision-making. This landscape is expanding further with more devices being added to the internet on a daily basis.
Reduced Prices of Sensors:
This technology is driven by the devices like actuators, sensors, and tags. These devices can sense the deviations in an IT environment and transmit this data through the internet. Over the years, the prices of these devices have been substantially slashed down.
As a result, we are bound to usher in the era of an interconnected world running on sensors. Here, the connectivity through broadband has a critical role in facilitating effective deployment of this technology even in the remote areas.
The increasing usage of smartphones across the planet has already proven the fact that consumers are expecting more from latest technologies. In a world enabled by IoT services, they are looking to remain connected through smart devices installed in their homes, cars, and offices. The idea of connected lifestyle is intriguing for every class of consumer.
They prefer services that can improve and simplify their lives through a democratized IoT market of apps.
The Scope for Innovation:
It is needless to say that emerging platforms in IoT landscape are promising better tools and infrastructure for an overall growth. These platforms have simplified the process of application development by reducing the friction faced by developers.
With a focus on removing the impediments like IT fragmentation and complexities, they are promoting innovation in the enterprises. Since users can easily access and manage their IoT environments, they aren’t averse to the idea of its adoption.
IoT is still in a developing stage. It is too early to make predictions on its challenges and strengths. As a matter of fact, the adoption of this technology will be fueled by gaining more insights on its strategies and implementation. The companies must lay impetus on the best practices and case studies for its successful integration.