IoT: Shaping Our Future

If asked, almost all of us have heard about the internet of things (IoT), but how many of us actually understand what it really means? In layman’s term, any physical device connected to the internet is termed as IoT. From your smartphones to laptops to smartwatch to your credit cards, anything connected to the internet to send and receive data is an IoT. There are even IoT coffee machine and IoT connected beds. IoT enabled devices observe and recognize a situation or surrounding without taking human help. 

IoT Market

The concept of IoT started becoming popular in the mid of 2010, but it did not reach the mass market until the announcement of Google to buy Nest in 2014. In April 2018, Microsoft announced a $5 billion investment on IoT over the next four years to benefit their channel partner. Many companies nowadays have started focusing on improving performance, productivity and process efficiency by using IoT security and IoT analytics. Even after all these applications, the IoT market is still in the early stages in most of the companies. According to Forbes, in 2015, only 14-17% of companies considered IoT as a priority. The potential to improve the business productivity with the use of IoT, despite being in the early stage, holds great chances for IoT market. 

The main factors contributing to the growth of IoT is the adoption of cloud platform and advancement in data analytics. Reduction in the cost of connected device is also one of the major factors contributing toward its growth. However, rising concerns related to standard and regulatory implication, integration issues and its unavailability in the underdeveloped region are restraining the growth of IoT. Yet, a few augmented advantages other than management, analysis, and providing insights, such as IoT privacy and security check of data is expected to boost the growth of IoT market.. 

We all are surrounded by IoT devices. Many of its applications such as in smart homes, wearables, connected cars, smart cities, smart energy and utility, IoT in mining and many others have already transformed our lives. Among these, smart home and wearable is the most potent application and is acquiring the majority of market share. The development of the smart grid was the first application of IoT in the energy sector. Moreover, the energy sector is also providing end-to-end solutions such as Advanced Metering Infrastructure (AMI) and In-Home Displays (IHD). IoT is drastically improving mining operation especially in cutting the machine downtime and ensuring safe working condition of people working underground. The integration of IoT with mining industry also enhances activity such as real-time data based mine plan optimization. 

Everyone is now accepting the changes and moreover, getting accustomed to the benefits generated through IoT. It has already changed the world in many ways as compared to a few years earlier and will continue these changes and advancement in future as well. Many big names such as Intel, Microsoft, Cisco, Google and IBM are constantly focusing on innovation and technological advancement through IoT. It would be no wrong to say that IoT is a game-changer which is all set to dramatically advance the innovations of future.

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