The Internet of Things Is the Game-Changer for An Overall Business Ecosystem Transformation

“If you think that the internet has changed your life, think again since the IoT is about to change it all over again!” 

A well said statement by Brendan O’Brien, Chief Architect & Co-Founder of Aria Systems in context of connected devices and their benefits. Internet of things commonly referred as IoT has been connecting people and objects across the globe. Connected objects are improving comfort and safety in day-to-day lives, however, this technology has been bringing a lot of benefits to professionals in their daily operations for maintenance, monitoring and control. Various factors including rising adoptions of cloud platforms, government initiatives towards smart cities and introduction of high-speed networking technologies are promoting the adoption of smart devices in almost every field. More than 47 % which is 1.3 billion users accounted for personal cloud storage while cloud data storage also contributed about 65 % of data centre capacity (382 EB) in 2015. According to Backblaze, (cloud vendor), more than 200 PB data was stored in its cloud in the year 2016 which was higher than data stored in 2014, just 120 PB. Awareness among users towards the cloud storage benefits has increased its usage and a continuous growth has been recorded in the adoption of cloud for storage and thus motivating the IoT market. 

IoT Market

Globally, government initiatives are being implemented that has been aimed for smart cities to promote better services and standards of living. The smart city project concept in India, China’s National smart city development and “Made in China 2025” initiatives; and US Smart Buildings initiative are some major initiatives implemented in these countries. Government funding has been playing significant role in smart cities implementation; for an instance, Indian government has dedicated an investment of around 108 crores on smart cities projects. Similar initiatives have been promoted by governments in UK, Taiwan, Malaysia, Australia, Dubai and so on which are promoting the adoption of IoT in transportation, healthcare and public services. Introduction of high networking technologies such as 5G with new radio access technology and multi-layered networks that possess capabilities to handle high throughputs as well as increased data volumes at very low latency are making IoT adoption easier. 5G not only support user applications demanding high throughputs and high bandwidth, it will also be utilized in the increasingly popular trends of connected smart devices. 

Technological advancement is one of the key trends in IoT industry. More than 250 companies including top IoT giants as well as fast growing startups are focused on development of connected devices and solutions such as smart wearables, connected healthcare devices, smart energy solutions and making their lives simpler. The market has been influenced with IoT based innovations providing comfort and safety. Smart video doorbell by SkyBell is one of the IoT innovations that allows its users to see, hear, and speak to visitors at anywhere i.e. either at home or away from it. Similarly, MyMDband is a medical emergency wearable device that provides medical information about the wearer by using GPS and location information when the wearer has any type of medical emergency. Recently, Bajaj Electricals launched an IoT enabled air cooler in 2018 which comes with features such as an intelligent sensor that can automatically adjust the fan and its cooling speed by reading the temperature and humidity in the room. All these innovations are attracting a large pool of customers and promoting the technology in every sector. 

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Anurag Tiwari

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