Without a doubt, Internet of Things, IoT, is already busy being The Next “Big” Thing. It might not be of any surprise but last year, a Business Insider’s research revealed labeled IoT as “the next Industrial Revolution”.
The IoT Revolution has begun
In their reports, BI researchers have been purposely tracking the growth of IoT for a more than a period of two years. Lately, its seems that IoT has picked up a staggering speed— specifically changing the ways in which enterprise businesses and consumers function. According to BI’s Intelligence, IoT’s market demand is triggered by drivers such as advanced internet connectivity, high smartphone adoption rate, low-cost sensors and large number of investments in IoT.
Now more than any time, IoT is leaping ahead us, changing entire government systems and business organizations. This fact is confirmed by the same BI report, which predicts an astounding amount of $13 trillion to be spent in IoT based investments over the course of next 5 years by 2025.
2020: A Look Inside an Era of the IoT Explosion
Keeping IoT in a nutshell: it’s something that surrounds each one of us in our daily lives, allowing us to function the way we do.
Let’s have a glance at some astounding facts and figures demonstrating how IoT will explode by 2020:
- Its forecasted that by the end of 2020, 34 billion devices will be connected to the internet, out of which 24 billion will be installed using the IoT, while the remaining 10 billion will comprise of traditional computing gadgets (tablets, smartwatches and smartphones).
- Each passing day this year, we would see 5 million new devices being connected via the IoT.
- $6 trillion is the estimated amount to be invested between now and 2020.
- Using the IoT, $13 trillions’ worth of RIO will be generated over the next 5 years, i.e. till 2025.
- Demand for IoT devices will shoot by 40% and sensors will ultimately become low cost.
- Small & large-scale enterprise business will be the topmost IoT-based solutions converters.
Key factors fueling the IoT Revolution
- The Economy of Scale: Decrease in the budgeting costs of components such as modules, sensors, chipsets & networking expenses.
- Analytics: Advancements of technologies like Big Data have altered the approach with which business owners analyze data. Readings derived from sensor data can now suggest what an enterprise business’s goals are, and the required changes to make it thrive in the market. They can even predict or tackle future failures using precautions via Machine Learning and AI. All this suggests a further decrease in costs and ultimately—increase in IoT consumers.
- Global Ubiquitous Connectivity: there seems to be a bombardment of seemingly infinite connections & technologies in today’s market. This rate of connectivity is bound to accelerate the scale and adoption of IoT enabled devices & cloud.
- Cloud Development & Architecture: An IoT cloud’s model can leverage the ways to carry out business. You can now get real-time access to your workforce and websites even if they are impossibly remote. Such IoT solutions that are cloud based, ultimately pave ways for faster adoption.
- Ecosystem: The phenomenon of Internet of Things will impose new challenges, at the same time bring collective benefits and collaborative experiences. Thus, all standard bodies will come together in order to maintain the interoperations of various devices and machines.
The massive growth in the number of IoT respondents will be more than triple by 2020. From their current stats of 10 billion, the number of devices connected to the IOT will shoot to 34 billion!
With all the above facts and figures, we can see the importance of IoT and wireless mobile technologies and what it is that you would need to achieve toward by 2020 – that’s only 3 years from now.
Your IoT Partner
We have helped to lead many companies through this IoT revolution and we are constantly looking for techniques to advance within IoT. App Maisters specializes in providing Digital Transformation Services to Startups and Enterprises. Our expertise including services like Mobile App Development, Enterprise Development, Big Data, IoT, Data Analytics, Machine learning, Compliance management, Mobility consulting and host of other digital services. We have developed and provided consulting on over 400 + apps in several industries including Health Care, Oil & Gas, Finance, Banking, Education, Energy, Legal, Government, Gaming and Financial to name a few. We pride our self in providing highly Scalable and Cost-Effective Solutions that have resulted in increase in revenues, cost reduction and a higher rate of client satisfaction.
Please call us now to schedule a meeting with our Digital Transformation Specialist.