The IoT Revolution has begun
In their reports, BI researchers have been purposely tracking the growth of the Internet of Things for more than a period of two years. Lately, it 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 a large number of investments in the Internet of Things.
Now more than any time, IoT is leaping ahead of 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 on IoT-based investments over the course of the next 5 years by 2025.
2020: A Look Inside an Era of the Internet of Things 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 traditional computing gadgets (tablets, smartwatches, and smartphones).
- Each passing day this year, we would see 5 million new devices being connected via the Internet of Things.
- $6 trillion is the estimated amount to be invested between now and 2020.
- Using the IoT, $13 trillion’s worth of RIO will be generated over the next 5 years, i.e. 2025.
- Demand for IoT devices will shoot by 40% and sensors will ultimately become a low cost.
- Small & large-scale enterprise businesses 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 in 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—an 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 Internet of Things solutions that are cloud-based, ultimately pave way for faster adoption.
- Ecosystem: The phenomenon of the 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 interoperation 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 Internet of Things will shoot to 34 billion!
With all the above facts and figures, we can see the importance of the Internet of things and wireless mobile technologies and what it is that you would need to achieve by 2020 – that’s only 3 years from now.
Your IoT Partner
We have helped to lead many companies through this Internet of Things revolution and we are constantly looking for techniques to advance within the Internet of Things. App Maisters specializes in providing Digital Transformation Services to Startups and Enterprises. Our expertise includes services like Mobile App Development, Enterprise Development, Big Data, IoT, Data Analytics, Machine learning, Compliance management, Mobility consulting, and a 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 ourselves in providing highly Scalable and Cost-Effective Solutions that have resulted in an 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.