Internet of Things or IoT is basically defined as a series of interrelated or interconnected computing devices, which usually have an IP address for internet connectivity. So, these devices are able to transfer data through the network, with minimal or no human intervention. All communication that takes place between the Internet-enabled devices and systems form a part of IoT.
Broadly categorised, IoT extends to these software segments: Data management, Remote Monitoring, Network Management and Security solution On the hardware side it includes, cameras, network devices and sensors. On the services side it includes various segments like Application Management platform, Connectivity platform, and Device Management platforms.
Not only large scale industries, but small scale businesses also use IoT too. IoT is now being combined with almost everything from biotechnology to artificial intelligence.
Existing market scenario
As per Forbes, the Internet of things is on its way to being the largest market and has doubled its usage in smartphones, personal computers, connected cars, and the wearables market. It has generated options for direct integration into the world of technology for ensuring improvised production and precision.
While there has been a surge in technological innovations and cumulative investments, there is also a drastic increase in telecommunication, especially internet and broadband services, which are driving the growth of this industry.
Data by Forbes shows that the global IoT market will rise from $157B in 2016 to $457B by 2020 at a Compound Annual Growth Rate (CAGR) of 28.5%. Leading this market will be the segments of logistics, transportation, and discrete manufacturing, which averages to about $40B each. The Boston Consulting Group predicts the Internet Of Things Market would reach $267B by 2020.
Trends and predictions
While many emerging sectors have seen a boost in demand for IoT jobs and enhanced career prospects, start-ups are faring well too. This has also piqued the interest of big market players that are providing a steady revenue stream for smaller models to sustain. The market, on the whole, has benefitted with an innovative lineup of new IoT platform startups that have helped to elevate the demand for IoT and drive demnd for new jobs.
— Inputs courtesy Hexgn.com
Innovations in IoT
With innovation right up its sleeve, IoT is now creating ripples of change at various levels. Some of these are:
IoT is Improveing teaching, which now extends beyond the classroom. Center for Human Applied Reasoning and the Internet of Things aka CHARIOT at the University of Southern California is focusing on improving teaching and learning via video cameras and wristbands.
Futuristic products are being created to maximise technology and making tasks easier. Such products are helping the workforce become more productive as well. Even when you are sleeping, IoT is at work. The dedicated sleep tracker called Nokia Sleep is easy-to-set-up, and keeps a track if you are getting quality sleep all night long. Innovations like these in the health sector underline the multi-facted uses of IoT.
- Voice assistants like Alexa can help one control everything from switching lights on to washing cars with just a command.
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