The Internet of Things (IoT) is a network of physical devices, computing devices, mechanical and digital machines, objects, animals or people who are provided with unique identifiers and have access to network connectivity that allows these devices to collect and exchange data amongst themselves without requiring human-to-human or human-to-computer interaction.
These are the latest trends in the Internet of Things right now.
Surprising Growth and Expansion
IoT is already connecting millions of formerly unconnected things to the internet, which helps us track and analyse data in a jiffy. Networking giant Cisco Systems estimates that the number of connected devices will rise from 15 billion in 2016 to 50 billion by 2020. On the other hand, Intel claims that over 200 billion devices will be connected by 2020.
Spending on IoT Increases
According to IDC, a research firm, the global spending on IoT devices and services will rise from $656 billion in 2014 to $1.7 trillion in 2020. This growth is expected to be fuelled by growth in devices, connectivity solutions and IT services.
Record Breaking Number of Acquisitions
The Internet of Things is exploding. In the year 2015, an approximate 80 IoT acquisition deals were recorded. Upcoming years have been predicted to have more acquisitions. Don DeLoach, President and CEO at Infobright said, “Many large firms have been very public about funding acquisition plans around IoT. Most are using in-house teams to both strategically invest and execute acquisitions.”
Surge in New Market Entrants
Every company on the block seems to have an IoT strategy planned for itself. American multinational toy manufacturing company Mattel has announced a connected Barbie doll and a drone. Firefox-maker Mozilla has announced its entry into the IoT market and so has Visa. “With the rush to bring more IoT-enabled products to market, many are teaming with other companies to quickly bridge gaps to address the perceived opportunity,” explains Don DeLoach, President and CEO at Infobright.
IoT Partnerships on a Rise
The Internet of Things is so extensive and complex that partnerships between companies is turning into the latest trend. As per reports, Deutsche Telekom and SK Telecom are to collaborate on IoT developments for urban settings. Nokia has given a live demonstration of its narrow band Internet of Things (NB-IoT) system, using Intel device technology on the Vodafone network. Security vendor Gemalto and IoT system maker Jasper announced they’re working together to simplify global rollouts of IoT devices and services through on-demand subscription management.
As more and more devices get connected, the security of these devices and that of the network and data being transmitted, becomes of paramount importance. “There is growing appreciation of the magnitude and breadth of the security threat associated with IoT,” says Don DeLoach, President and CEO at Infobright. While the concern has been addressed by many, the priority of the issue is still low.
Connected homes are predicted to be a huge segment of IoT. The smart home industry consisting of smart appliances and switches tethered to the cloud and mobile apps, is the next big thing in IoT. As per a report by Harbor Research and Postscapes, the smart-home industry generated $79.4 billion in revenue in 2014. The number is expected to increase exponentially in the years to come. Samsung bought SmartThings in 2014 to tether home automation devices to smart appliances and Apple launched HomeKit, which connects various home appliances to iOS.
Smart Transportation and Smart Cities
Governments are now considering allowing grants for facilitation of smart public transport and for the making of smart cities. The plan holds the most benefit for the general public. The government of most countries are now working on smart city plans and considering more aggressive deployment of IoT based services.
Gartner predicts that one in five vehicles on the road will have some form of wireless connection by 2020.
It’s all about the Data
IoT is generating tremendous amount of data, data is going to the king. “IoT isn’t going about the things or connecting billions of objects to the Internet; IoT is really going to be all about the data,” says Vijay Raja, Senior Solutions Marketing Manager at Cloudera. The success of companies deploying IoT will depend on how efficiently they manage their data.
Everything as a Service
With the advent of IoT, devices are just becoming means of providing an end service. In fact, devices are secondary to the services they offer. Everything as a Service (EaaS) is basically a concept that turns objects into services so that both suppliers and buyers can see the benefits.
IOT Trends Summary
There’s no question that the arrival of the Internet of Things is changing the lives of many all across the globe. From sensors to video equipment to wearables, IoT devices are multiplying like tribbles. Even though the Internet of Things is still relatively young, many organizations are bracing themselves for the IoT revolution. Evaluate, assess and understand the business requirements of your organization and answer for yourself, “Are you ready for the Internet of Things?”