Internet of Things (IoT) connects all the devices through a wireless protocol, allowing seamless connectivity and convenience for daily activities. This is a giant network of human communication and things using various wireless and wired technologies to collect data in devices that contain inbuilt sensors. The disruptive changes in IoT and deployment of IoT-based devices in industrial, healthcare, retail, transportation, and many other fields is a proof that the technology is becoming inescapable.
The ability of IoT to offer computing capabilities, network connectivity, and advanced sensors and devices while consuming data is leading the modern-day life towards minimal human intervention or total automation. The market for the internet of things is expected to witness strong growth in terms of demand for devices, sensors, and newer application sectors. Consumer electronics, for instance, is expected to witness the highest demand in near future due to the popularity of connected appliances and rising visibility of IoT in the manufacturing field.
North America IoT market revenue by application, 2012 - 2022 (USD Billion)
Minimal Human Intervention with IoT
Human error is inevitable and the use of internet of things and automation in crucial fields like industries, manufacturing units, and production plants is increasingly being accepted as the means to reduce the possibility and impact of human error. At present, most systems require human intervention, especially when a newly developed device is being connected to the wireless local area network or WLAN. From a range of industries including medical sector, labor-intensive manufacturing plants, warehouses, and corporate houses is helping, integration of internet of things is modernizing the businesses with streamlined operations. The digital transformation of some of the most traditional industries like agriculture, manufacturing, and shipping is one of the highlights of the IoT revolution.
Top Trends in the Internet of Things (IoT)
Internet of things is expected to continue witnessing disruptive changes in terms of technology and applications. Despite the presence of issues concerning data privacy and security, the market for IoT is poised to witness significant growth. This expansion of the industry can be attributed to the rapid technological advancements, consumer awareness, and availability of IoT devices and appliances. Here are some of the major trends to look out for IoT in near future:
The introduction of the internet of things in healthcare is considered as one of the boons for the healthcare industry. Both the developed as well as developing countries are adopting healthcare IT to merge advanced technologies with disease management, patient monitoring, drug discovery, and other operations. Advent of telemedicine, health management information systems (HMIS), and remote disease management among others have transformed healthcare industry for better.
For instance, the smart hospital beds in for high-tech patient monitoring. These beds are increasingly being installed in hospitals. They have the ability to detect patient movements and adjust for maximum comfort. Introduction of health information trackers is helping the integration of smart devices into healthcare facilities. Overall, adoption of software and systems is anticipated to remain high in the next few years to come due to initiatives from top players like IBM, COMM Scope Solution, and Wipro among others.
IoT-based Business Model
The market for internet of things is anticipated to witness a wave of advanced applications in terms of protocols, sensors, and wireless applications, for hassle-free business models. Due to the infrastructure-related cost, IoT can prove to be economically viable in fields where they can deliver continuous value for consumers. For instance, the efforts to reduce costs associated with safety, environmental, and economic regulations.
To put this into perspective, implementation of the internet of things in oil and gas industry to monitor the essential and rigorous compliance metrics of the industry. IoT devices can remotely monitor processes of oil and gas extraction and report the events like leaks and emissions of oil and gas, respectively. This can reduce the cost of labor yet offers real-time updates to control the penalties associated with non-compliance.
Smart home devices based on the internet of things offer technologies like smart security, access control, energy efficiency, smart appliances, and improved home monitoring among others. Integration of IoT with cameras, alarms, energy appliances, lighting, air conditioning systems, kitchen utensils, and other devices is being talked about for transformation of the way of living and performing everyday tasks.
For instance, the Samsung smart fridge with enhanced advanced voice capabilities. These functions allow users to carry out a wide range of tasks with the help of their connected devices. Activities like looking inside the refrigerator, speaking to the machine, or playing music enhanced the functionalities of a smart home. The cloud access provided by the company lets users receive help and guidance directly on their smartphone where they can resolve issues with the device in real-time.
All in all, the market for the internet of things is constantly evolving with the aim to offer the consumers with innovative and smart devices that work with minimal human intervention. According to a market research report by Grand View Research, the industry is poised to reach around USD 1.88 trillion by the year 2022 with the high demand for gadgets, wearables, and futuristic technologies in various walks of life.