Listen : Audio version of this article
IoT or internet of things is one of the many catchphrases in the world of modern technology.
Like Big Data, it has impacted the world of technology in the most unforeseen ways and although it has existed in very primitive forms in many places, internet has opened up new possibilities. Only following these avenues can one reach the desired point in the world of databases. IoT plays a pivotal role in ensuring that the companies extract more out of the available data and gets more data every single day.
A variation of IoT, known as IIoT or Industrial Internet of Things has been working together with IoT to bring innovation home. From services to logistics, from manufacturing to supply chain issues, IoT has been breaking glass ceilings for some time now. For example, Lufthansa has been using IoT extensively to bring out the best of their business by using an MRO strategy. From weather to aircraft, from airport to passenger- every bit of data is now available to them so that they can provide an enriched customer experience. This is precisely how the two IoTs are coming together.
All the organizations using IoT have reported a steady growth in terms of business and calls for more usage of this fantastic technology. IHS also shows a glowing trend that predicts a fivefold increase of IoT devices which means more companies are coming forward to invest in IoT. Even surveillance services in government, fleet services in the world of merchant navy are going to use IoT to ensure a better transportation and tightened security. While IoT itself is vulnerable, using it for security shows how desperate they are to use what IoT does best and how innovation is at stake.
The only problem at hand is that IoT awareness has still not spread among the smaller companies and it is the big names that exploit IoT the best. Such a statistics may well change since things have been on the rise and the New Year may surprise everyone. The market, however, has shown insane growth and that alone is satisfactory enough. A whopping 32.6 percent CAGR indicates that IoT has been coming and it has finally arrived as the big player in the technology scene.
Companies are also spending more on IoT devices which only indicates an increment in sophistication and security. Companies are investing a huge deal of money to secure their IoT network and no company wants to fall behind in this process in a networked society where a single device, when affected, can corrupt the whole network. A 16% CAGR in spending ensures that the growth will be steady and even the next year indicates a 17% increment. So, the growth will be steady and fast. In fact, Asia is leading the IoT market with so much data hovering around and it is the hotbed of IoT investment.
IoT is not limited by hardware-software division. It is surely the most fascinating technology that combines everything and works in tandem with big data. One could say these are the two layers of technology that controls the world right now. The total profit is increasing too and the IoT vendors may well be having a field time in this process. More cloud service providers and companies that deal with analytics will come forth to accept IoT as the eventuality which is precisely the trend right now. In fact, the IoT market is finely posed to grow to a staggering 470 billion dollars in the next five years. While this surely has a lot of potential, whether the market realizes it or not is to be seen.