Internet of Things (IoT) is here to stay. According to recent statistics made available by analysts at ReportsnReports, from a market of $16 billion in 2016, IoT-driven devices are expected to reach a market cap exceeding $195 billion in 2023. This exponential growth is courtesy the ubiquitous manufacturing of smarter mobile, in-home, and transportation devices and the increased interest in capturing that data and enhance communication infrastructure. The aforementioned statistics are testimonial of the fact that not only is IoT the present, but it will surely also be a significant part of our future.
Data & Business Intelligence
A more interconnected tech ecosystem will automatically lead to a growth in data and business intelligence. This is because the more things are interconnected, the more organisations will find a need to gather the data, control devices in the field, and push towards remote updates. Therefore, there is an urgent needs to make remote communication more reliable, data needs more accurate, and the ability to meaningful big data extraction becomes important than ever.
It is important to note here the smarter the devices end up becoming, the more data they would require in order to make complex and smarter decisions. This is the reason that external data gathering implements and sensors are becoming a crucial IoT industry growth catalyst.
According to Gartner, IoT-driven semiconductor market will be at a whopping $45 billion by the year 2020, with consumer IoT taking the majority share and the automotive industry (including self-driving vehicles) taking a second place. The accuracy of sensors and actuators that help in measuring acceleration, temperature, motion, and geospatial proximity, will all play a crucial role in differentiating the industry leaders from the rest.
However, there are still some hurdles in IoT’s path to glory. A stable, successful IoT ecosystem is only possible if there is an infrastructure good enough to support it. This is what remains to be seen. It would be interesting to witness if the huge amount of capital being invested in communications infrastructure is able to sustain the growth trajectory that IoT is hoping to achieve. Also, there is the crucial security question that the industry still has to cater to, because the increased reliability on IoT-driven data will lead to creation of a new privacy concerns and more dependence on stable communications infrastructure.
While it is given that IoT is going to grow exponentially in the future, it would be interesting to see the speed at which it grows.
[Top Image: forbes]