Exponential growth of smart devices like mobile phones, low-cost technologies (sensors, wireless networks, big data and cloud computing), mobile connectivity, and volumes of data are the driving force of Internet of Things (IoT).
As the IoT evolves, there will be billions of connected devices. Cisco, estimates this number to be around 50 billion in 2020. EMC and IDC are somewhat more conservative, putting the 2020 IoT population at 30 billion, while Gartner comes in with 26 billion. However, even with these various numbers the sheer number of devices will continue to grow opening up a larger market for IoT.
Deriving meaningful information from the huge volumes of data that connected devices produce can improve decision–making and enable proactive insights.
The IoT is emerging as the third wave in the development. Smart products like smart watches are already gaining grip as stated in Goldman Sachs Global Investment Research’s report.
Organizations can use IoT to achieve cost savings by improving asset utilization, enhancing process efficiency, and boosting productivity. More importantly, Internet of Things opens the door for various enterprises to offer a wide range of new business models and services that can completely change the way we are living today.
With such a tremendous growth, IoT-driven innovations are expected to increase research and development investment going into it. Organizations must watch the IoT space closely to see what’s in it for them!