We live in the era of the Internet of Things, where everything in this world is getting smarter, whether it’s a watch, car, kitchen, pet collars, or TV.
According to Fortune Business Insights, the IoT (Internet of Things) market is poised to grow to $1,854.76 billion by 2028, at a CAGR of 25.4% from 2021–28.
As the Internet of Things grows dramatically in the next decade, we will see many more connected devices doing wonders with their limitless potential.
Over the last few years, IoT has grown into a vast industry. Today’s blog will shed light on IoT trends, the latest market developments, various applications of IoT devices across several industries, and the future of IoT.
IoT is a cutting-edge technology that helps us live and work smarter.
It refers to the system of interconnected computing devices that can wirelessly connect to the Internet to transfer data over a network without requiring a human-to-computer connection.
Big data technologies have made it easier to organize and analyze the data yielded by IoT systems.
Additionally, Artificial intelligence and Machine Learning have enabled the generation of insights from IoT-generated data to help businesses grow.
Industry experts are painting a positive picture of the IoT industry as a result of the proliferation of connected devices worldwide.
It was ARPANET that created the first connected network, the precursor to today’s Internet, and from there, the concept of IoT evolved.
The UN’s International Telecommunication Union (ITU) published its first report on the Internet of Things in 2005, indicating the technology’s growing popularity.
The IoT market had a fascinating period between 2008 and 2010, during which the number of connected devices outnumbered the world’s population. According to statistics from 2010, there were12.5 billion connected devices worldwide, supporting a global population of 6.8 billion.
5G wireless technology is the latest breakthrough of IoT. Compared to previous wireless technologies, 5G generates more significant innovation and change opportunities. The increased speed of 5G allows IoT devices to exchange data faster than ever.
Aside from this, the fusion of AI, machine learning, and real-time data processes enabled by IoT solutions has led to a significant increase in the number of cellular IoT devices. Cellular IoT connections are expected to reach 3.5 billion by 2023.
Additionally, according to International Data Corporation IDC, by 2025, the total data volume generated by connected IoT devices worldwide will reach 79.4 zettabytes (ZB).
Thus, IoT data trading will become an important part of many IoT systems in the coming years.
The proliferation of IoT devices in virtually every area of life has made everyone familiar with the Internet of Things (IoT) concept.
For Millennials, IoT-enabled appliances, CCTV cameras, air conditioners, bulbs, headphones, voice assistants, and biometric devices have become integral to their lives.
The report also states that the IoT market by 2027 will grow to over $2.4 trillion due to the integration of all modern-day devices into the Internet.
Likewise, according to Cisco, 500 billion devices will be connected to the internet by 2030.
The global population is expected to hit 8 billion on November 15, 2022. More than half of the world’s population uses smartphones or other internet-enabled gadgets to stay digitally connected.
In the modern era, internet-enabled devices are the only way to access 95% of online information. Considering this, let’s now elucidate the positive impact of the IoT on society :
A GSMA report revealed that global productivity benefits from IoT usage amounted to $175 billion in 2018. In terms of GDP, this is equivalent to 0.2%.
What’s more, Particle, an IoT platform, revealed in a recent study that by 2025 the IoT industry might impact the economy by more than $11 trillion.
According to another report, the Internet of Things will likely generate 200 to 350 billion dollars worth of economic benefits for households by 2025. Overall, the economic impact is estimated to be between 3.9 and 11.1 trillion dollars.
The Internet of Things may also impact the overall job market in a way that was not felt before. Connected devices in the IoT network will gradually take over many of the tasks we do today.
Though some people fear IoT will replace humans in the future, this is a myth as a business cannot survive without offering a human touch, which is crucial for boosting customer experience.
IoT devices are frequently used in transportation, manufacturing, and utility organizations. However, IoT has been making inroads into the infrastructure, hospitality, and agriculture sectors as well.
Let’s look at some of the applications of IoT:
The Internet of Things (IoT) can make traffic management in large cities much more efficient. IoT helps your smartphone act like a sensor via apps such as Google Maps to acquire data and share traffic-related information.
Nowadays, doctors can monitor a patient’s condition outside the hospital using wearables or sensors connected to the patient.
It improves patient care and helps prevent lethal events among high-risk patients by continuously monitoring specific metrics and generating notifications about their health. For instance, smartwatches are a major segment of the global wearables’ industry.
Having good soil is crucial to producing good crops. The IoT technology allows farmers to access valuable information about the condition of their soil.
Moreover, the sensors can gather information about temperature, rainfall, humidity, etc., for automating farming operations.
By 2024, the Indian government will complete its Smart Cities Mission. State governments have implemented several IoT applications in smart cities.
With IoT, connectivity is integrated into infrastructure requirements and several critical concerns, such as water distribution, electricity management, traffic management, waste management, and others.
Thus, IoT will not only add convenience to people’s lives but also eliminate some of the challenges they face.
IoT is an excellent tool for convenience and security, especially in smart homes. All processes taking place at your home can be effectively controlled and monitored using the Internet of Things.
A smart refrigerator, for instance, can alert you when to buy vegetables or add bread and butter to your shopping list.
This is how IoT is becoming an integral part of our lives. Likewise, IoT has become crucial for businesses.
Nowadays, businesses across sectors are embracing IoT to automate, enhance, and manage different business processes seamlessly. According to Statista, almost 54% of enterprise IoT projects are driven by cost savings.
IoT technology also gives businesses real-time insight into their business processes, including supply chain processes. The data generated by IoT devices also helps companies to enhance customer experience and make informed business decisions.
To understand how the IoT functions, it is necessary to understand the IoT ecosystem or IoT Architecture.
Also known as the IoT environment, the IoT ecosystem encompasses all components necessary for connecting consumers, businesses, and other organizations.
There are three basic layers in an IoT architecture-
Thus, sensors, actuators, IoT gateways, IoT clouds, Remotes, dashboards, networks, gateways, user interface, analytics, data storage, and security all form part of the IoT ecosystem or IoT architecture.
Let’s take the example of an IoT-enabled doorbell. Multiple components are involved in making the bell detect the presence of someone at the door even when it isn’t rung and communicating this information via video or voice.
Thus, the connected doorbell first detects before sending the information to the user. The IoT ecosystem also plays a role in unlocking the door remotely.
As IoT progresses, the definition of the IoT ecosystem continues to evolve.
The three layers defined above support IoT devices through data collection and processing. This architecture goes beyond the OSI model to include data transformation into usable information.
These insights allow businesses to take immediate action through automation, machine learning, and artificial intelligence.
With more businesses realizing the limitless potential of connected devices to stay competitive, IoT will continue to gather steam in the future.
With the Internet of Things moving toward the future, it will be fascinating to see where it takes us. In the near future, experts predict a new era of IoT applications that will allow humans and machines to interact intuitively.
Also, advancements in eSIM technology and remote SIM provisioning will accelerate the growth of IoT, paving the way for the next phase of its development.
Overall, the impact of IoT on social life, business, economy, and job skills will be positive. Though some challenges, such as data security, will come, we believe that they will be overcome soon!
Considering the potential of this cutting-edge technology, several IoT development companies, such as Habilelabs, provide IoT-based strategic solutions such as wearables and integrated technologies to help businesses stay on top of their game.
Using different IoT development platforms, such as Azure IoT Hub, Google Cloud IoT, and AWS IoT core, Habilelabs designs groundbreaking IoT-enabled products and applications with remote control capabilities and sensors for monitoring the product’s environment.
The company also leverages IoT to enhance its business strategies and stay ahead of the curve.