Internet of Things (IoT) is transforming every physical object in our surroundings into an information ecosystem which will effectively enrich the human life. From your refrigerator to the house, the IoT is bringing each and everything into the digital fold.As a result, every industry is gradually giving its way to IoT, the latter is about to make a potential economic impact ranging between $ 4 Trillion to $ 11 Trillion(USD) per year by 2025.
In this blog, we are going to shed light on the way IoT is going to revamp the digital sphere and cover various IoT trends that are already reshaping the way businesses conduct their processes:
According to Gartner, with 5.5 million new things getting connected every day in 2016, the number of connected things are forecasted to reach 20.8 billion marks by 2020.
According to Mckinsey, customers will be able to capture most of the benefits. Meaning thereby, every IoT user, whether it is a business, an organization or a consumer, could capture around 90 % value generated by IoT applications. For instance, by improving the health condition of patients suffering from chronic disease, remote monitoring could create around $1.1 trillion a year in 2025.
Rise of the Machines
Among the first adopters of the Internet of Things is none other than the manufacturing industry. General Electric has initiated its own colossal internal investment in IoT technology for the purpose of collecting analytical data from gas turbine engines to locomotives. Another giant advancing in implementing IoT is Airbus whose interest is more about staying ensured regarding company’s manufacturing precision and forecasting potential problems.
Investment in Sensors
Sensors are an important part of IoT architecture that detects and measure changes in light, temperature, position etc. These are required to convert the plethora of objects into data generation “things” that can effectively report their statuses, and in many cases, interact with different environments.
According to a report, various industries are immensely investing in the sensors. The major share belongs to the Energy & Mining Industry (33%), followed by Power/Utilities (32%), Automotive industry (31%) and so forth.
Asia leads the way
Asia/Pacific continues to dominate the way as far as global IoT spending is concerned. The continent alone accounts for 40% of the worldwide total IoT spending in 2015. Not only that but Asia was also the largest investor in sensors in 2014.
Asia leads the way
Asia/Pacific continues to dominate the way when it comes to worldwide IoT spending. The continent alone accounts for 40% of the worldwide total IoT spending in 2015. Not only that but Asia was also the largest investor in sensors in 2014.
To conclude, from Big Data to the digitization of every physical object around initiated by IoT, the world we live in changing at a rapid pace. In many ways, this is just the first phase of IoT and it has not yet unleashed its full potential.