The Internet of Things is no longer an alien technology to us. People worldwide have grown exposure to this technology, some through virtual mediums of text and video such as news, while in others in real life. The point is people know more about IoT than ever before. Thanks to its ever-growing market size, unprecedented utility, and technologically advancing enablers.
It wouldn’t be incorrect to say that the Internet of Things has experienced a boost like never before. It is exploding as its underlying network requirements get better and better with each passing day. This is ultimately giving rise to even more of its use cases, the kind our world has never seen before.
If you’re familiar with IoT, you probably know that the fifth generation cellular technology or 5G is perhaps one of the biggest enablers of IoT. It helps not just in its proliferation but also gives scientists an idea about more of its use cases at an individual household’s level. Similarly, lower hardware cots are finally out to use with a high-speed network to make IoT reach every home by this year.
In case you are new to this field, the Internet of Things is one of the technological advancements of our modern age that relies on an Internet network to establish its connection across different devices and carry out a specific function encoded in the physical device. IoT has more than a few ways, and as time passes by, scientists are trying to derive use cases of the technology for almost al impending challenges we face.
Statistics suggest that the IoT market is all set to reach an astonishing 102.6 billion USD by 2026. Despite the pandemic, the growth of technology seems on an upward trajectory. Every tech giant in the world is coming up with ways to capitalize on IoT for business. The underlying plan is to expand the consumer electronic market and power it with the best in class IoT solutions.
But this is just the beginning. We have come a long way in finding IoT and testing its use cases in different scenarios. While the consumer electronic market seems like an opportunity to bank upon, scientists are also seeing the utility of IoT in building sustainable solutions and restoring the world’s ecological balance, which is otherwise disturbed with the emergence of newer technologies with each passing day.
The Rise of IoT
A lot of the rising demands of IoT also has to do with rising customer expectations. Organizations such as Microsoft Corporation. Amazon, Siemens, AT&T Inc., SAP SE, Bosch Software Innovations GmbH, Oracle Corporation, Cisco Systems, Inc., Intel Corporation, IBM Corporation, Huawei Technologies are all jumping to make the most of the customer expectations with IoT by their side.
Since most of these companies are based in the Middle East, the region stands as one of the most fueling geographical locations for IoT. Even though the entire market can still be divided into parts like Africa, Asia Pacific, Latin America, Europe, and North America, it is dominated by players in the west. However, China stands as an exception because of its already higher penetration in the consumer goods market segment.
But it’s not only that the Internet of things is expanding in the sector of Information technology. There is no denying the fact that the economic area has a considerable contribution to utilizing IoT based solutions; there’s also no denying its implications in other industries.
For example, IoT solutions are excessively exploited in other sectors like transportation, manufacturing, healthcare, government, retail, and BASF, among others. One of the most advanced uses lies in building remedial solutions for Java development.
Smart water meters can detect usage anomalies in the system and inform the user about detailed insights related to water usage, including their purpose. This ensures better planning and, thus, efficient management of natural resources.
Even the BFSI sector has experienced a surge in IoT applications for the industry. It has come a long way since 2018, where it generated as much as 21.1% market share of the potential-filled technology. Some of the main areas of BFSI where the demand was unprecedentedly high were ATMs and its branches, along with the use cases of software solutions for examining the supply of liquid cash in several bank partners at a nuanced level.
It is safe to say that the COVID 19 pandemic did take a hit on the world’s industries and slowed the otherwise fiery software application development process. But thanks to relaxed government policies, as industries open, things seem to once again progress at a faster rate, especially in the IoT segment.
Current IoT Trends
In a recent account, the Tata Communications Industry also expressed their interest in the IoT domain and predicted a massive surge in demand for the technology in the time to come. One of the primary use cases that several organizations are exploring at this point is Connected Worker Solutions.
Since most people are supposed to be working from home or a remote environment in the pandemic hit world, the rising needs of this software indicate that organizations want better communication with their workers and a seamless collaborative environment. After all, the remote working environment might not just be there for the pandemic but become a close reality of the world in the coming time.
The worker solutions powered by IoT also enables the need for a safer workspace. While there has always been a need for a safe environment for workers, the pandemic has accelerated all of this and made us realize that IoT could be the light here everyone needs to head towards for progress. Research suggests that these devices’ need in a pre-COVID world was limited but has surpassed the barrier now.