- It is predicted that the global IoT market will witness CAGR 17.56 percent between 2016 and 2023 as per Marketwatch. The IoT market was valued at $679.4 billion in 2016
- Zion Market Research predicts that the market value of global IoT devices will reach $158,140 million by 2024 with expected CAGR of 23% in the period 2017-24
- Statista forecasts that market size of IoT will reach $1,612 billion by 2025. The IoT market was valued at $109 billion in 2017
The Internet of Things (IoT) simply means establishing connections between devices and systems which are basically opening up various opportunities for creating new products and services.
The rapidly growing utilization of Internet of Things across the globe suggests that this new technology is beneficial in both private and professional lives of people.
From washing machines to industrial plants, from homes to offices, cars and mobiles, watches and windows, most things are turning into IoT. However, business organizations are the groups that are able to derive the most out of it.
According to recent Forbes Insights survey of 700 executives, it was found that 60% of enterprises with the help of their IoT initiatives are expanding and transforming with emerging new lines of business, while 36% are considering new potential business management. Moreover, 63% are already delivering new updated services directly to the consumers, all because ofIoT capabilities.
Now let’s talk about how bigger Transport and Distribution Company like Eddie Stobart has used internet of things to transform logistics and transportation. When the company overhauled the telemeters system for vehicles the CIO of Eddie Stobart, John Court’s digital transformation of the transportation had extended from the back office of business to the inside of its trucks in 2017. As per CIO 100, a business magazineof the year 2017, it was found that Internet of Things technologies, sensoringalong with mobile technologies were reaching to its height. Also, every one of their over 2,500 vehicles was equipped with technology that neededto be upgraded.
Various features on the new technological system included driver performance analysis and online safety checks, where the driver could easily conduct on a custom-designed Android tablet. Moreover the app lets drivers digitally assess vehicle safety and also warns them when low bridges are approaching and guides them away from the barriers.
Here is another success story of IOT in “City Of Barcelona”. In a time where IoT is taking the enterprises around the world by storm, the City of Barcelona has come forward as the first one to showcase how IoT can be beneficial not just for industries and individuals but society as a whole. Otherwise known as the City of Soccer, Barcelona has now decided to change its image by transforming into a leading IoT Smart city.
The roads are embedded with smart parking meters, which allow the citizens to find free parking spaces using smart phone applications. These meters across the city communicate their status using internet connection. After checking the status of the parking areas, the applications provide the users with suitable recommendations of where to park by relating the location of the car and parking lot.
Another IoT implemented in Barcelona is smart bus stops that help the riders gain an optimal experience through real time images and videos projected through large screen at bus stops. The city is fitted with growing number of sensors for various purposes like providing real-time data on temperature, noise, humidity and gas levels that can be triggered on certain thresholds.
Furthermore, even the waste is managed using IoT applications which determine the filling level of wastes into recyclable and non-recyclable containers, helping the city maintain its waste more efficiently.
Since it has been predicted that by 2030, almost 50 billion things will be connected to the internet all across the world, it is only wise that cities as a whole start getting smarter to help maintain certain aspects of society such as traffic, waste, parking, etc. The City of Barcelona has been an early adapter of IoT and is certainly reaping benefits from the smooth management of the affairs of the city as well as by becoming an influence for other cities to convert into a smart city.
Built on cloud computing and revolving around hyped machine-to-machine communication, the Internet of Things is the next buzz word that says it’s going to make everything in our lives from streetlights to seaports “smart”. True because it has already been the reason for many companies’ success and has the potential to do more. But like any other technology IoT too has some limitations.
Now looking at the downside of IOT in business, there is a chance that hackers and cyber criminals will try to exploit weakness. As a result, Internet of Things defense ranks as a subject to worry for many organizations. One of the research firm known as “451 Research” recently conducted an online survey of more than 600 IT decision makers worldwide and they found out that 55% rated Internet of Things security as their top priority when asked to rank which technologies or processes their organizations and businesses considered for existing Internet of Things initiatives. This very nature of IOT makes it particularly challenging to protect against various attacks and security threats, the report says.
All in all, IoT is one of the most potential technologies which have a long way to go. Improving and developing it is changing the way people are living, doing business and everything else and thus, we ought to be fully aware about the opportunities available through IoT and make good use of that opportunity.
