Today, our life almost resembles the idealistic, internet and AI-enabled life shown in the popular Jetson’s series. Thanks to the trend of IoT and IIoT which is on a growth-spree, driving automation and impacting businesses to foster a much trackable and connected-world.
From smart cities, smart phones, cars and home appliances to home thermostats, smart refrigerator and fitness, diet and physical activity tracking wearables, we are en route to fully acknowledging the role of IoT in improving efficiency, safety, reliability and quality of life.
In the business arena too, the factories, manufacturers, banking and retail giants, healthcare providers, technology vendors and service providers are readily absorbing this trend to manage competition, increasing customer demands and be on par with the global quality standards. As per the recent statistical data by Statista, the number of connected things or devices in 2017 exceeds our population during 2008. And this figure is likely to reach a whopping 50 billion connected devices by 2020.
The widespread adoption of IoT in the current and previous years has also opened up challenges related to security, malware attacks and cybercrime. However, its growth remains undeterred by impending security risks. Based on the expert findings, the year 2018 marks another a significant phase for the IoT market.
Below are some of the popular predictions on how the booming IoT technology space in driving automation goals of various industries:
Speed Up RIO Initiatives across Industrial Segment: IoT has not only taken a giant leap in the consumer space but also in the industrial segment where it has been able to boost digital transformation. The Statista research also predicts that the use of advanced sensors for industrial uses, RFDO tags, beacons, connected manufacturing equipment and analytics in B2B IoT devices is likely to grow in the current year, reaching upto 5.4 billion by 2020. Industrial customers are making investments to adopt connected devices and install complimentary technology with sensor and connectivity options to allow automation. This means, enhanced productivity and increased ROI.
Growth of Cloud-as-a-service Platform Market: The growth of IoT and cloud applications go hand-in-hand, driving industry leaders like Microsoft Azure, AWS, IBM, Google and Oracle to come up with advanced features to leverage cloud on IoT devices. Besides, IoT providers like GE and Siemens are likely to join hands with cloud solution providers, leading to valuable mergers and acquisitions.
Increased Investments in Security and Privacy: IoT companies are already taking advantage of the growing network and customer infrastructural architecture. With increasing risk complexities, businesses are pushing for the adoption of devices embedded with advanced security features over standalone security products to share data across the network and devices.
Growth of Smart City Projects: Tools with high-precision location accuracy, connected lighting, energy, traffic and parking systems, autonomous technology and other IoT devices will drive cities to get smarter by transforming into a well-connected and fully-automated ecosystem.
Predicative Maintenance: Healthcare, logistics, supply chain and other field-service industries will be able to reap the rewards of automation through the use of IoT solutions for real-time monitoring of activities, resources and equipment and sensors to carry out processes for management, handling and physical maintenance of parts, inputs, machinery and other field service resources by reducing manual intervention. Predicative maintenance is probably one of the biggest advantages of IoT in freeing manpower resources from daunting, repetitive tasks.