In the articles Introduction to IoT
, we explained the basic idea of Internet of Things.
In this article, we will see the future and market potential of Internet of Things.
Internet of Things – Future and Market Potential:
The Internet of Things (IoT) is transforming the everyday physical objects that surround us into an ecosystem of information that will enrich our lives. From refrigerators to parking spaces to houses, the IoT is bringing more and more things into the digital fold every day, which will likely make the IoT a multi-trillion dollar industry in the near future.
There will be 50 billion devices connected to Internet by 2020.
The estimated growth of devices connected to the Internet is staggering. By 2020 Cisco
estimates that 99% of devices (50 billion) will be connected to the Internet. Currently, there are about 1.5 billion PCs and less than 1 billion phones connected to the Web. So a number like 50 billion means about 7 devices for every human being on this planet.
The above graph shows a growth of the personal devices such as phones, tablets, laptops, game consoles; however, this growth is limited by the number people in the world. The largest growth is predicted from all other types of connected small devices in areas such as home automation, smart energy, elderly home care, transportation, asset tracking, and many others.
All major companies are investing huge money in Internet of Things.
As per a PWC
report, companies are investing huge money in IoT.
Business opportunities in Internet of Things:
The exponential growth in the number of smart devices getting connected to the Internet has opened up a plethora of business opportunities for entrepreneurs and start-ups that are waiting to be explored.
The revenues are expected to be over $10 billion in the coming year and the incremental revenue is estimated to reach $309 billion per year by 2020. The industries that are the frontrunners in the digitization of everything are manufacturing, health care and insurance.
Huge Market Potential:
The Internet of Things is likely to have a huge impact on our daily lives and become an inherent part of areas such as electricity, transportation, industrial control, retail, utilities management, healthcare, water resources management, and petroleum. It can greatly improve productivity and our lives. And unsurprisingly, its great market potential is attracting investments from governments, telecom operators, manufacturers, and industry users.