The Latest Trends in Iot Technology and Market
Initially, the Internet was an international network of only computers. However, with the explosive advancement of technology, many machines and objects from microwave ovens to hair brushes can be embedded with chips that collect and transmit data to automated systems. It means IoT will have to generate and analyze the vast amount of data. Latency, security and bandwidth issues are some of the significant disadvantages of cloud computing As a solution to that problem, Big Data Convergence, Edge Computing, Data Analytics, Auto Machine Learning for Data Security and Blockchain for IoT security and Effective Back-end are emerging as the current IoT trends. More industries and businesses are adopting IoT.
The market is teeming with devices that can connect to the Internet; that is, Consumer Adaption is becoming increasingly common. Demand for Smart Homes with interactive technology is increasing. The healthcare industry is adopting the Internet of Things. To improve safety and reduce traffic and congestion; many states have planned to introduce Smart Cities. IoT plays a significant role in household appliances, Predictive Maintenance in airplanes, industries, etc. Retail experience is enhancing according to data collected about the consumer. Soon we will see the Internet of things playing substantial roles in insurance, agriculture, telecommunications, and transportation.
How Much Would You Get Paid If You Became an Iot Professional?
It might seem like technology is taking a lot of jobs away. However, this is not true. Internet of Things has created many job opportunities in the technology sector and will continue to do so. If you have the necessary skills in cloud management, mobile development, UI/UX design, security solutions for information and networks, embedded systems, machine learning, big data or programming, you will be able to secure positions related to IoT. Knowledge about communication chips, communication gateways, and sensors will also help you. The most popular positions are IoT Product Manager, IoT architect, IoT developer, IoT Cloud Engineer, Industrial Engineer, and many more. According to PayScale, the salary packages for IoT developers in different countries are as follows:
US – $80,825
Ukraine – $24,115
UK – £34,142 ($48,666)
Netherlands – €41,692 ($51,629)
Germany – €50,013 ($61,921)
IoT professionals in India receive 76% higher salaries than other professionals in the IT sector.
Software Development Engineers in IoT in the US earn between 103,000$ and 128,000$ per year.
Most of the IoT professionals earn between 80,000$ to 135,000$ per year.
Ground Breaking Applications of Iot Technology
The most popular IoT application is unarguably the Smart Home. According to recent surveys, the number of people searching for Smart Home is said to increase by 60,000 every month. The database of Internet of things analytics of Smart Homes includes 256 companies. Wearables are also an important application of IoT technology. Wearable medical devices, smart wristwear, and smart clothes are examples of this. Smart Cities are being developed to manage traffic, pollution, safety, water distribution, waste disposal, etc. Smart Grids are going to be a part of Smart Cities. Tesla has already introduced self-driving cars. Industrial Internet is the connection of various industrial machines that deal with oil, gas, and safety. Internet of things is revolutionizing healthcare with surgical robots and fitness sensors. Smart Supply Chain is also becoming very popular. It tracks goods and optimizes industrial systems. Smart Farming and Smart Retail are also experiencing growth.
Globally, Internet of things market will reach at least 320 billion dollars by 2023. Currently, the IoT industry has a growth rate of 37%. In 2018, 23 billion devices were functioning with the connection in the IoT. Because of manufacturing, utility, and consumer sectors, the IoT spending of the world is soon expected to reach 745 billion dollars.
Technology & Future
IoT is growing by leaps and bounds. The most significant advantage of the Internet of Things is efficiency. A large amount of data is collected and analyzed. Therefore the information gathered is more likely to be accurate. It makes decision making more manageable, especially for industries. Not only that, there will be increased automation wherein decisions can be taken by the system for safety and optimization. Maintenance of machines and objects becomes easy as there are continually monitoring and connectedness. It saves both time and money. IoT will make life more convenient as every aspect of life is personalized and efficient. Combined with artificial intelligence and judging by the growth rate and the creation of jobs, it wouldn’t be an understatement if to say that the Internet of Things is part of the future of the world.
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