IoT has been successful in being contributor to the digital revolution in various industries and has been contributing to costs savings across almost all industries. This has been possible due to contribution of other factors like advent of high-speed bandwidth, miniaturization of electronic circuits, smart phone revolution and the likes.
Applications of IoT:
The fact that we can connect all previously unconnected devices is leading to exchange of communication of vital parameters helping analyse and derive meaningful information about state of device, consumption of power, shutting down systems not in use, manpower realignment, production planning efficiency, better robotic production systems, automated processes.
IoT Domination & Growth:
During the past decade the growth of IoT systems and their solutions has been progressive from few thousands of devices to millions of devices. As per Gartner report, the next decade the devices being connected is going to grow @10% CAGR. The IoT market is poised to reach USD 15 billion by 2020 and in next 5 years around USD 25 billion and 5.5 million things would be connected. This would enable new opportunities for digital business innovation, many of which will be enabled by new or improved technologies. India’s contribution in this would be around 60-65% due to skilled manpower which is cost effective, educated, innovative minds and analytical mindset.
NASSCOM has touted IoT being the next big wave. Increase in affordable devices, combined with cloud computing, analytics and increase in customer demands is the driving force behind this wave. In the coming five years we would see host of new services and products making life of humans even more easy. You would see these contributing to innovation which you must have seen in sci-fi movies. Couple of decades ago nobody would have expected this, but various technologies evolved very fast in last decade making the sci-fi thought a reality.
IoT for Common Man:
The various opportunities due to growth in IoT would enable Smart lifestyle, connected homes and buildings, driverless cars, cost efficient production systems, embedded computing, industrial internet, increase of investments, predictive pricing to name a few. This growth would also fuel the need of professionals in various domains with niche skill sets in digital technologies. Though the automation would lead to few reduced jobs, the growth in this would outgrow the reduction.
IoT Contribution for Forth Industrial Revolution:
The future would be technology enabled industry leading to fourth industrial revolution. In all IoT will completely transform transportation, manufacturing, retail, energy and healthcare. The focus areas of growth are renewable energy, more reliable power supply to villages, greater use and spread of the internet, smart cities, increased energy efficiency. We would be building aircrafts in virtual reality with production lines that include computer-suited personnel and robots working side by side. The mega trends of future would be Augmented reality, Urbanization-solutions for public, Convergence and connectivity, Smart is the new green, gen-Y solutions, future of mobility, Data driven solution Big data & Analytics.
The data trends & analysis benefit consumers in the form of affordable purchases, more choices, building next generation leadership, influencing policy makers/academia, creating an eco-system of IT services companies & start-ups. We would be looking at unique and very dynamic world as our future.
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