The Explosive growth of IoT
As mentioned in many different trend analyses many companies have to focus on the explosive growth of IoT in order to keep their business alive. A great deal of data is available that speculates on the rate at which the worldwide market may continue to grow. Lets take a look at the examples that the team from IBM gathered from different sources
- The International Data Corporation estimates, for example, that the worldwide IoT market of roughly $700 billion in 2015 will grow to $1.70 trillion by 2020.
- Further, Gartner estimates that the number of connected devices will grow by 30% from 2015 to 2016 alone, reaching 20.8 billion connected devices by 2020.
The Explosive Growth of IoT
Nowadays we all run our entire lives and businesses from our phones. Also our vehicles are filled with diagnostic and climate control devices. Our homes have smart utility controls and meters and factories are becoming sensor-enabled as they automate. Even airplanes have a vast array of sensors to monitor flight performance. What to think about communities. They have sensors to manage traffic flow and control when road lights switch on. This explosive growth of IoT gives us the possibility to automate a lot of tasks. Our lives have become more easy.
Enabled IoT solsolved by the use of IoT
- Home Health Monitoring – track patient’s vitals and their movements around the home, and raise alerts to family/physicians/hospital if abnormal events take place.
- Energy Monitoring – at a macro level, utilities can improve national grid effectiveness and power generation. And at a micro level, home devices can be powered down or placed on standby when not in use.
- Asset Management – monitor the health of devices in factories or difficult-to-service locations (i.e. mines, remote wind farms); analyze data and provide diagnostics on devices to predict failure and build predictive maintenance schedules accordingly.
- Safer Driving – connect vehicles to understand road traffic, monitor performance of both car and driver, to offer lower insurance premiums for safe drivers. In the end we drive innovation toward more efficient and even driverless cars.
- Logistics – track packages and containers, provide estimated arrival times to customers. They identify staff distribution centers where workloads are greatest
- Environmental – leverage weather and air quality sensors to predict when pollution may cause issues at city hotspots. IoT monitors changes in water levels, localize and track data to finer grained geographical areas for greater accuracy in local forecasts
Is your company already profiting from the explosive growth of IoT or are you still experimenting? Well there is one thing we all can be sure of. It is the next big thing. Or maybe not even the next……