There is a new device that seems to be increasingly talked about by market leaders and it’s called The Internet of Things (or IOT for short). Its growth in popularity is due to its significance in helping consumers, businesses and the government to realise the benefits of connecting inert devices into the internet. With so many new sectors of the economy beginning to utilise IOT innovations, we are going to look at what it is that makes IOT such an important business consideration and how it could help you!
The Internet of Things is predicted to become the largest device market in the world and certain researchers have predicted that it will be double the size of the smartphone, PC, tablet and connected car markets combined. The IOT is also set to result in over a trillion pounds being added to the global economy in 2019- those figures are not one that we hope to forget!
In terms of the devices being shipped, it is said that revenue from hardware sales will only amass to a small percentage of the amount of money IOT will make and the lions share will be going to the software makers and infrastructure companies. If you’re in the enterprise sector then you should he looking into IOT as it is believed that this sector is going to be leading the IOT market. In 2019 the government sector will be set to lead IOT device shipments.
When it comes to the future of IOT, security is often a topic that comes up. As IOT essentially acts as a way of connecting billions of devices, what can we do as both consumers and businesses in order to keep your stuff secure? With online security looking more volatile than ever as fraudsters are becoming increasingly more devious in the methods their use to con people, surely the same can be said for IOT- will someone be able to hack into your toaster and get access to your entire network? This is something to remain wary of.
In a broader scale, ITO can be applied to our daily networks that we use to go about our day to day life, such as our transport networks, for example. Researchers into IOT have come up with the idea of ‘smart cities’ which will improve efficiency and reduce the amount of energy we use. This will in turn hopefully improve our quality of life, which suggests that while IOT is a relatively unknown concept for many it could well be essential to the way we live our lives.
For the meantime, many people are still trying to get to grips to how the IOT will impact our lives in the future. It will be vital to understand the challenges and opportunities that will arise as more and more devices begin to going The Internet of Things. If you’re looking to find out more about IOT research then why not find out more on the Machina Research website as they dedicate themselves to providing detailed strategy reports in this field. Through using an IOT forecast, your business can get to see how the regions you work in fare on the scale of market potential for IOT technology.