It is likely that 2015 will be witnessing the emergence of numerous Internet of Things (IoT) based products and solutions. This was highlighted by firms such as Gartner, Intel and Sapient Global Markets. These new products and solutions will be targeted at the consumer and business requirements and they will be catalyzed by the older underlying technology.
For instance, there could be a device that is integrated with the car and it will keep a track of all the driving related data including speed, mileage and other driving patterns. The data is connected to the cars of the driver’s friends or people around or with cars of the same brand. This will enable the user of the technology to compare the statistics with others in real time. There is a possibility to remotely connect to an appliance and control it as desired.
In both the cases, the underlying technology IoT deals with the smart connected devices. There are numerous such connected smart devices from miniscule chips to gigantic machines and these use wireless technology to interact with one another resulting in a connected world. This behavior is called Internet of Things (IoT).
The technologies that are used to develop such connected devices are maturing and several vendors have already come with smart connected products and solutions. Besides established firms such as IBM, Sapient, Intel and others, Indian startups are also taking a giant leap in this segment.
Notably, an Indian startup called CarIQ have come with IoT solutions that will enable smarter and connected cars. Another firm called Entrib ShopWorx is enabling shop floors of manufacturer firms to react smarter.
As technologies are getting linked to IoT maturing, consumers will begin demanding for customized solutions and this will in turn open up a great opportunity for the IoT based products and solutions. As per research firm IDC, the IoT market is likely to grow to $7.1 trillion by 2020 on a global scale and it is a significant raise as it was at $1.9 trillion in 2013.
The global enterprises have started acknowledging IoT as the next major strategic technology. Also, over 80 percent of the surveyed firms expect IoT solutions to be the most strategic technology initiatives of their organization in a decade’s time.