What is IoT?

In simple words, the Internet of Things (IoT) is a technology that connects consumer objects and everyday industrial equipment to the internet, which in turn, enables exchange of information without human intervention. These connected devices are controlled via avant-garde software which helps to ramp up the competence of the devices and assists in managing a safe and healthy atmosphere. You might not know that the Internet of Things (IoT) is dissimilar from the regular Internet. Transforming the tech landscape completely, IoT is making S-E-N-S-E of the technology. Here S-E-N-S-E stands for sensing, efficient, networked, and specialized and everywhere. Let’s try to understand each of them separately.

Sensing: It denotes the data generated by things that have sensors.
Efficient: Adds acumen to a labor-intensive process.
Networked: It stands for objects that can be connected to networks. For example cars, thermostats and watches.
Specialized: The Internet of Things (IoT) allows the customization of technology and processes to certain levels.
Everywhere: It denotes that IoT is present everywhere be it cities, factories or cars.

The Three Stages of IoT Are:

• Data collected by the sensors
• An application that is responsible for collecting and analyzing data for future use
• Transmission of the evaluated data to the server that aids in quick decision-making

Key statistics for IoT Industry in India and Abroad

#1 Global Statistics for the Internet of Things (IoT) Industry

The IoT industry is seen as one of the fastest growing markets that will aid companies in saving a huge amount of money. Listed below are some key statistics that showcase the key factors driving the growth of IoT industry:
• It is predicted that within the next two years, the Internet of Things (IoT) will result in $1.7 trillion of value added to the global economy. This will be inclusive of software, hardware, installation costs, management services and the benefits from the accomplishments of IoT.
• When we talk about the biggest device market across the world, IoT comes out at the top of the charts. Considering the current scenario, it is predicted that in the next 2-3 years, IoT will be almost double the size of mobile devices, connected car, PC and combined wearable market.
• In the next 2 years, the shipment of IoT devices will fall in the range of approximately 6.7 billion for a 5 year CAGR of 61%. Moreover, the sales of hardware will generate around $50 billion revenue that will be around 8% of the total revenue generated from IoT-specific efforts. The largest portion of the share will be enjoyed by software makers and infrastructure companies.
• Reduced costs and improved productivity will be result of the growth of IoT.
• The Internet of Things (IoT) will be led by the enterprise sector.

Reference for the aforementioned stats: http://www.businessinsider.in/

#2 IOT Industry in India

Did you know that the first policy model on the Internet of Things (IoT) was issued by the Department of Electronics and Information Technology (DeitY) of the Government of India. This agenda is a part of ‘Digital India’ that was brought up by the Honorable Prime Minister of India, Mr. Narendra Modi and the central government. The government of India is expecting to create a market of around $15 billion in the next 3 years. Also, it is expected that in the next 2-3 years the number of connected devices will rise from 200 million to about 2.7 billion. Furthermore, the Government of India offers duty rebates on imports and the chief raw materials required for the manufacturing of connected devices.

Chief Objectives:

• India to have a share of around 5-6% of the entire global IoT industry.
• By 2020, India’s IoT industry to be worth around $15 billion USD
• The total revenue generated from the IoT industry to be around $300 billion USD
• Aims at undertaking R&D for all secondary technologies

Do You Know What is Driving IoT?

Listed below are some of the key factors that are driving IoT:

• Low-Cost Sensors
• Economical Bandwidth
• Reasonably Priced Processing
• Big Data
• IPv6
• Overall Wireless Coverage
• Smartphones

Applications Of IoT – Key Verticals

Although, the Internet of Things (IoT) is prevalent everywhere, but for better understanding, we’ve categorized it into the following categories:
• Connected homes
• Connected cars
• Connected wearable devices
• Connected cities
• Industrial Internet
Now, let’s take a quick look on some of the domain specific IoT applications that we’re going to see in near future:
• Smart Environment
• Smart Waste Management
• Smart Supply Chain & Logistics
• Smart Manufacturing / Industrial IoT
• Smart City

Hope you liked this post! If you are planning to make a career in IoT, it’s the right time to get IoT training online. For any query related to this post, you can comment down below. Thanks for your time!