Iot is an emerging technology. It is shaping our lives and transforming traditional businesses. IoT is an integral part of digital transformation and the next door of revenue opportunities. This will play an essential role in improving the liveability index of smart cities.
As billions of devices, systems, and services get united. We see a tremendous change in the way consumers’ lifestyle is getting huge benefits. And, nowadays, companies are growing with more efficiency as they are focusing on reducing operational costs and optimizing resources.
IoT will work closely with the real-time Artificial Intelligence (AI) as edge connected devices, improving the pattern, shifting from central clouds to decentralized intelligence. As we know, numerous devices, services, and systems become connected, the IoT market will grow steadily. With the increasingly cheaper and ubiquitous sensors, converting the physical data to digital content is easy.
According to NASSCOM, the IoT market size will grow at a rate of 62% CAGR and reach up to US$9 billion by 2020. Also, the IoT market revenue share will hold in many sectors such as Utilities, logistics, healthcare, automotive, production, and so on. The rising penetration of smartphone and mobile internet consumers is what driving consumer IoT mobile app development solutions in the market.
What are the factors that drive the growth of IoT in India?
Various factors are driving the IoT growth in India. These are:-
- Maturing IoT Solution
- Enhancing Customer Experience
- Momentum on evolving partner ecosystem
- Increased network coverage
- Improved data speed
- Increasing operational efficiencies
- Innovation in product offerings
Key IoT Trends that are Shaping the Future
It’s essential to figure out the latest IoT digital trends that shaping the future. In this blog, we will share the list of crucial IoT trends in 2020 that open the opportunities for the IoT business. Additionally, these IoT trends will open the opportunity door for the iso and android app development industry. These trends which we are discussing below will help you see the full potential of IoT business opportunities.
1. Digital Twin
Digital Twin is a virtual copy of a process, product & service or system over its lifecycle, using real-time data to enable learning, rationalizing, and understanding. IoT sensors that collect data and information like real-time status, live position, health, and performance, etc. are integrated with the living or non-living physical entity. The ecosystem of digital twin technology includes various technologies such as IoT, Big Data, Cloud Platform, & AI. All these technologies will empower the twin ecosystem.
Digital Twin assures the security of IoT devices. With tangible objects, digital twins offer us a look at what’s real, or what may happen far into the future. Do you know, Digital Twin can help Companies and Engineers to achieve great deals? Right from visualizing products by real users in real-time and refining assumptions with predictive analytics to troubleshooting and building a digital thread, connecting various systems, and improving traceability. All is possible now!
According to a report, the digital twin global market will continue to grow at a CAGR of 37.87 to reach $15.66 billion by 2023.
2. 5G may unlock the immense potential of IoT
In the advent of the 5G era, it is likely to reshape the present wireless communication methods used for IoT-based applications. 5G provides a wide range of benefits to the IoT, which are not available with 4G or other technologies. According to EY Global IoT Leader, “Iot can’t thrive without effective and affordable wireless connectivity, interoperability, and common standards.”
A recent market survey by GSMA Intelligence revealed that most enterprises are already using IoT, in which 65% of enterprises had already deployed an IoT solution. The majority of deployments are small, but with the arrival of 5G, the deployment size will grow.
We believe 5G has the potential to unlock up to $12.3 trillion of revenue across a broad range of industries. 5G will reshape the future of IoT! 5G and IoT both will work in the areas of latency, security, scalability, and reliability.
3. Edge Computing
The way we process and deliver the data is now entirely transforming with the advent of edge computing. The increment in the demand for IoT devices and real-time calculations requires vast computing power. This is what drives the edge computing technology forward.
The change to edge computing may have a significant impact on Operational Technology and Organizations’ IT
Edge computing a distributed computing paradigm that brings the data and computations closer to the device to reduce latency and bandwidth use. This is resulting in more efficient network bandwidth and more functional and efficient IoT solutions. Now, with edge computing technology, there is no need to rely on the central location for real-time data. According to the survey in 2018, it indicates that 27% of global telecom companies are implementing edge computing in 2019.
One of the significant benefits that Edge Computing offers- it reduces the cost of bandwidth for IoT data that comes from the distant location. The growing number of IoT devices collecting and transmitting data to the cloud is what created a market for this trending technology.
4. Virtual, Augmented, and Mixed Reality Applications
The blend of IoT and AR has a great symbiosis. How? IoT bridges a gap between physical assets and digital infrastructure. Whereas, AR carries digital elements to real life. AR and IOT have great potential and can do wonders in the healthcare industry. Augmented Reality is a technology that bridges the physical and digital world by overlaying information on the physical environment. Virtual Reality provides a computed generated 3D environment that surrounds a user and responds to that user’s action readily. Mixed Reality is an overarching technology solution that combines the real and virtual worlds.
According to the reports and analytics, the AR, VR, and MR technologies will continue to grow at a fast pace, reaching a market size of $147.4 billion by 2022.
The future of IoT looks bright and promising as it has limitless potential. Let’s watch and face it: 2k20 is going to be the year of IoT. Soon, IoT will transform our lives right from the industry level to the household sector. In all the aspects of our lives going to change with the IoT devices and solutions. It will be interesting to watch all the IoT trends in 2020.