Iot Investment Trends
Everyone’s talking about the Internet of Things (IoT). But the question remains, “how does it work?”. It is not the newest buzzword in technology. Businesses and analysts are talking about it for the past decades. Hence, let’s examine the latest IoT trends and why everyone in the IT world is preaching about it.
IoT is a broad technology. However, to put it simply, it is about data and information created from things. In which, these things interconnect using the Internet.
Every business owner wants to jump on the latest trends in digital transformation. IoT is one of them and has since redefined the business landscape. At present, IoT devices continue to re-engineer businesses and help expand their growth.
Thus, it creates a huge demand for professionals with knowledge of this “ambient” technology. These people can convert business ideas into robust linked ecosystems. That led to a positive influence on IoT investments.
rate of IoT investment
Two decades ago, IoT was just a concept. But the trend shows unprecedented growth with 8.3 billion connected IoT devices in 2019. This is about 42% of the total number of active device connections globally.
The influence of IoT on the Internet and the economy is remarkable. Here is a list of the different types of connectivity that enhance end-to-end IoT development.
- Wireless Neighborhood Area Networks(WNAN) – This type is in between WLAN and long-range technologies. Mesh networks use this type of connectivity e.g., Wi-Sun and JupiterMesh.
- 5G – In 2019, its massive adaptation started. This provides efficient connectivity through its massive bandwidth and extremely low latency.
- Cellular/M2M – It includes legacy cellular standards such as 2G, 3G, and 4G that provides remote device connectivity.
- Wired – This type of connectivity is still the cheapest and most reliable option. And it is still part of the IoT ecosystem.
- Low-power Wide Area Networks (LPWAN) – It is a connectivity that is relevant to IoT implementation in the coming years. It promises extremely high battery life and a maximum communication range of over 20 kilometers.
- Wireless Local Area Networks (WLAN) – Wi-Fi works under this type that covers connectivity of up to 1 kilometer.
- Wireless Personal Networks (WPAN) – This is the type of connectivity that typically does not exceed 100m in maximum range. The most common application is found in smart homes using Bluetooth-connected devices.
The IoT is forecast to have an economic impact worth $1 trillion by 2025. Researchers estimate that by that time, things connect more than people.
These devices are categorized as:
One example of a high-profile IoT application is a smart home. It is a home connectivity solution that reduces cost and improves safety. It allows consumers to have remote access to lights, thermostats, security systems, and so forth.
Another example is “wearable devices.” Google and Samsung pioneered this technology that covers health, fitness, and entertainment. One good example is the Samsung Smart TV.
These consumer-oriented devices work in a way that they capture the data you share. It interprets the data and transforms it into information. Then, it uses the said data to interact and complete daily tasks.
One good example of an enterprise-oriented application is IoT in agriculture. It introduces smart farming with connected machinery. It increases food production.
Another potential sector is the Industrial IoT (IIoT). The goal is to create super-efficient machines using sensors, software, and big data analytics.
Smart machines gather data and help companies with accurate and consistent results. This leads to sound decision making and quick problem-solving.
IoT Business Trends
All industries worldwide are witnessing the quantifiable impact of IoT. Here are the topmost industries that continue to transform our present lifestyle using IoT:
Security and Surveillance
- Benefits – The reformulated approach led to:
- The progression from machine-to-machine (M2M) to IoT enhances the underlying protocol used in security and surveillance.
- Smart surveillance solutions reduce costs and create opportunities leading to a robust outcome.
- Use Cases
- Fast local data gathering
- Cloud information processing
- Faster decision making using fully customized and easy-to-read UI
- Trends – Increase on the emphasis of four aspects of security and surveillance solutions:
- IP- reliant solutions
- Home and business integrated solutions
- Mobile device access
- Benefits – It promotes fast interconnectivity among personnel, patients, stakeholders, and others. This leads to smarter health care management.
- Use Cases
- Optimize hospital process flows using equipped portable devices
- Remote consultation
- Trends – People are empowered to wear connected devices to promote:
- Enhanced telemedicine
- Personalized analysis of individual health
- Benefits -It promotes connectivity revolution (e.g., faster network velocity).
- Use Cases
- Device Management
- Data and Analytics
- Trends – Giant telecoms will invest to provide fast, secure, and smart communications with:
- Big Data Centers
- Other emerging technologies
- Benefits – The government and farmers are using it to increase food production.
- Use Cases
- Soil moisture and nutrients monitoring using IoT sensors
- Water usage control
- Custom fertilizer application
- Livestock monitoring and management
- Farm productivity management
- Trends – Increase on the emphasis of four aspects of security and surveillance solutions
- Precision farming
- Enhanced market to farm connectivity
- Smart connections between agricultural drones, sensors and farm base stations
- Benefits – Improve manufacturing value chain and fast transmission of operational information.
- Use Cases
- Production flow monitoring
- Remote equipment management
- Calibration and maintenance alerts
- Quality monitoring using gathered data
- Trends – The emergence of digital manufacturing with attributes such as:
- Real-time data analytics and insights
- Improve security and surveillance
- Benefits – It reinvents transportation to increase convenience, safety, and commitment among businesses within the industry.
- Use Cases
- Fleet management
- Public transportation management
- Vehicle health maintenance
- Curbing traffic
- Trends – It offers connected transport and beyond with the following features:
- Passenger-centered mobility services
- Smart transport networks
Join the bandwagon of IoT Investment Development
The current market trend is dynamic. IoT vendors engage with these three elements: software/platforms, connectivity, and hardware. Wherein they are racing to improve interoperability and performance, especially on the hardware side.
With its recent global market acceleration, IoT is here to stay. The chances that IoT dying down is slim, almost nil. Thus, regardless of where you are in your IoT project, Full Scale can help you hire IoT developers affordably.
Get the best of your IoT investments with the latest smart-linked ecosystem. We have experts that will let you comprehend the benefits of this digital transformation.
And we have highly-experienced project managers, software developers, data scientists and analysts, and AI/ML experts to cater to your requirements.
Talk to us and let our proof-of-concept approach quickly authenticate your IoT ideas and its potential business value.