IoT : A dramatic shift towards connected devices
The adoption of IoT has made our cities, homes and workplace smarter and benefited us in enhancing services, generating new revenue, accelerating connectivity and engagements, reducing expenses, and improving safety and security
Internet of Things (IoT) has digitized nearly every business enterprise and increased tangible opportunities for everyone. The advent of IoT has greatly impacted the global economy by creating technology disruption and penetration in many business sectors including healthcare, education, transportation, energy management, manufacturing, automotive, finance, entertainment, telecommunication, and retail among others. IoT connects physical devices with internet network to make the real-time application a possibility. In IoT technology, sensors or actuators, communication gateway, high speed connectivity, computing platforms together operate and communicate to enhance the information and facilitate application.
Internet of Things (IoT) technology is viewed as highly opportunistic and a new revenue generating market for several businesses. Companies are racing to create new business model based on IoT to thrive in this tech-disruption. Investments in IoT focused start-ups has increased rapidly form past two years with an intent to open new revenue streams. Heavy funding in emerging tech companies, sensors integration, increasing demand for connectivity, development of smart cities and other smart things are some of the factors driving the IoT value. Demand for deploying sensors based systems and connected devices to monitor the production and other business metrics in the industries such as agriculture, food, logistics, transportation, healthcare, and other small & medium enterprises has pushed the boundaries of growth of IoT technology. Moreover, the regulatory compliances is also a major factor driving the IoT adoption. Though, the hype of IoT has triggered the demand for digital things and shifted public preference towards connected devices, there are few challenges constraining the growth of adoption of IoT solutions. Data security and confidentiality, privacy & data sharing, data storage, data analysis and management, profitability, and scalability are some of the major challenges coming in the way of IoT market growth. Connected cars, precision farming, smart cities, smart homes, healthcare wearable etc. are some of the IoT applications trending in recent years. The IoT adoption is recorded highest in the American and European regions due to technological advancements and competitive environment.
IoT technology hold lot of potential and everyone is aware of this technology disruption. However, most enterprises are still not able to convert this opportunity in to strategy and here arrive the need for market intelligence. M14 Intelligence offers broader perspective of the IoT market and its untapped potential in several businesses. Our IoT research study helps the companies and its decision makers to take strategic initiatives and accelerate their business growth.