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The rising popularity of IoT in 2016

5/31/2016,
by Anna Umanenko, CMO
popularity of IoT

It is a fact that the Internet of Things is rapidly penetrating our homes, producing new devices and introducing additional concepts of smart home ecosystems. The driving factor that supports IoT growth is its high revenue potential due to the possibility of monetization, network building with the help of low-power consuming devices, and enabling the platform as a service concept.

What factors favor IoT business growth

IoT is continuing to grow and expanding its geography worldwide. The most recent research indicates that the Internet of Things is receiving the most attention in Korea, Denmark and Switzerland. The U.S. places in fourth position in the world.

  • Generating lots of data enables new services for consumers.

The focus of IoT network data usage has shifted from improving the overall operating capacity of a device network to support the activities of businesses offering new services and products to consumers, based on analysis of data generated through the internal network.

 

IoT data generation

IoT data generation enables the development of new services.

 

  • Providing cost efficient solutions for Internet connection.

Devices that represent the Internet of Things include sensors and computerized gadgets with chips that consume less energy than mobile phones. At IoT’s inception, devices required significant costs to support and ensure them running as part of a network, but the growth of the device ecosystem and wireless technology development have eliminated this problem. The introduction of 5G connection will bring new opportunities for robotics and autonomous vehicles.

 

IoT cost efficiency

IoT has impacted the development of wireless gadgets that don't need much power to run.

 

  • Facilitating IoT apps management through service platforms (PaaS).

The process of IoT app development and maintenance is intricate. Because apps are running based on data collected through the sensors, security in the network, data analysis and depend on upgrades for services, the task of implementing a project like this has been often too complex for most businesses until recently. These concerns have been resolved through platforms that make the process of app development speedier and management easier, with better security and simpler access.

 

IoT app development

PaaS has made it possible to develop IoT apps that provide more effective use of data.

 

  • Key drivers that are accelerating IoT adoption
  1. Changing legislation requirements for different business sectors (healthcare, food industry)
  2. Market competition which strives to provide customers with better and faster service
  3. Monitoring production conditions (agriculture and food industry)
  4. Providing intelligent and innovative transportation solutions

It is estimated that by 2019, the IoT market value will reach $1.3 billion for smart devices and IT services required for the development and connectivity.

The ever-growing needs of consumers also accelerate IoT development. Smartphones can offer a wide range of services. We are now used to solving various tasks and problems with just taping one device. That has increased consumers’ expectations of what their phone can and should be able to do. With the help of phones, users tend to search for easy and quick technology solutions, improve their way of life, take care and track needs of their family members or friends.

The high demand for IoT among enterprises and consumers takes emerging technologies and is moving the market in a new direction. It promises innovative solutions that are easy, secure and better tools for developers (platforms for development, easier access to APIs, libraries, analytics and data).

 

growing consumer smartphone needs

Consumers are expecting more and better opportunities from their smartphones.

 

The intense speed of new technology enables developers to create well thought-out applications and integrate them effortlessly into a network.  This in turn makes it possible to create personalized experiences for enterprises and consumers, giving users more power to control their IoT environment and related accumulated data.


Read more:

1. IoT product monetization

2. Big data collection in IoT made effective

3. IoT has triggered a massive business transformation

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