The trend of brining billions of devices online is on the rise. Day-to-day objects can now be connected the internet. This allows storage and sharing of information in a huge database. Easy availability of broadband internet is working as a blessing and one of the key catalysts for it. Naturally, Internet of Things (IoT) has emerged as an everyday phenomenon and an interesting conversation starter.
Internet of Things – What is It?
Internet of things is a disruptive technology for all businesses alike; be it government, industrial, consumer, or agriculture sectors. IoT is the inter-networking of connected, smart devices, buildings, and other products that are embedded with software, network connectivity, sensors, and electronics. This connectivity enables connected objects to share and store data in a virtual database.
Internet of things offers remote access to these connected devices across the entire existing infrastructure of networks. This network could be spread across the entire world and operational from multiple locations at a given time. This can offer an opportunity for direct interaction and integration with computer-based systems and increases accuracy and efficacy.
Impact of IoT on Daily Lives
Simply speaking, IoT can connect any device to the Internet. This fact can amplify its reach by tenfold. It can connect the lamps, washing machines, coffee markers, smartphones, and almost any device imaginable. As the common saying goes, anything with the slightest potential of connectivity, will find away to it. This, in turn, is anticipated to abridge the day-to-day lives of consumers. For example, when a user’s smartphone is connected to his car, it is already aware of the fastest route for the user to reach to a particular destination. This can essentially save the additional steps of giving commands or finding the best route, manually.
Apart from personal tasks, Internet of things finds applications in industrial, retail, warehouse management, transportation, construction, agriculture, and almost all the other verticals. For instance, it can be utilized in road construction, building smart cities, and in retail. IoT can improve efficiency and reduce waste of resources that required in these processes. With Internet of things, the opportunities are endless, as far as virtual connectivity and control are concerned. However, the glaring threat of information security is a major challenge for the global Internet of Things (IoT) market over the next few years.
What’s New in Internet of Things?
According to the report, 2016 was a crucial year for IoT market. However, the near future looks bright as far as technological disruptions and adoption of internet of things is concerned. Increasing scalability and maturity of the technology is anticipated to reflect on deployment. Manufacturing, utilities, transportation, and such other industrial settings may invest heavily in IoT projects.
Cross-industry usage of the technology is also anticipated to gain significant traction over the years to come. Growing digitization and its highly complex integration the horizontal deployment of IoT is being rolled out. It can enable swift technology and business management by capitalizing on repeatable patterns. It can focus on standardization, big data, security, partnerships, innovation, and operational business models.
LPWA in Industrial IoT (IIoT)
Low-power, wide-area wireless technology (LPWA) and LPWA networking (LPWAN) are anticipated to go mainstream in the years to come. They can emerge as a vital asset, especially for industrial internet of things. Increasing focus on integration of data systems, sensors, and devices can further find application in smart metering, cities, agriculture, and smart & connected homes.
- Sigfox: This French startup provides technology that includes modules that can send messages of maximum 12 octates. It uses open and public radio band for transmission. The base frequency and bandwidth, however, is determined by the regulations set by different countries.
- LoRa: Originally engineered and patented by Cycleo, a French company; it was acquired by United States based Semtech Corporation. Two successive versions of this protocol, namely, LoRaWAN and LoRaMAC, were launched in the year 2105. This technology can send messages of maximum 242 octates. It is also considered to have better bidirectional support.
Top companies are keen on using this giant information system named IoT to its maximum potential. This technology is all about Machine-to-Machine (M2M). Internet of things-as-a-service is one of the brand new service models on the IT horizon. Rapid technological advancements are anticipated to encourage advancements in IoTaaS for commercial and industrial application in the next few years to come.
Internet of Things Security
Security and privacy concerning digital data is one of the primary concerns for the internet of things market. Considering the issues the lackluster security measures can lead to, the technology providers are serious about it in terms of deployment and protection. Along with security, the core focus is on IoT regulation to encourage improved safety measures. For example, the proposed General Data Protection Regulation (GDPR) is expected to update the already existing ePrivacy framework of the European Union. It is expected to take effect and become enforceable from 2018.
Significant rise in investment from technology giants and cross-industry biggies may impel the global internet of things market in the years to come. Proliferation of technology and its adoption remain the vital driving factors for the expansion of the market. IoT finds applications in consumer electronics, manufacturing, retail, healthcare, transportation, utilities, and agriculture. Basic components of this technology include IT services, connectivity, platforms, and devices. Internet of things modules and sensors may dominate the component segment of the market in the forthcoming years.
Top Competitors in the Market
Amazon.com, Inc.; Accenture PLC, Google, Inc.; IBM; Huawei Technologies; Oracle; and Alcatel-Lucent are some of the giants operating in the global market. Mergers & acquisitions (M&A) remain the key strategy adopted by most companies that want to grab large market share and better global position. Research & development (R&D) is also considered as a key business strategy for the market in the long run. Market entry with innovative and cost-effective products in upcoming regions is another growth strategy that can be observed in this market on the global scale.
IIoT is expected to remain disruptive in the near future. It may heavily influence the development, manufacturing, production, and deployment trends in the world for the years to come. As the world gets more and more hyperconnected, adoption of “smart” may define the future data centers, gadgets, products, software, and hardware.
Emerging regions like Asia Pacific and Latin America are anticipated impel growth of IoT in terms of advancements and deployment. India, with its ‘Digital India’ initiative, is at the cusp of industrial revolution. Transformation of businesses and normalization of technology in daily lives may boost the global IoT market in the near future.
Adoption of technology for building sustainable infrastructure and heavy investments from global players in highly urbanizing regions is another factor that may present business opportunities.