Internet-of-Things (IoT) in 2018
It was predicted that IoT will be the backbone of future customer value and will have a tumultuous impact on the world as a whole, with the number of connected devices set to exceed 11 billion.
As the year started most industry experts predicted that Internet-of-Things (IoT) will have a massive outbreak in 2018, given the state of infrastructure and impact it already made. It was predicted that IoT will be the backbone of future customer value and will have a tumultuous impact on the world as a whole, with the number of connected devices set to exceed 11 billion. As we come close to the end of 2018, it is safe to conclude that the predictions were more than true, and currently the number of connected devices globally exceeds 17 billion.
As it becomes clear from the above figures, the primary gamechanging aspect of IoT is the sheer number of connected devices worldwide, rather than the capability of each device. As a matter of fact, IoT is all set to overtake smartphones in consumption of internet traffic, by the end of this year. During the first two quarters of this year, due to an unexpected hike in the market of IoT, the number of IoT-enabled devices went upto 7 billion, and is expected accelerate further. And while this staggering statistic far exceeded the revenue targets of IoT software, cloud and services companies, it mostly consists of industry applications, and not individual or household devices. A significant acceleration in the application of IoT in the large scale business projects meant smart energy, smart factories, smart cities, a connected world where communication flows from machine to machine, and a significantly improved healthcare system. Although most of these organizations have only just started out their course from planning to actual deployment, there is a clear shift from the number of connected devices towards this broader vision in which business goals, people and value are the main concern.
When the industry trends and market studies of the state of IoT Intelligence in 2018 are observed, it can be safely said that the most active early adopters of IoT Intelligence are sales, marketing and operations sectors. The industries which are viewing IoT as the most critical upgrade in their operations are manufacturing, insurance, financial services, healthcare and technology. In the year of 2018, we witnessed a surge in the IoT markets with numerous new initiatives and launches, with proper ecosystems of integrators. These new developments, which manifest the maturing market of IoT, have assisted in a rise in investments in IoT analytics, application development and infrastructure. As we are currently still in the first generation of IoT, we can expect a much broader and business and value context in which IoT can be a critical component.
According to a recent survey by Vodafone, more than 60% of company executives felt that any kind of digital transformation is not possible without IoT in the current scenario. Given that the current global IoT market has exceeded the $150 billion mark and experts do predict a rise of ten times the revenue by 2025, it can be safely said that IoT software and platforms are expected to continue to drive the market. With time, more and more data will be moved to the cloud, new IoT applications will be launched in the market and analytics will continue to gain importance. Also, the current market trends highlight that the cloud vendors are gearing up for mass manufacture of cloud-ready hardware to ease the interoperability and performance between IoT devices, and the data which is moved to, stored and analysed in cloud storage platforms, both public and private. Amazon, Microsoft and a number of other leading IoT cloud storage providers have announced the same. This, in turn, might have a detrimental effect on the existing hardware manufacturing industries.
Being in the first generation of IoT, we are still confined to using it as mediums of collection of data from devices and storing and analysing the same on centralized cloud platforms. As we move forward, this revolutionary technology is all set to offer us edge analytics and intelligent, self-sufficient networks. From data collection and storage, the IoT-enabled devices will be transformed to actuators, which will have an impact on virtually every industry and market. It is just a matter of time.