IoT – Internet Of Things To Watch Out In 2020 – Tremendous Growth In The Future For The Market
The next big thing in the queue of technological advancement with exceptional growth in internet usage is the ‘Internet of Things’. If we think that in the next five years the entire world will migrating towards IoT which will have a huge impact on human lives.
Now, there will be a multitude of smart devices connected to the internet and each other, from home appliances to bigger industrial machinery all things will become smart. We can say it as the Next Digital Revolution while others announce it as the Next Generation of the Internet.
In today’s article, we will discuss IoT in 2020 and It’s extensive growth in the future but before starting to have a look at the definition of IoT.
What Is IoT – Internet Of Things?
The IoT – Internet Of Things means made up of devices that connect to the internet and share data with each other.
These IoT devices include computers, laptops, smartphones and objects that are equipped with chips that gather data and communicate data over a network. Currently, the range of existing conceivable IoT devices is enormous.
IoT is believed to change the entire way the people live, communicate, and work as there will be connectivity in all or for all, for everything and everywhere. An impressive impact will be seen soon on how the government and businesses interact with the world.
In the number of areas IoT is working hand in hand with the real-time AI – Artificial Intelligence. In regards to the future, IoT market is expected to grow continuously as billions of devices, services and system become connected and cheaper sensors which are able to convert the physical data to digital content.
IoT In Future :
The global market size of IoT is expected to touch USD 3 trillion according to NASSCOM – National Associate software and services company by 2020. In India more than 60 percent of start-ups working on the lines of IoT with highly technological skills.
IoT proves to have a huge scope as it provides a unique opportunity for businesses to turn data into insights. The number of contributing factors is there that drive the adoption of IoT such as improved sensors, the evolution of lifestyle, mobility and device connections.
India’s IoT market is expected to reach USD 15 billion by 2020 as per NASSCOM’s report. For improved internet experience different companies and start-ups are offering IoT enabled solutions.
Advantages of IoT :
- The productivity of the employees is the impactful advantage of IoT applications.
- Productive employees help companies in refining their business processes and can be turn out an opportunity for better efficiency and quality man-hours.
- For consumers, there will be an improved lifestyle, smart devices, and other home appliances.
- IoT holds great potential for transitioning the entire consumer segment besides industrial benefits.
- In the consumer sector, IoT will be holding a tendency in offering a more personalized experience to customers in the retail and shopping segment.
- The adaption in IoT is home security, smart wearables, smart applications, smart healthcare devices and tracking devices for industrial as well as consumer sectors.
- IoT will have a crucial role to play in the development of Logistics to IT industry sectors.
- IoT will surely help large businesses in saving costs on greater margins and brings more opportunities for retailers and wholesale giants also and helps to simplify business operations.
- All these factors contribute to an IoT enabled supply chain.
The use of IoT devices will make enterprises adopt better technology towards their businesses and IoT will result in more improved and efficient businesses. If go with the prediction of several industry experts than IoT will become one of the essential strengths of all business sector by 2020.
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