According to recent studies, by 2025, the economic impact of the Internet of Things (IoT) will be between $2.7 trillion to $6.2 trillion annually. The market is primed for significant disruption in transactional and financial practices which will in turn open up a plethora of possibilities for small and median businesses to carve out unconventional avenues for substantial revenue streams by offering pioneering products and services dependent on deeply connected devices and data.
Contrary to popular belief, the term IoT was coined almost 20 years back by MIT professors to describe devices or sensors that could be connected without any human assistance. The data collected from such a network of connected devices would provide deep insights previously unavailable to researchers. IoT is expected to be a trillion-dollar industry by this decade with an annual growth rate of about 40%.
Connected devices can be controlled remotely via smart devices and applications, and moving forward, any and all future infrastructure has to be ‘automation-ready’ to enable easy integration into an IoT network.
Organisations that are ready to invest significantly in IoT development services will be a step ahead of their competitors as it not only provides deep automation capabilities, but also enables instant data driven contingencies that would otherwise have taken months to implement.
The recent digital wave has made IoT software development easily accessible to businesses of all sizes to help gain a competitive advantage. The implications of IoT are far deeper than growth in revenue and profit.
Latest IoT development services trends involve incorporation and assimilation of thousands of devices across personal and organisational domains over multiple sectors. Certain forecasts predict that the world would witness around 50 billion IoT enabled devices being put into service over the next 20 years, while others portend a penetration level of IoT devices in excess of 1200%, which translates to an average individual owning more than 10 connected devices.
These IoT connected devices could range from human wearables like fitness trackers, watches, automobiles (that enable seamless connectivity between engine diagnostics and other relevant vehicular data), and smart home and office devices which contain connected gadgets right from television sets, refrigerators, lights, thermostats, emission detectors, weather sensors, and deeply integrated security networks that will permeate our lives.
A measure of how popular IoT has become and its increasing reach into the everyday lives of millions of individuals is the creation and the subsequent popularity of a dedicated search engine for IoT – Thingful – which is the world’s first search engine for public IoT devices. It provides a detailed geo index of IoT device locations, who owns these devices and the purpose for which such devices are used – a thing of beauty.
Google and Apple currently have the largest presence in the IoT segment, with Google Glass having enabled instant access to information with voice prompts through its inbuilt microphone and Apple with its recently unveiled smart home framework called HomeKit that can be used to command connected devices inside residences, expanding the consumer centric approach that IoT has diverted to with much fanfare.
Effective implementation of IoT development services tremendously advances business efficiency with continuous innovations that keep pushing boundaries. It brings about a sense of marvel and increases aspirations for a comfortable lifestyle, while also making it easily achievable.
Organisations – whether large or small – stand to gain a lot by effectively leveraging IoT connected devices. With the help of IoT development services organisational assets can be connected through remote sensors with other gadgets across the enterprise’s inventory. These devices have ready access to information at an exponential level to harness returns that would have otherwise never been realistic.
This is made possible by unearthing new data streams to glean better insights, that facilitate improved customer service, better business processes, augmented opportunities, and an unsurpassed edge over competitors.
If you are looking for IoT software development services to enhance your business prospects, contact Smart Sight Innovations today.