WHAT IS THE MARKET SIZE FOR IOT?

5 Reasons why IoT makes a difference

There was a time when your wristwatch could only tell you the time. Today it can tell you much more – what appointments you have, what messages you received, how many steps you took, and can even check your heart rate. IoT is everywhere, and the IoT market size is set to grow at a CAGR of nearly 16% over the next ten years, in the chip segment alone!

What is IoT?

In the example above, the smart-watch is part of the vast Internet of Things (IoT) network. IoT refers to devices that collect data from your environment and share it across other connected devices to ensure a seamless user experience.

How does IoT make a difference?

IoT is a more extensive set of technology that subsumes the internet. Its importance stems from the fact that it analyzes environment-specific data to give actionable insights to users. Here are some of the reasons why IoT is indispensable in one’s day-to-day life.

  1. It Helps to Collect and Disseminate Data:

The primary benefit of IoT is that it constantly collects data to exchange it with other devices. Take, for instance, a CCTV security camera setup. It monitors the environment and relays the signals to a computer that detects suspicious movements and alerts you. A human would hardly be as efficient in either of the tasks.

2.  It Aids in Quick Decision Making:

IoT provides actionable data on a real-time basis to users. Consider the use of IoT in hospital Intensive Care Units. Nurses can save precious time by monitoring all patients in one centralized location and immediately attending to patients who need them the most. Better decisions are taken when analyzed data is easily accessible.

3. It is Versatile:

IoT is embedded in everything from entertainment systems, healthcare, security to agriculture. IoT is a process that can be implemented in myriad ways.

Advancements in wireless sensor technology, machine learning, and automation have enabled seamless integration of the various devices. The number of permutations in which such devices can be connected is close to infinite, hence, its endless applicability.

4. It is Cost-Effective:

Contrary to popular perception, IoT can significantly reduce long-term costs. One of the earliest uses of IoT was in the predictive maintenance of equipment in large-scale industrial manufacturing. Before IoT, a piece of equipment would only be serviced after it broke down.

It resulted in considerable downtime till a technician came by to fix it. IoT has changed the scenario by monitoring various metrics on equipment to predict when and how it can break down. Factories can now schedule maintenance into their routine, thus enabling efficient performance.

5. It is Adaptable:

Once installed, IoT systems are relatively easy to modify. A large portion of a system’s functionality is stored as computer programs in clouds, which can be modified to suit any future need.

For example, construction sites collate data from security cameras as well as weather metrics (temperature, wind speed, humidity) to minimize the risks to the workers involved. The devices may be the same, but the algorithm that processes data can be changed to churn out tailor-made solutions to each application.

 

In summary

IoT as a way of life is here to stay. The incessant growth of the IoT market size is a testimonial to the fact that researchers are finding newer ways to incorporate IoT into everyday life to make them more comfortable, safe, and efficient.

 

Anjali

I am an author at DoTricky for the past 1 years. I like to share information and knowledge. I love expressing my thoughts through my articles. Writing is my passion. I love to write about travel, tech, health, fashion, food, education, etc. In my free time, I like to read and research. My readings and research help me to share the information through my thoughts.

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