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WHAT IS THE MARKET SIZE FOR IOT?

by Anjali

 

 

IoT stands for the internet of things, and the IoT market size is expected to grow to 1463.14 billion dollars by 2027. This demand is accelerated by the constant need for automation and artificial intelligence. The Internet of things is entailed by sensors, software, and other technologies that trade and connect data on the internet.

 

It is used by smartphones, laptops, cameras installed in various places, and even smartwatches. They are a part of the internet of things because they are actively sharing data. Even people with a heart transponder and cattle with a car alerting its driver regarding low tire pressure are examples of the internet.

 

Businesses use the internet of things for more optimized working and enhanced control, reducing labor use and performance monitoring. IoT’s market size is potentially growing because the internet and devices are ubiquitous. A perfect example of the internet of things would be airlines tracking the engine movements to understand the plane’s trends.

 

Parks also use the internet of things to assess traffic and popular attractions. It helps them overcome obstructions and long lines and manage waste disposal. People are actively resorting to the internet of items due to its efficiency, enhanced customer service, and ease of decision-making. However, using IoT also gives birth to security concerns because of the volume of devices extracting information.

 

 

BENEFITS OF USING IoT

 

People are in unanimous agreement with the brilliance of the internet. This invention has eased lives and created opportunities that seemed impossible before. Imagine being a 90’s kid and operating a cellphone. It seemed like a distant dream, something one could only dream of.

 

The internet has helped bridge the gap globally. You could be sitting in one part of the world, but you feel connected to the other, owing to its brilliance. Let’s delve a little deeper into the other benefits of using IoT.

 

  • It helps in monitoring data.

 

The most significant benefit of using IoT is data monitoring. It can garner crucial information regarding any given topic with absolute precision. Consider the example of theme parks mentioned above. This data is collected with much ease and was not possible in the earlier days.

 

  • Easy access

 

The information is collected in real-time from pretty much any part of the globe. All it takes is a reliable internet connection and a smartphone. One can access the desired information whenever, wherever. For example, consider the ease of using google maps, regardless of which place you are going to.

 

In earlier times, one would have to seek out a map or ask people for directions. One cannot deny that the facility of accessing information with a few clicks has made life simpler.

 

One can order food, buy clothes, groceries, or any other merchandise from the comfort of their homes, without much effort. This was especially true during the pandemic when all else went downhill, but the need for the internet took a surge.

 

  • Time management became better

 

IoT is an excellent means to save time because you can quickly look your phone up for the most complex or rudimentary answers. Take the example of google maps mentioned above. Similarly, shopping from one’s home is a luxury that was not always around.

 

CONCLUSION

 

Hence, IoT has carved a place for itself globally, and it is here to stay.

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