Comprehending the Internet of Things (IoT) and Its Growing Relevance

The Internet of Things (IoT) seems to be gradually yet steadily getting woven into the fabric of daily living. From industrial machines to wearable devices, IoT’s true potential lies in making us more efficient. The future of technology leverages on the sheer volume of data being created around us, building upon a complex network of built-in sensors, advanced gadgets, and a single touch point in the form of an app. It may look daunting at first, but it really is a simple connection of objects being able to collect and exchange data. With the world gravitating toward smarter, faster, and more innovative ways of utilizing information, the inevitable rise of IoT makes perfect sense.

The new wave of connectivity is here to make machines intelligent enough to reduce human labor. According to a Gartner report, the number of connected devices across various realms of technologies will reach 20.6 billion by 2020. Even that, it appears, is only scratching the surface of an industry that is clearly poised for massive growth. The IoT is exploding even as we speak. From minuscule chips to humongous machines, it’s transforming the face of human existence. Apart from offering conveniences to consumers, ‘connected devices’ throw open a plethora of possibilities. Transformed business models that boost productivity in a variety of industries is one of IoT’s instant offshoots. A smarter refrigerator or a thermostat aside, the modern technology has a more profound manifestation in areas such as manufacturing, healthcare, retail, telecommunications, transportation, and so on.

An Intel study states, “The global worth of IoT technology is expected to be $6.2 trillion by 2025. The maximum value of IoT will come from healthcare ($2.5 trillion) and manufacturing ($2.3 trillion).” As per the same study, the degree of adoption of IoT across some of the major sectors is expected to be as follows:

  • Digital Disruption Replaces Old Business Models

    Over 40% of all connected devices will be in the enterprise and manufacturing sector. This means that real-time analyses of supply chains and equipment or the use of robotic machinery to keep track of inventory isn’t a distant reality.

  • Saving Lives is Easier

    With portable health monitoring, electronic recordkeeping, and pharmaceutical safeguards becoming the new normal, the IoT adoption in the healthcare sector is projected to be at over 30%.

  • End-to-End IoT Application

    The retail sector is getting smarter with better inventory tracking, online shopping through smartphones, and the anonymous analytics of consumer choices using the IoT. It is estimated that the adoption of connected devices in this sector will be more than 8%.

  • Toward Better Security

    With smarter homes comes the need for enhanced security, which is why the adoption of connected devices in the form of biometric and facial recognition locks and remote sensors is expected to be at approximately 8%.

In Summary

Revolutionizing the personal as well as professional aspects of our lives, the IoT is in the process of bringing about changes that are fascinating in their limitless possibilities. In tandem with other emerging technologies such as big data analytics, autonomous robots, cloud computing, and augmented reality, IoT is enabling the global business landscape to improve and grow. From building an end-to-end digital enterprise that covers production and service offerings, to improving the time-to-market and cost-efficiencies, IoT supports companies in comprehending and connecting seamlessly with their customers.

Meet the Author

Rajendran headshot

Rajendran Nair

Chief Marketing Officer
Rajendran has over two decades in enterprise software in roles ranging from development to product management to marketing. He was most recently at Rootstock, the leading ERP for Manufacturing on the Salesforce platform. At Rootstock, he was responsible for driving topline, streamlining sales and marketing operations, and substantially increasing market awareness including favorable positioning in four major analyst reports.