How Vast is the IoT Market?

How Vast is the IoT Market?

Smart watches, smart cars, bright light bulbs and even intelligent plants – the smartening of everything is projected to make the IoT market exceed $195 billion by 2023, according to a ReportsnReports analysis.

As estimated by an IHS survey, there were more than 20 Billion connected devices globally in 2017. And this number is set to grow over the next decade. This exponential proliferation is mainly fueled by the increasingly universal manufacturing of smarter devices to capture data and enhance communication and business infrastructure.

The goal of IoT is increased convenience and efficiency for consumers. Therefore, the Internet of Things can penetrate into every aspect of our way of life. Smart devices can range from computing devices, digital machines, and home appliances to even organic things like plants, animals, and people. This wide range means anything that can be assigned an IP address and a sensor.

These millions of objects around the world are now collecting real-time data and sharing it through the Internet. This gives a level of digital intelligence to devices that would be otherwise dumb. Enabling them to communicate without human involvement. Thanks to sensors and wireless networks getting cheaper and more accessible. It’s possible to turn anything, from chairs to automobiles, into part of the IoT network.

Catalysts behind IoT Market Expansion

As the cost of sensors continues to drop. It becomes easier and cost-effective to add more devices to the growing IoT network. As the number of online devices continues to rise. Everything in our living environment from buildings to streetlights will become “smart” and efficient.  

Developers are jumping on board the IoT train and have begun integrating Internet and sensors into a host of objects.

Sensors

Sensors and external data gathering apparatuses are becoming the essential catalyst for IoT industry growth. To make a device smart, it needs to gather data and make decisions. Therefore the more intelligent the invention, the more data they need to make different choices.  The accuracy of a device’s sensors and actuators will separate the industry leaders from the slackers. Geospatial proximity, temperature, acceleration, and motion are just among the few components that need to be as precise as possible when measured.

Unlike the traditional Internet that we know of. Data in the IoT is not put in by people but rather by these physical objects. The “thing”, in the Internet of Things, can be a car that has built-in sensors to alert the owner of a theft, a thermostat that lets you control temperatures from your phone, a person with a heart monitor implant, a cow with an ID chip implant, or any other natural or man-made object that can be assigned an IP address and provided with the capability to transfer data over the Internet.   Pretty much anything can be transformed into an IoT device when it’s modified to be connected and controlled through the Internet.  

Semiconductors

Semiconductors, actual core components of IoT devices will also experience a $45 billion IoT-driven market boom by 2020. That is according to Gartner. Consumer home automation devices and automobile industries taking the big slice from this market.

The goal of a genuinely interlinked tech ecosystem will also reflect similar growth in data and business intelligence. The more objects are online, the more companies will be able to gather data. As well as control devices, push updates and make knowledgeable business decisions. Hence, indirect communication from devices needs to be reliable and accurate. Also the ability to translate piles of big data into meaningful, useful information becomes paramount for industries.

Infrastructure and Service Providers

Programmers built a practical and successful IoT ecosystem built upon an infrastructure that can support it. It remains to be seen if considerable investments in telecommunications infrastructure will be able to support the growth in IoT. With concerns like cyber security. It also remains to be seen how the industry will deal with burgeoning privacy and security issues. The sheer number of interlinked devices in a network means multiple gateways for malicious intent.

Security will become more and more important as the sheer number of devices collecting sensitive and personal information increases. Some IoT applications can receive confidential, real-time patient information or will be deployed in public metropolitan extensive area networks. Hence, with the increased dependency on IoT-driven data comes a new wave of privacy concerns.

IoT devices bring about a whole new level of online privacy matters.

Because these devices not only collect personal information like users names and addresses. But can also monitor what you like to eat or when you leave the house. Following the string of exposes about significant data breaches and private hacking content. It is reasonable many consumers are wary of placing too much personal data in the cloud. Each new device connected means increased the risk of cyber-attacks from hackers who may control devices remotely.

There is an opportunity for Internet Service Providers though, to act as the defense of local devices from hacking devices. The DOCSIS or ADSL/VDSL modem is smart. It can serve as an intelligent filter, a kind of automated firewall. That only allows the customer’s intelligent home device through the network.

Connectivity opportunities are critical tasks of network providers and their fundamental contribution in the area of IoT solutions. Consider the value of an anti-malware component at the carrier level, protecting the home IoT devices that cannot defend themselves. The home router could easily detect which devices connecting to its Wi-Fi are the customer’s phone, computer and IoT devices, and which methods are malicious. To read more on Internet providers and their services visit www.xyzies.com.   

The Cloud

In recent years IoT has grown to a massive scale. It is no longer about a handful of high-end Internet-connected home appliances. Now, the IoT market is made up of all types of industries from agriculture, to medicine, to automotive, to home security and automation and can even monitor carbon-based life forms like plants and animals.  

What has changed since the 2000’s to make this all possible? Several key factors include the introduction of extensive data analytics tools and the creation of the Allseen Alliance AllJoyn standards which allows for IoT hardware and software from different vendors to interact and communicate with each other.

But perhaps more than anything else, the arrival of cloud computing is the crucial influence in making modern IoT possible. The growth of social networks and search engines provided the novelty to drive the interest in astronomical data. Then, it was the public cloud providers such as Microsoft, Google, and Amazon that offered inexpensive platforms for big data systems.

The cloud provides an always-on place for storing information and substantial computing numbers. Highly available and affordable cloud infrastructure makes it easy to deposit data and compute tasks from IoT devices to cloud servers. In turn, IoT devices don’t have to be built like computer hardware but can be cheaper and leaner because all the heavy lifting is done in the cloud. Your smart thermostat won’t have much to do (aside from regulating temperature) but upload its status and download your instructions through the cloud network. It doesn’t have to store and compute the data itself.  Provided the device has Internet connectivity, you can monitor and control it through your smartphone solely through the cloud.

IoT is all the Hype in the Tech Sphere

Internet of Things was the entire buzz in this year’s Mobile World Congress (MWC 2018) in Barcelona. The Congress is the biggest show on mobile technology and smartly connected ecosystems, with 100,000 attendees expected annually. MWC 2018 brings together all major players in mobile tech and is the platform to announce new and exciting devices in the IoT market.

MWC 2018 covered many themes like 5G use cases in IoT, artificial intelligence & machine learning, cyber security, smart cities and real-time location systems.

5G network rollouts were a significant theme of the show, in 2018 the year that mobile IoT networks start to scale really. The GSMA announced that to date, 23 different mobile operatives had launched 41 Mobile IoT commercial networks worldwide. This development is sustained by 34 IoT Labs and an expanding community of over 800 organizations in the Mobile IoT Innovators Community.

With regards to the burgeoning issue of security in smart homes, Telefónica announced it would integrate the McAfee Secure Home Platform in broadband routers to reinforce the online safety for all connected home devices. The update will be gradually deployed from June 2018 onwards and will comprise IoT devices such as home automation systems, wearables, gaming platforms, and smart home appliances. For more on the home Internet, entertainment and telecommunications devices, visit www.xyzies.com.

Qualcomm 

Took the stage to highlight its commitment to driving IoT development through partnerships. The company is partnering with many high-profile brands, including Cisco, Fossil Group, Whirlpool Corporation and GoPro. All brands will adopt Qualcomm technologies. Qualcomm’s new chipset products are not only helping IoT development and adoption but are making it possible for brands to enter IoT market.

China Mobile and Ericsson

Announced plans for a joint agreement to develop Internet of Things (IoT) opportunities in enterprises and industries. Ericsson’s industry services and Device Connection Platform IoT will provide the foundation to support China Mobile’s worldwide expansion of IoT business.

The 6th Mobile IoT Summit also covered mobile IoT. Huawei president of cellular IoT line, Cheng Zhu, proclaimed that this year would be a “big bang” for networks based on narrowband-IoT (NB-IoT), with the total swelling from 28 in 2017 to 100 in 2018 and the number of network partners tripling to more than 3,000. Panelists all agreed that much more work still has to be done to ensure cost; scalability, roaming, and security concerns are answered.

Bottom Line

One thing is for sure: IoT will remain to play a more prominent role in our daily lives and the economy at large. It is not a question if the IoT market will continue to expand, but at what velocity and if we will be able to keep up.

 

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