The Internet of Things is the networking of physical objects around you through the use of sensors that can transfer or transmit data about the objects. Data then collected from these devices are used to optimize services, products and operations.
The IoT is meant to work everywhere, from homes to offices to hospitals and so on. All the devices within that network communicate and exchange information with each other. ‘Things’ does not specify any object but it is just anything that has a network to connect to other devices around it. It could be heart monitoring implants, biochip transponders and so on.
The key market areas where IoT can prove to be a huge success and where IoT apps have potential for growth are listed below. Let’s find out:
This is the area with highest demand. Yes, we do want a smart home. Wouldn’t you love it when our devices keep interacting with each other and respond on your command? What if your AC can feel if you’re hot or cold and adjust its temperature accordingly? Well there’s good news. It’s not just you who wishes for this. Another 60,000 people search the same over the internet each month. IoT’s analytics includes 256 companies and startups. Smart home app developers are already developing some great apps that would support the Internet of Things. Unbelievably, it takes more than $2.5 billion to fund a Smart Home startup like Nest, Philips, Haier etc. Nest has already been acquired by Google which shows a sign towards the potential IoT has in automating homes.
Big data, analytics and a lot more is there to build up a smart city. It will be applied to wide areas like traffic management, water distribution, security, environment monitoring and a lot more. IoT aims in solving major problems in cities like the traffic congestion problems, pollution. It also will make the city a real smart & safe city so that you no more get annoyed and complain about bad traffic. And all this can be done by building apps for the IoT environment.
Wearable have always been a hot and trending topic. There’s so much to be excited about, from Apple iWatch to Samsung Gear. These devices are being used for fitness, location tracking and entertainment. They don’t just fulfill the requirement of a traditional watch but also have to offer you a lot more. Within the IoT environment, these wearable can easily connect to devices around you in your home. For example: To access your TV, music system and a lot more. You can find out more here.
Smart manufacturing is all about creating such an environment where all available information is captured in real-time. IoT app developers are all set to develop apps that can help in flow optimization, employee safety, inventory tracking in real time and a lot more. IoT will surely make manufacturing smarter. Smart manufacturing apps will make all the manufacturing simpler.
Smart retailing is all about using technology & innovations for retailing purpose. A prominent example is smartphones. Apps like Grofers, ebay, Alibaba and other e-commerce sites are perfect examples of smart retailing. Users can shop online while they are still inside the stores.
Smart supply chain
Supply chains are already getting smarter day by day. Real time tracking of goods while they are on the road, exchanging inventory information by suppliers are all prominent examples. This area is for sure getting a push in the market but currently the popularity is limited. But yes, it is expected to rise in the upcoming years.
Smart farming does not fall under well-known fields like mobility, health, industry etc., hence it has less scope in the market. But still this category can revolutionize the way farmers work since a large number of livestock and other farming operations can be monitored with the use of Internet of Things. In a decade or more, smart farming could be an essential field in the agriculture exporting countries.
“Smart grid” is a class of technology used by people to bring utility electricity delivery systems into the 21st century, using computer-based remote control and automation. Two-way communication technology and computer processing are responsible in making these systems possible. From power plants to electricity in homes & offices, smart grids offer variety of benefits to consumers and utilities. Smart enough! All thanks to the Internet of Things.
Smart Connected Cars
Smart connected cars are coming up in the next few years or even a decade. Large startups are already working on this concept. If car giants like BMW, Audi, Ford don’t integrate this into their cars, other tech giants like Google, Apple are already working and testing connected cars before they finally release it and commercialize it.
With rise in demand of IoT, the market in this area has a lot of scope. So if you’re planning to invest or develop something in the IoT, go for it!
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