How IoT is Changing the Business World
There isn’t any doubt that the Internet of Things (IoT) has brought a great revolution in the business world. Across the world, people are bringing a number of changes in their daily life. Moreover, manufacturers are busy issuing in thousands of devices, vehicles, appliances, and others in the market. The devices happen to be embedded with sensors that make it possible to control the devices even from remote locations (through the internet). For instance, if you have installed electric devices in your home using this technology, you can easily turn on or off those devices far from home through your mobile. Isn’t it sounding wonderful?
So many times it happens that we forget to turn off lights before leaving our homes. But, you shouldn’t be worried about this thing now as you can control everything at your home through IoT. Below, you can find some interesting facts of how IoT is rapidly changing the business world.
What is the Internet of Things (IoT)?
According to the definition of Wikipedia, IoT is the network that is developed through devices, home appliances, vehicles, and others. These devices contain actuators, electronics, software, and connectivity that allow the devices to get connected, exchange, and interact. Now, not just your laptop, mobile, or desktop PCs that will make connections with your internet but appliances, vehicles, and other devices will also do so. The term IoT was coined first in the 1990s but it has got immense popularity across the world in the last few years. Specifically, the governments of many countries are showing a keen interest in the devices that possess this particular technology.
How Countries Investing on IoT Devices
There are plenty of developments that have reshaped the digital economy of the USA and IoT is one of them. According to a survey by Silicon Angle, the industrial internet market is going to surpass $1.7 Trillion by 2020. As a result, more and more people will get connected to internet devices. Furthermore, this will bring a great opportunity for businesses to gain digital economy advantages with the help of this amazing technology.
Would you believe that Sweden is quite close to becoming a cashless economy? This particular country is a natural base of IoT as creativity and innovation are always there in this particular part of the world. Moreover, the Sweden government is also running a special project of around SEK 80 million. The program is to increase the awareness of intellectual properties. From healthcare to smart TVs, there isn’t anything that hasn’t acquired IoT.
KSA and UAE
A research shows that there has been a rapid growth in the market of IoT devices in the United Arab Emirates and Kingdom of Saudi Arabia. Since there is no end to the possibilities of IoT, more and more household devices are attracting people in the markets. The electric and electronic devices in our homes (TV, Lights, Fridge, etc) are making connections with the Internet of Things. The research also presented a chart in which it showed the percentage of IoT users in the Middle East:
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It won’t be wrong to say that Estonia is really lighting the future of IoT. Especially the government of this particular country is doing a great work in building a 100% digitized society. In particular, Eliko that is the biggest IoT company in Estonia has created a Smart Street where street lights are controlled through IoT. Using the lights, they also collect the date of traffic, electricity consumption, noises, and even the garbage in the cans.
Global Market of the Internet of Things (IoT)
There has been a great global market of IoT devices a rapid increment is seen particularly in the last 4 to 5 years. According to Forbes, in coming years, IoT will play a vital role in reducing the costs of various things. Further, it will also bring lots of new business models related to app development and integration. The following graph by IoT Analytics is strong proof of this statement.
In conclusion, the Internet of Things will definitely continue this change in the business world. Moreover, the world will go nearer to become a fully digital society. From business enterprises to common people, it will produce lots of opportunities for everyone to not only make huge profits but to bring a real change in their lifestyle.
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July 27, 2021
April 8, 2021