If there’s one rapidly growing sector in the country, then that is surely the Internet of Things or the IoT. By saying the Internet of Things or better referred to as the Internet of Everything, we refer to the numerous objects and device which are connected to the Internet like your refrigerator, your smartwatch and your Fitbit fitness and grooming devices. Being able to contribute to the huge world of data, they can transmit data through the Internet.
Moreover, investors consider the Internet of Things as the hottest topic in town because it is indeed doing a noble job of connecting billions and trillions of smart objects through the internet and is undoubtedly making life simpler and easier. The society can be run smoothly now and the aid industry is gradually becoming even more productive than before. Nevertheless, check out some mind-boggling facts on the Internet of Things.
- Ready for a frenzied growth: As per predictions from NASDAQ, more than 50 billion smart objects will be connected via the internet by the completion of 2020. This number will actually see a three-time increase from the numbers that we have currently. Cisco, being a networking giant, offers the infrastructure to the rest of the world to route, ingest and manage all sorts of cloud-based data that such objects reduce. In terms of dollar, the spending for the Internet of Things will grow by 17% per year in between 2014 and 2020 and the growth will be around $1.8 trillion in a year.
- Major impediments will delay adoption by consumers: Presently the IoT for the consumers is concentrating heavily on home appliances like thermostats and wearable devices like the smartwatches and the fitness tools. But you will be rather surprised to know that a survey initiated by Accenture in 2015 showed that despite the popularity of the IoT, 88% consumers weren’t actually aware of the term. Hence, later on awareness was spread to inform people about this revolutionary technology.
- The technology will face fierce competition: Since it provides a trillion-dollar investment opportunity it has already lured noteworthy competition. In fact, now it is being seen that virtually every major tech company, irrespective of whether it is software, hardware, telecom or others, has shown increasing interest in driving growth through the Internet of Things. It has been usually seen that such extremely competitive environments throw a difficult phase for the companies to make their niche and secure a safe position in the market.
- Value of IoT is clearer in industries: According to surveys, it has been seen that the value of Internet of Things is clearer and more in industrial settings. The IoT resolves to enhance productivity of companies by installing sensors which are connected through the internet and by harnessing the power of big data analytics. For all the industrial companies like GE (General Electric), small gains in productivity offer huge savings in cost and hence they predict that their industrial productivity will improve and may even add $10 trillion to the overall GDP within the next 15 years.
To put it together, since the Internet of Things covers various sorts of technologies, there can be many ways of investing in this industry. However, just as you remain aware of the recent Android news, you also have to stay aware of the recent happenings in this industry which is having an impact on this industry.