We all have been hearing about IoT, also known as Internet of Things. IoT is nothing but a series of applications that connects devices such as electronics, home appliances, automobiles, etc.. This enables a completely new perspective to connecting the virtual world with the physical world through the medium of internet.
According to a recent survey by Statista, it is expected that the number of “internet connected things” will reach to a staggering 50 billion and the cost impact of this reach will be an astounding $19 trillion. Wearable devices are another segment that is picking up and there are companies who specialize in application development around wearables such as iWatch. Now, this creates a huge scope of application development around IoT, giving an opportunity to service providers to embark up on th is journey.
With application development happening at a breathtaking pace, IoT has moved from what was a niche area to mainstream technology framework across enterprises. However, what is to be noted is that IoT on its own cannot undergo a transformation. It must collaborate with other technologies such as Artificial Intelligence and Blockchain to deliver the business impact as it is supposed to. The journey has already begun in 2018 and we are seeing IoT application development and integration of these applications in various capacities that deliver immense value to organizations.
And you may not believe this, but application of IoT has also triggered the apparel industry. According to Statista, in 2015, around 968,000 smart clothes were delivered to consumers. This number is said to increase by 71.6% to 24.75 billion by the year 2021.
Yes, the journey has been embarked up on and we are going to witness a transformation in the way devices will be operated and how individuals and enterprise will harness this. Security will be the top most point when it comes to IoT in the future.