Are you looking for the next big thing in tech space? then don’t look further. Since many of our everyday items are going to be connected to internet in near future the market for Internet of Things will be taking over your home and all business in the world soon and it has already begun.
IoT refers for the internetworking of things and their connectivity to software, the internet or cloud based programs which enable the connected things to send and receive data. The divers of the market for these devices are already realized by the general public and major corporations. And it is going to be the next giant leap in the tech market.
As we can see Amazon and google also decided to move on with IoT space with a successful product of “Amazon Echo” and google with google home. They are intelligent software aided IoT devices which act according to your voice command. According to a note by investment firm Mizuho, the revenue generated by Echo and Alexa (the intelligent software in Amazon Echo) could exceed $11 billion by 2020. So, it is worth enough to get involve with.
To give you some perspective on IoT being the "next big thing," here are what analysts are predicting for the IoT market.
Bain predicts that by 2020 annual revenues could exceed $470B for the IoT vendors selling the hardware, software and comprehensive solutions. McKinsey estimates the total IoT market size in 2015 was up to $900M, growing to $3.7B in 2020 and has a potential economic impact of $2.7 to $6.2T until 2025. General Electric predicts investment in the Industrial Internet of Things (IIoT) is expected to top $60 trillion during the next 15 years. IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025 Below is a global market potential (in billions) of IoT devices owned from 2015 to 2025.
Above research predictions show that the Iot market holds a real potential in itself.According to the data shown above the market potential will increase by 489.55% globally. So, it is something that you should give your attention since it shows a promising future.
Other than the marketing potential influence for involving with IoT we can consider about the huge change which is going to happen to your daily lifestyle. Even it starts with your personal life it will spread all over the society. Its impact is not going to be small since it covers almost all the sectors in your surroundings.
Even there are tons of individual appliances and apps are out there in the market, only few solutions are there which can bring those all into one place in order to give a complete experience for the user. But with the common growth of IoT industry we can predict that this issue will be solved by the leading companies who are already involved with Iot industry. So, the day is not much ahead from today where from the lamp in your living room to the garbage can at the yard is smartened. In very near future we will be able to live in smart homes with the help of IoT devices which helps you to lead an easy life.
And even when you are out from your house you will receive the facilities of IoT. Because smart homes are not the only choice you will have in IoT space. When you are on your drive way your smartened car will communicate with the deployed sensors along your drive way and will notify you about the important facts that you should need to know like traffic condition, available parking spaces and even natural hazardous weather conditions.
Other than personal requirement fulfilling IoT will help you to improve your current situation in your industry or business too. Your company or farm any industry you work with will be able to smartened with the help of IoT. So do you still believe that it is not worth enough to involve in IoT revolution?