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Internet of Things (IoT) will deliver new opportunities

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CIOInsider Team

From factory equipment to the children's toys, everything is connected to internet and to keep internet exploitation-free, IoT is there. According to the global IoT security market generated $16.55 billion in 2018 and is expected to witness a CAGR of 22.26 percent, during the forecast period from 2019 to 2024. It is quite noticeable that IoT is now being used by the companies representing all spheres of human activity. Moreover, the companies and business-people are getting even more interested in the practical implementation of smart technological solutions rather than in theoretical development.

Essentially, the IoT ecosystem is made of four main parts. Hardware circumscribes everything from the newly connected devices to the networks and servers needed to support operations. Secondly, the software contains all applications that access or control these connected systems, and those applications can come from a variety of providers. Thirdly, rules and standards will be needed in order to realize the true potential of the technology. And finally, services will be placed on top of this complex landscape to provide value for a broad range of companies.

Furthermore, with IoT extending digitization into the physical world, it is no surprise to see massive numbers when it comes to broad economic impact. A report published by the McKinsey Global Institute projects that IoT will result in upwards of $11 trillion in global economic value-add by 2025 – the combined benefits that businesses will derive through the sale and usage of IoT technology. Likewise, General Electric predicts the Industrial Internet, their interpretation of IoT, to boost global GDP by $15 trillion over the next 20 years. Even, IDC narrows in on the IoT market itself, projecting the worldwide market for overall IoT solutions to grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.

Yet according to some specialists, it is yet not the time to regard the IoT as something done because undoubtedly the changes brought by the IoT are only under development. In 2019 the IoT capabilities are expected to shift to automating and augmenting that how people are experiencing the connected world. It will most probably result in a more unstructured landscape of a wide variety of dynamically meshed things and services.

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