The Internet of Things sits at the intersection of sensors, networks, design, business models, and a wide range of industries. At its simplest, the IoT is the idea that wireless communication and digital intelligence can be embedded into everything around us — clothing, vehicles, buildings, flowerbeds, even the ground beneath our feet. Underlying this transformative concept are complex and interwoven layers of physical, digital and human infrastructure that will allow billions of devices to collect, transmit and receive data through the Internet.
Like other great technological shifts throughout history, the IoT is changing the way we work, the way we play, the way we learn and the way we organize societies. It has the potential to make us better informed, healthier, more productive, and more connected; and it introduces new challenges for privacy, safety and regulation.
Whether you are a technology enthusiast, a business leader, a lawmaker, or a concerned citizen and consumer, it’s crucial that you understand the Internet of Things.
The IoT is enabled by a wide range of technologies and systems. Individual devices are made up of physical components like sensors, actuators, batteries and radios. Smart systems are created by the addition of software, cloud computing and APIs. Networked communication between devices, users and the cloud is enabled by a variety of standards and protocols, which are defined and developed by the IoT community through industry groups and regulatory bodies.
Business is booming in the IoT industry as companies new and old compete to out-innovate each other and capture market share. Silicon Valley giants like Google, Apple and Amazon are competing for control of the IoT ecosystem, while established manufacturers of appliances, autos and home entertainment systems are adapting IoT technologies to their existing product lines. At the same time, an explosion of startups has taken advantage of venture capital and crowdfunding platforms to break onto the scene and establish new niches offering smart consumer goods and software-as-a-service platforms. The field is now rife with new investments, acquisitions and mergers.
Use Cases and Applications
Although the IoT is a relatively young market, already certain niches have emerged where its technologies are a particularly good fit. Agriculture, energy efficiency, building infrastructure, retail analytics and smart vehicles are just a few examples of fields where IoT innovation is shining and making inroads toward mainstream adoption.
Just as the Internet was praised for democratizing the ability to publish and share information, the Internet of Things is now democratizing the ability to create hardware and software. Alongside the proliferation of IoT consumer products and business applications, the building blocks of connected technology are more available and less expensive than ever before.
Every industry will eventually be impacted by the IoT, with economic and regulatory effects cascading through the decades to come. There are a plethora of business implications to consider, from emerging market segments to investment opportunities. A new wave of regulation is also building, as citizens and lawmakers try to anticipate and adapt to the challenges these new technologies and business models will create.
The Internet of Things market is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.9%. The report considers 2017 as the estimated year for the study and the market size forecast is done from 2017 to 2022.