Internet of Things or for Short IOT is the profession of smart objects including cars, home appliances and devices which connects physical world to the digital world whereby human interacts with these devices to gain benefits, improve their consumer experience. For example, a home appliance that reduce monthly bills by managing resource usage by automatically turning off the lights when you leave home or by adjusting the room temperature according to the current climate. Another example of IOT is the famous baby app mimo which enables parents to check on their babies while giving them aa handy analytic style overview of the breathing and sleep patterns over time.
The difference between Internet of Things (IOT) and Industrial Internet of Things (IIOT) is their usages. Where IoT is more commonly used for consumer usage, IIOT is used for industrial purposes such as manufacturing, supply chain monitor and management system. IIOT uses more sensitive and precise sensors. Hence, IOT is intended exclusively for household and commercial sector while IIOT pertains to the industrial sector. Bu they both have common concepts like data management, connectivity data security and secure cloud.
IOT is the fastest growing global industry. In the year 2020 its net worth was USD 308.97 billion and is expected to be worth USD 1,463.19 billion by 2027 at 24.9% CAGR. Even in the most troubled of the years 2020 IOT industry showed resilience and showed growth of 23% in 2020 and so according to the report of Internet of Things (IOT), market size, Share and Covid-19 impact Analysis by the business insight the IOT industry is expected to be worth USD 381.30 billion by the end of 2021. According to the report the resilience of IOT industry during the Pandemic is due ti its growing demand and growth in the world.
The IOT works like a global infrastructure to provide for the information society. It enables services to connect with each other on basis of advanced and current communication technology. IOT industry has a huge potential of expansion and development that is expected to open up new opportunities and revenues for humans. IOT’s feature to operate independently without any human intervention will open up new avenues for businesses management and add efficiency. Even IOT technology is now being used against the Pandemic.
Covid-19 and IOT Technology
Hospitals and paramedic staff across China are using connected thermometers, temperature sensors, drones, and telemedicine to fight pandemic and provide the patients and public with the right services to protect them against the virus.
The paramedic staff at Shanghai Hospital is using connected thermometers in order to monitor the temperatures of the staff and the patients. They and other hospitals in China have also employed temperature sensors to reduce the risks of staff members being exposed to the covid patient. Whereas telemedicine and drones are also being used to protect the frontline workers. For example, drones were used to monitor the citizens during the lockdown while South Korea with the help of IOT controlled drones cleaned the outbreak hotspot Daegu. Moreover, in India and Al startup company Asimov Robotics employed robots at various public places in the city of Kerala and office’s entrances to deliver public health message and sanitizer.
However, despite the new innovative usage of IOT technology the IOT market experienced a setback in the initial period of the pandemic due to the supply chain disruption which was in turn caused by the transport and labor unavailability. But with the current pattern and innovative adaptations companies are getting back on track. Below graph shows the latest and expected trends of the IOT industry.
Smart Cities and the Rising Market of IOT
With increasing urbanization and digitalization, the demand of IOT technology is rising rapidly. Shifts towards smart cities and digital ecosystem has expected to the demand of IOT devices especially for its management features. Currently IOT devices and technology is being used for air and water quality control, observing mobility and infrastructures and public utilities. For instance, in 2019 a European based company European Innovation Partnerships for Smart cities (https://www.fortunebusinessinsights.com/industry-reports/smart-cities-market-100610) and communities (EIP-SCC) invested about 1.12 billion dollars to construct about 200+ Smart Cities in Europe.
Europe is the leading region in development of smart cities and so is the inspiration for the world and its members for smart cities and IOT technology. According to Business Insider EU commission in 2019 had worth USD 439.6 million in these initiatives.
Asia Pacific and IOT Market
Of the global IOT market Asia Pacific region holds the maximum share of it due the rising number of smart city initiatives and cloud usage. Communication industries and service providers are reevaluating their data structures to incorporate IOT dives and technology in order to monetize the systems and data. As per the report of GSMA the largest world’s largest IOT market also exist in Asia Pacific region-China owns 64% of the 1.5 billion IOT connections (https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307).
Some Leading Companies in IOT Market
- Amazon Web services, Inc.
- Bosch Software Innovations Gmbh.
- Cisco Systems, Inc.
- SAP SE.
- IBM Corporations
- Microsoft Corporations.
- Siemens AG.
- Oracle Corporations.
- AT&T, Inc.
- Huawei Technologies Co, Ltd.
- Intel Corporations.