It is no doubt that IoT touches all aspects of our lives. Either in business or personal use, this technology has come to stay. IoT market is expanding by the day. Urbanization and industrialization have influenced the growing trend of internet-enabled devices, this has given rise to the market of Internet of Things globally.

Why is IoT Important

IoT has created a promising and evident availability of extra time for humans. We will be able to gain and save more time by automating several tasks. A smart house or workplace fully automated is surely a time saver.

“We just have to make it our quest to use the time saved by IoT-enabled devices to be more innovative instead of resting on our ‘genius’.”

— Czarina Walker, Founder and CEO,
InfiniEDGE Software

Besides just making different electronic gadgets smart, IoT today tends to connect them in an ecosystem. As these devices increase, the broader ecosystem created will not just be the connection in a household or workplace. It will involve focusing on optimizing specific connected environments, and clearer ecosystems of multiple smart things.

The ecosystem of IoT will help us understand and control our environment, changing to more effective ways of building and managing our public spaces. Click To Tweet

More relevance has been gained by IoT considering the application of its data collection. The real-time data collected by IoT can drive data analytics and machine learning to more effective use. We will be able to raise our level of productivity in various aspects of our lives by more accurate usage of such data.

What are the Market Potentials of IoT

IoT is one of the most recent industrial revolutions of our lifetime sparking up the IT industry. In return, it has also grown the IT economy making way for a whole new market height.

The combined markets of the Internet of Things (IoT) will grow to about $520B in 2021, more than double the $235B spent in 2017.

Source: Forbes

The market estimates of IoT in the future will be very large, looking at the fact that it covers a wide range of implementations. Imagine if you have a mobile phone connected to your doors, windows, ventilation systems, cars, lights, kitchen appliances, and other gadgets. You will have a deep understanding of how the IoT market will go skyrocketing pretty soon.

The pace of IoT evolvement is astronomical. The speedy progress in IoT technology makes it a challenge even for the most experienced experts to predict the future of its standardization.

There is a vast list of possibilities that can be implemented in the IoT field including:

Growing trends in IoT has shown that there is a special activity of customers with large volumes of purchased devices for Smart applications. This high volume sector includes such things as water meters, managed valves, pumps, etc. Evidently, we need utility for everyday community living, agriculture and other basic survival needs for all.

Spending on IoT worldwide by vertical

IoT Market: Spending worldwide by vertical

Source: Statista

IoT Market Needs

IoT is actually more than just connecting things and collecting data, it is indeed a big market linking multiple parties.

First, there is a need to connect various devices from different manufacturers, functions, interfaces, and protocols. Then the data from connected devices are delivered to enterprise systems that analyze them for actionable business intelligence. The results are finally displayed on dashboards in web and mobile apps.

In recent times the IoT market is spanning in new directions, this shows the variety of potential solutions reached by IT companies. The market demands are also determined by manufacturers of supporting devices for IoT.

A recent chat with our partner and IoT industry expert revealed that today customer interests are related to the following:

Analytics and Machine Learning

The application of Big Data and Machine Learning will be good facilitators in the IoT sphere creating new opportunities. With the billions of connected devices, there is a vivid availability of real-time data for analytics. Records of data, metadata, and logic execution will help to heighten machine learning.

  • Generate
  • Collect
  • Analyze
  • Act
  • Visualize
  • Optimize

By applying ML, it will be easier to categorize algorithms in accordance with the types of data they can accept, their structural similarities, and the ratio of data they can process against a time frame.

Machine learning could be used in cases where:

A good combination of big data, analytics, and machine learning will be an optimizing tool for effective streaming data analytics. This combination will enable industry experts to take advantage of IoT data, using the data supply to train all forms of Artificial Intelligence applications including machine learning engines.

Blockchain in IoT

Blockchain is a very promising technology to the support of IoT. Combining both will allow to overcome security, operational, compliance, and legal challenges of IoT in a very consistent way.

  • Privacy and security
  • Scalability
  • Single point of failure
  • Time stamping
  • Record and data sharing
  • Trust and reliability

Apart from the execution of business logic via smart contracts, blockchain technology provides a simple infrastructure for autonomous functioning of smart devices. Blockchain-enabled IoT systems will allow devices to register and validate themselves against the network, and directly transfer data between one another with consistent time stamping.

Standard business terms and payments can be automated by interactions between nodes in an IoT system. The Blockchain technology’s peer-to-peer contractual behavior will rid third party’s approval in a transaction over IoT making it faster. Payments to business network participants and micropayments between devices will be based on sensor data and operate with indicators for delivery of product or service completion.

The record distribution system for sharing data across a network of stakeholders is an asset for analytical model tracking. Records of metadata and results of logic executions can be used to regulate compliance. The immutable history gathered will help in analyzing decisions made in IoT processing and making more intelligent systems.

Security, privacy, identity verification, and provenance authentication are vital for any IoT deployment. Blockchain as a decentralized system will prevent security vulnerability by protecting unauthorized device control and other malicious attacks. Securing software updates can be done by publishing a URL that can only be validated by the blockchain-connected IoT devices.

New Cellular Communication Modules

There is a strong desire among IoT market players to switch to new cellular communication modules. This is simply because cellular communication modules are becoming more affordable with better quality. Another factor for this move is that many home-based devices are moving outside into parks, streets, and farming fields where Wi-Fi connection is poor.

These specified communication modules usually include:

  • Low power
  • Long distance
  • High speed
  • Low cost

The Latest Technologies in Simple Wireless Devices

The application of simple wireless devices including the use of Low-Power Wide-Area Network (LPWAN), various trackers and so on is on the rise. Examples are LoRa devices and wireless radio frequency technology, LTE Cat M1 and Narrowband IoT.

They connect a lot of sensors, tags, and activators in industrial enterprise and consumer applications.

Despite advancing in Wi-Fi and Bluetooth projects, major projects are mostly on data transmission by the use of latest technologies such as LTE Cat M1.

Customers prefer devices such as LoRa for the following reasons:

This is a good motivation and time for designing solutions based on these new technologies because now they are supported by carriers, such as T-Mobile which has Narrowband.

More Complex IoT Gateways

An IoT gateway is a physical device or software program that serves as the connection point between the cloud, controllers, sensors and intelligent devices. More request has been in favor of complex IoT system gateways other than to simple end-point data capture devices.

  • Scalability
  • Performance
  • Diversity
  • Better security
  • Faster analytics
  • Improved time to market

Complex system gateways are notable for their competitive advantages such as:

For the use of complex system gateways unlike simple end-point data capture devices, there is a need more for more specific skills in such complex projects.

Final Thoughts

The development pattern of IoT has great potential and a well promising market share because its value and applications continue to grow. The challenge is putting up the best solutions using the most sophisticated devices combined with practical knowledge, experience, and expertise.

The result of advancement in IoT as an accurate source of wide-range data will be superior enterprise solutions in all sectors, increased productivity, comfortable living standard, and lifestyles. All this will lead to open doors for greater achievements through a “Smart” community.

The Velvetech team is well skilled with experts for IoT projects and also has the capacity to deliver. Velvetech’s Custom Hardware Design department offers a comprehensive suite of services including consulting, firmware programming, hardware & software design, and Cloud services integration. Reach out to us for a consultation today.

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