The Need For Pushing the IoT Sector In India And It's Future The IoT is changing the way life is lived in the new-age world. It is changing how we work, how we travel, how we facilitate business

By Pranesh Chaudhary

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pixabay
Representational

The Internet-of-Things, or IoT, which refers to a network of millions and billions of devices around the world connected to the Internet, has been recently gaining popularity. The major reason behind this has been growing awareness among people about technology and IoT appliances gradually becoming quite familiar. A lightbulb that changes color or can be switched on and off using a smartphone device or an app is an IoT device, similarly, a doorbell which allows one to see and talk to the delivery guy through a smartphone app, is an IoT device. In almost every space or home, IoT devices seem to be becoming an integral part of the new age generation. It is indeed requisite for our society to move forward and progress technologically.

The IoT is changing the way life is lived in the new-age world. It is changing how we work, how we travel, how we facilitate business, moreover, it is also the catalyst of a new industrial revolution: Industry 4.0, and it is also a key factor in the digital transformation of organizations, cities and our society as a whole. Industry 4.0 is all about automation and collection and exchange of mass data in manufacturing technologies. IoT has also garnered a lot of attention, publicity and expectations and we require it to progress as a society.

The global IoT market is expected to reach $1,386.06 billion by 2026 from $761.4 billion in 2020 at a CAGR of 10.53 per cent, during the forecast period (2021-2026) as per a recent report by Mordor Intelligence. The quantity of organizations utilizing IoT advancements has expanded from 13 per cent in 2014 to around 25 per cent today and the worldwide number of gadgets associated with the IoT is expected to ascend to 43 billion by 2023, almost multiple times more than in 2018. This degree of acknowledgment is only a result of fortified industries due to the developing advances in IoT. Some of the trends that have contributed to this rapid growth and amelioration in the adoption of IoT are: IoT helped to build the Digital Twins system, resulting in a disruption in the construction, engineering and architecture industries, IoT in synergy with AI, ML and data analytics has resulted in an optimization in the utilization of safety systems and has also disrupted the networking industry.

There are unending options where IoT can assist humanity progress and develop to become a better connected and a technologically adept world. A few of these examples are:

1. IoT in Clinical areas: IoT enables a wide degree of execution with its extension in the clinical field like Tele-medication, wellbeing gadgets (wearables)etc.

2. IoT makes Tech Savvy Homes: IoT has enabled Homes to become tech savvy Homes with various gadgets that have been presented by tech giants like Google - Google Home, Amazon-Alexa, Nest, etc. India is still new to all these products yet the number of these appliances are significantly growing in number. These IoT devices can range from smart and they empower the households to communicate with one another over the web and make our lives more convenient than previously.

3. IoT makes Shrewd Cities: The most serious issue in metropolitan urban areas is time-killing gridlocks yet IoT is making it simpler with associating and data passing for example: one user can report an onsite construction blocking the road and the other user can see it in his navigation application and deviate from that route. Therefore, IoT lets us take necessary precautions for the circumstance beforehand. IoT also helps with Security frameworks making our cities shrewd cities by anticipating the upcoming challenges based on previously collected data.

There are endless possibilities of incorporating IoT in areas like Industrial Automation, Manufacturing, Advanced force supply, Digitization of urban communities in non-industrial nations etc.

Conclusion

The adaptability of IoT innovation and installed gadgets make them valuable in a wide assortment of uses and conditions. IoT enables homes to become Tech Savvy Homes and similarly, it enables organizations to become tech savvy organizations by giving them a chance to enhance computerization and improve information handling and examination. Thus making it an alluring apparatus for associations. Consequently, IoT gadgets will keep on driving change in an assortment of areas over the following decade be it personal like smart homes etc., or business ventures.

As the innovation develops with more and more people starting to contend, IoT's utilization will become more refined making it the need for the future and an integral part of our society.

Pranesh Chaudhary

Founder & CEO, ZunRoof

Related Topics

Business News

He 'Accidentally Discovered' a Semi-Passive Side Hustle in College — Now He's on Track to Make More Than $500,000 This Year

When a lack of funding put a stop to Zach Downey's pizza vending machines, he stumbled upon another lucrative idea.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

The Rules of SEO Are Changing — Here Are 5 Powerful Strategies to Help You Rank in 2024

Do you need help to rank well on Google due to new algorithm updates? Discover five SEO strategies that work in 2024.

Business Ideas

105 Service Businesses to Start Today

With this many ideas to choose from, you have no excuse not to get started today with your own service business.

Branding

6 Tips for Successfully Communicating Your Personal Brand

Follow these simple guidelines to stand out from the crowd and effectively broadcast your own personal brand to the world.

Business News

Apple Faces Class Action Lawsuit Over iCloud's Alleged 'Enormous Structural Advantage'

The lawsuit asserts that cloud storage on iPhones would be "better, safer, cheaper, and more prevalent" without Apple's policies.