As we’re witnessing a transition towards smart cities, smart homes, smart retail, connected cars to name a few, the term ‘connectivity’ is no more confined to laptops and smartphones. 

One such technology that is going to have an impact not only today but also in the coming future is IoT as it is designed for storing and processing IoT data and is the core of all IoT-related devices and solutions.    

IoT is also catching up in this arena where advanced technologies have been blooming at a tremendous rate. It has been set in such a way that the intake of huge volumes of data generated by sensors, user websites, applications and then accordingly initiates actions. It is based on real-time responses and analytics.

If we look at the Global IoT ecosystem, the global IoT market was valued at USD 193.60 billion last year (2019) and it is expected to reach about USD 657.31 billion by 2025. Moreover, it is also predicted that the market will show a growth CAGR of 21.00 percent.

The real-world application of Internet of Things today:

Connected Vehicle

According to a credible report, it is estimated that the Global connected vehicle market is going to be valued at USD 212.7 billion by 2027, emerging from USD 42,6 billion in 2019. Moreover, it is also expected that this market will grow at a CAGR of 22.3 percent. The main concept behind the connected vehicle is that it analyzes, gathers, stores to take the needed actions based on the data that is being collected from different vehicle sensors. So to look at the IoT capabilities, this will be used as a V2C (vehicle-to-cloud) offering which will enable awareness of the environment besides the vehicles  that can be useful for delivering structured information and keeping in look with the driver all the time. 

Industrial Internet of Things (IIoT)

Consisting of systems with sensors, software, along with big data analytics for building intelligent equipment, today, Industrial Internet of Things (IIoT) has been developed for aiding industrial engineering space to evolve with the changing times. Rather than their human counterparts, smart machines are being developed with higher precision and consistency when it comes to transmitting data. These data analytics helps companies to resolve their shortcomings and solve their problems faster. Owing to factors like the emergence of Cloud Computing along with IoT, this segment has been rapidly growing from quite some time now.  

Smart Cities and IoT

IoT not only holds the potential of solving major issues of cities like pollution, traffic congestion, etc., but also there is no doubt that IoT has been significantly favoring smart cities initiative. Also, IoT is going to boost the smart cities with their networks for offering an advanced set of applications for citizens. There are many uses of IoT devices such as connected sensors, lights, and meters for collecting and analyzing data. This would provide an advanced set of applications for people which will combine a perfect initiation of new sustainability schemes. Moreover, this will create first-hand growth opportunities for the development of enterprises in smart cities.