The Report “Global Internet of Things Market, by Country (United States, Canada, India, China, Japan, United Kingdom), Company Profiles, Size, Share, Trends, Analysis, Opportunities, Segmentation and Forecast 2015 – 2021
“The biggest impact that Internet of Things will have on businesses and people is the huge increase in efficiency as tracking, monitoring, measuring and corrective actions will all be automated and focus will move to further enhance output rather than procedural actions.”
The concept of Internet of Things utilizes the networking capabilities of electronic devices to establish a inter connectivity and enable them to perform smarter. These devices include all types of consumer electronics, machine tools, industrial equipment, cars, and appliances, among many others. Internet of Things enables connection of myriad assets and devices. Data is pulled from all the devices and business systems. Monitoring and analysis of this data can provide insight into trends enabling timely changes and alterations to ensure a positive outcome from all business situations. Internet of things increases agility enables and enhances scale and can eventually lead to business transformation. The global IoT market is majorly driven by increasing internet penetration across the world and rapidly growing online population demanding interconnectivity of objects. Also the reducing price of sensors which act as a key to IoT applications is a major factor responsible for the growth of IoT market.
The primary challenge in dealing with internet of things is the humongous amount of data that is continuously generated. It is critical to have in proper place and adequate system so that it can be crunched even before it leaves existing systems. Data is raw form is hardly of any use and it has to be converted into information. Smaller loops in this conversion will help in efficient and effective management of data and information. In addition, skill shortage and security concerns are the major challenges hampering the growth of global IoT Market.
“The sheer amount of data that is generated can be a huge challenge. It has to be managed correctly right from the output before it turns into an unmanageable monstrosity.”
A complete knowledge of what kind of data is flowing into the system and what is the output that is wanted will help Internet of Things to work well. The information that comes out of the system can then help in decision making. Connectivity and various devices are only enablers in the larger scheme of things.
“Internet of Things – So much more than Connectivity”
Internet of Things is a concept that has the potential to impact all aspects of business and personal lives. If handled properly, it can help in increasing efficiency, manage things and data effectively and enhance decision making. Incremental steps in understanding and managing information are critical to make sense of the massive amounts of data that will be generated from the different devices.