It is expected that by the year 2020, number of Internet of Things (IoT) connected devices will rise to around 20.8 billion, a significant rise of over 225% when compared to today’s demographics. 

The IoT where “billions of things talk to each other” is transforming the everyday physical objects surrounding us into an intelligent information ecosystem to enrich our lives. From refrigerators to houses to logistics, IoT is bringing-in more and more devices into the digital world every day. 

To this, embedded sensors have been playing a vital role. These are considered as the backbone of the Internet of things and are the main source of collecting huge volumes of data created every moment by continuously indexing the world and sending the information to the cloud for analysis and power certain applications.

This is actually what's powering the IoT majorly resulting in connected clothing, connected cars, connected logistics and connected ‘everything’.

Why IoT is of so much importance to consumers and businesses?

IoT helps its consumers by drastically improving their decision-making capability through increased IoT intelligence. In case of businesses, IoBT (Internet of Business Things) enable companies get hold of an enhanced process optimization and collection/reporting efficiencies on the data collected from the business environment. Businesses are increasingly using sensors with their people, processes, places and products so that more insights on data can be collected and the same can be analyzed effectively to increase transparency. 

It incorporates huge market potential

There has been an astounding impact of IoT on our daily lives making it simple by naturally merging into areas like transportation, retail, healthcare, industrial control, resource management and utilities management. Due to such vast involvement in every sector, this market is attracting huge investments from government as well as from private sectors. Also, because of the enormous market potential and demands initiated by trillions of connected devices, IoT is providing a means to expand businesses and increase revenue significantly.

The major IoT trends (good & bad) for 2016

  • There will be a widespread and common use of smart networks.
  • Managing the data of your things is expected to create both opportunities and challenges.
  • The use of standard services will make IoT capabilities much easier to deploy.
  • The significant IoT component pricing drops will bring deployments into the reach of much larger audience.
  • Ever changing nature of business processes may pose as the biggest obstacle for IoT.
  • Security of IoT will remain a flawed aspect in the near future.

A move towards becoming the ubiquitous network 

IoT is fast breaking its traditional boundaries and extending the communication to a whole new level. Devices, which were previously considered as unconnected, now can be networked through intelligent communication modules. With the addition of a new device into the communication network every now and then, ubiquitous network of IoT is fast gaining shape and is expected to grow at a rapid pace. This means the whole world is moving into an era of ‘everywhere internet’ through intelligent information sharing and collaboration.