Market Potential of IoT: A Glimpse into Future

June 1, 2016 Published by:

Market Potential of IoT: A Glimpse into Future

You may have some knowledge regarding the idea behind Internet of Things. Well it is no longer a scene out of Sci-Fi movie but a reality that is gradually dawning upon us. Over the last few years we have seen businesses across industries take baby steps in this direction and these enterprises have already started bearing the fruit of their efforts. Whether it’s tracking the shipment of goods using an RFID chip or a smart refrigerator that alerts you when to shop for supplies, there are hundreds of possibilities with Internet of Things. There is a huge demand for internet of things solutions from across different industries and in this short write-up we take a look at IoT and how it would change human lives forever.

Connected World

It is estimated that by 2020 there would be 50 billion inter-connected devices in the world. These would communicate with each other and take care of most of the activities and actions that require human intervention today. More than 25% of all the products sold in the market would have sensors attached to them, thus offering businesses real-time data to make informed & quick decisions. This would enable businesses to come out with better products based on the needs of the customers.

Smarter Cities

Internet of Things would make our cities smarter and help civic authorities offer better services. We have already seen this with smart street lighting and in the future it would be possible for homes to sell power generated through solar and wind energy to the grid and draw power on demand to save on their power fills. Automatic detection of leaks in pipelines, automated traffic management and surveillance would lead us to an integrated control system and better our lives.

Healthcare Industry

Healthcare industry would adopt IoT in a big way. Smart wearable devices would constantly monitor vitals and would be able to raise alert in case of any abnormal phenomenon in the body ensuring quick medical attention. Smart prescriptions would send out refill alerts to the patients and their entire medical record would be digitized and easily accessible from anywhere at anytime.

Smart Manufacturing

The entire manufacturing industry would go through transformation where real-time data would allow manufacturers to gauge demand in the market and accelerate or decelerate production. This would ensure optimum use of resources and cut down on the wastage.

Improvement in Safety

From workplace to educational institutions and your homes, you would see immense improvements in safety standards. This would extend to road, railroads, aviation and shipping ways. From alerts regarding an emerging problem to better safety standards and adherence to protocol and standards IoT would bring in change in preventive maintenance and this would save countless human lives.

As you can see the possibilities with Internet of Things are immense, human imagination is perhaps the only limit. If you want to cash in on this idea and looking for IoT apps, Semaphore Software will help you transform with apt IoT solutions. We are leaders of IoT app development in India and cater to the world. If you wish to discuss your project and know the possibilities drop us an email at info@silvertouch.com.