Get Set for IoT to Bounce Back Stronger Than Ever

Introduction

When the concept of IoT was first introduced, it caught the imagination and took the world by storm. The ability of devices to build an ecosystem to connect and exchange data was unheard of but there seemed to be immense promise to explore. But what was touted to be a roaring success in the world of insights and business decision-making soon witnessed a downfall – for reasons aplenty!

So, why did IoT suddenly begin to receive bad press? Why didn’t IoT solutions deliver as much value as expected? And why are things about to turn around? Read on to find out.

IoT’s Downward Trend – A Flashback

As the business landscape got increasingly competitive, IoT brought about a ray of hope for organizations looking to operate their business in a more integrated fashion. By connecting disparate systems and devices into an integrated ecosystem, IoT offered many benefits – from real-time visibility to data-driven insights for better decision-making, improved operational efficiency to better end-user experiences. The technology opened doors to a ton of new and improved business opportunities.

But despite the many promises, IoT hasn’t been able to disrupt customer experiences, business models, and industries – as it should have. There are many roadblocks to adoption (and usage) that restrict companies from getting the most from their IoT journey:

• The inability to build a strong business case for IoT implementation is a major reason why companies steer clear of the technology, with many having trouble understanding how IoT applies to their business.
• Security – or lack thereof – has been another reason why many companies have stayed away from IoT. The fear of devices in the IoT ecosystem getting hacked and leading to a slew of cybersecurity issues has been a global concern.
• Companies that already find their tech ecosystem complicated are extremely wary of embracing IoT until they are sure their current IT environments can handle the additional complexity that IoT devices bring about.
• Lack of the right skill set and interoperability issues with the current infrastructure is another challenge that comes in the way of successful IoT adoption. IoT solutions require skilled and experienced professionals who fully understand the technology, so they can deploy, set up, maintain, and pivot solutions to meet evolving business demands.
• Many IoT projects derail because of a lack of budget. Integrating sensors on devices, gathering data, and unearthing insights costs far more money than people realize – causing many businesses to struggle to gather sufficient cash for their smart projects.
• For IoT devices to deliver immediate insights, a robust infrastructure that offers uninterrupted network connection with high bandwidth and low latency is critical. But this hasn’t been easy to establish.
• With the total installed base of IoT devices worldwide projected to amount to 9 billion unitsby 2025, the difficulties being faced by businesses in data collection and analysis have been a real challenge – how does one make this humongous volume of data meaningful?

Fast-Forward – Why Things Are About to Turn Around

Despite the many challenges organizations have faced in achieving the expected ROI from their IoT investments, innumerable use cases of IoT are expected to emerge. Right from access to real-time data for actionable insights to remote monitoring for performance intelligence and health analytics of the assets, IoT is expected to play a massive role in preventing downtime, tracking assets, and preventing the failure of machines or equipment.

So, what does the future look like for IoT? Will IoT deliver on its promises? Well, we surely believe things are changing for the better. Let’s look at key enablers that will be responsible for turning around IoT success:

• The rise in Industrial IoT adoption across geographies is a testament to the huge potential possessed by IoT. IIoT connections are expected to reach 37 billionby 2025, causing smart manufacturing to represent 60% of global IoT connections.
• The widespread growth of smart everything – from homes to vehicles and cities – will cause the IoT market to boom, changing how humans interact with their surroundings and with each other.
• At the same time, the steady price decline of sensors and related communication technology has led to easier adoption of IoT solutions, resulting in quicker innovations across industries.
• With the coming year(s) expected to bring true high-speed 5G experiences, IoT devices will be in high demand to enable faster transmission speeds, better security, and lower latency.
• As the worldwide edge computing market grows to $274 billionby 2025, IoT devices will bring data processing closer to the source, reducing any friction or latency within the IoT ecosystem.
• An exciting wave of innovative IoT applications is set to emerge, transforming human-to-machine interactivity like never before.
• In the future, IoT will bring about sensory experiences never experienced before, enabling new opportunities across remote learning, surgery, and repair.
• At the same time, immersive mixed reality applications that set the stage for the metaverse will exploit IoT technology to transform user interfaces and make the virtual world seem as real as possible.
• With so many new use cases for IoT emerging, there is a widespread decline in the costs of sensors. Simultaneously, organizations are devoting significant budget and time to upskilling the workforce, so they can cater to these new use cases and strengthen the IoT ecosystem.

The Way Forward with IoT

IoT has, over the years, emerged as a key technology enabler for digital transformation, proving to be a growth driver for businesses across industries and domains. As businesses of all sizes in every industry looked to embrace the technology, they faced several roadblocks in the development and integration of their IoT solutions. Although IoT led to a revolution of sorts, the technology failed to deliver the level of disruption expected. But all that is about to change!

The level of transformation IoT has brought until now (and is expected to in the future) has been exceptional. Today, IoT plays a huge role in optimizing businesses, causing several businesses across the world— big and small – to exploit the technology to stay ahead of the curve. As technologies like 5G and edge computing grow, the demand for IoT is going to be massive.

If you are looking to leverage the technology to enhance your business outcomes, we can help. At Pratiti, we have exceptional IoT platform development expertise and can build easily deployable solutions, so you can derive real value from your IoT investments.

Choose from our range of IoT consulting, design, development, testing, and support capabilities and cater to your specific business use case with ease and efficiency. Contact us today!

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