Bengaluru has been grappling with a water crisis for the past month. While the situation remains challenging, there’s a promising development! The BWSSB is adopting an innovative AI and IoT-based solution to remotely monitor borewell water levels. This is only one of the many examples that speaks volumes about the impact of IoT in people’s lives. Along With AI, cybersecurity, RPA and blockchain, IoT is one of the most important technologies shaping the present and future. Very recently, Blackberry inaugurated its second largest IoT Center of Excellence in Hyderabad, the first one being in Canada. This centre was established in order to meet the growing demand for IoT applications and solutions.
This week’s “The People Weekly” will discuss IoT, its growth, scope and prospects. Through “The People Weekly”, it is the constant endeavour of PeopleLogic to bring to our valued readers the most up-to-date information on trending technologies and industry insights, equipping our readers with the knowledge they need to navigate the ever-evolving business world with a broader perspective and enhanced understanding.
What is IoT?
Imagine a world where everyday objects come alive and start talking to each other. That’s the essence of the Internet of Things (IoT). It’s a vast network of physical devices – from your fitness tracker to your car – embedded with sensors, software, and internet connectivity. These devices can collect data about their surroundings and share it with other devices or systems.
Think of your smartwatch monitoring your heart rate, or your smart thermostat automatically adjusting the temperature based on your preferences. Even your car receiving real-time traffic updates or parking itself – these are all examples of IoT in action.
At its core, IoT is about creating an interconnected web of devices. These devices can be anything from simple sensors monitoring temperature in a room to complex industrial machines collecting real-time data on performance. The key element is the ability of these devices to communicate with each other and with external systems, often through the internet. This communication allows for data exchange, remote control, and automated actions based on the collected information.
IoT – Exponential Growth
The global IoT market is experiencing phenomenal growth. As per statista the number of IoT devices is projected to grow to close to 30 billion in 2030 which is almost double the 15.1 billion devices in 2021.
Another report said that the global number of cellular IoT devices will rise 90% from 3.4 billion to 6.9 billion by 2028. The global eSIM connections will reach 1.3 Billion by 2028.
The Indian IoT market will reach a staggering 60.01 billion USD by 2028. Amongst the various
sectors, Industrial IoT and automotive shows the highest growth.
The exponential growth is fuelled by numerous reasons, a few significant ones are
- Decreasing sensor cost: Advancements in sensor technology have significantly reduced their cost, making it viable to equip everyday objects with the ability to collect and transmit data.
- Improved connectivity: The proliferation of wireless networks like 5G and Low-Power Wide-Area Networks (LPWAN) is creating a robust infrastructure for seamless communication between devices.
- Cloud computing : The rise of cloud computing provides a scalable and cost-effective platform for storing and analysing the massive amount of data generated by IoT devices.
- Governmental Support : The Indian government is actively promoting the adoption of IoT through initiatives like the Smart Cities Mission and the IoT Open Challenge Program (OCP) 6.0 are a few examples.
- AI /ML : IoT is increasingly integrated with AI/ML thus enabling devices to be more intuitive.
Impact of IoT: Major Sectors
These advancements are fostering innovation across sectors. From smart homes and wearables to connected factories and intelligent agriculture, IoT is transforming how we live, work, and interact with our surroundings.
Some of the major sectors that IoT has impacted are
- Healthcare: IoT has become a game changer in the healthcare industry. The data captured by IoT enabled devices are helpful in further and better research which in turn helps in creating a better,personalised treatment of the patient. With IoT enabled medical devices, continuous monitoring of the patient’s health and symptoms, even remotely without any tests has become possible. IoMT(Internet of Medical things) has revolutionised remote monitoring where devices are connected through wireless networks.
- Manufacturing: IoT is driving the Industry 4.0 revolution in the manufacturing industry. Man, machines and systems are connected in order to improve efficiency, enhance production and reduce wastage. Smart manufacturing where IoT creates a digital twin of the manufacturing unit utilises IoT sensors to monitor equipment performance, predict maintenance needs, and optimise production processes, leading to significant cost savings and increased efficiency.
- Automotive: As per statista, the automotive IoT market is expected to grow at a CAGR of 18.92% during 20204 to 2028. The automotive industry is going through a massive disruption where the idea of connected vehicles is becoming popular. Apart from infotainment systems, vehicular diagnostics, vehicle to vehicle communication, self driving are some of the major IoT applications.
- Smart Cities: Cities are leveraging IoT for real-time traffic management, efficient waste collection, and environmental monitoring, paving the way for a more sustainable and livable urban environment.
- Agriculture : As per UN report, world population will increase to 9.7 billion by 2050 and requires a 69% increase in global agriculture production. In such a situation farmers and organisations are turning to IoT for enhanced production capabilities using data analytics. A recent news about smart farming where GOI plans to use sensors in farms to track water, pesticides, chemicals and fertilisers usage to enhance productivity speaks volumes about how IoT can help produce better yields.
- Retail : Already major retailers have embraced IoT solutions like smart trolleys, smart POS (point of sales) devices, electronic shelf labels , seamless interaction between customers and retailers, seamless monitoring and tracking of products in real-time across the entire supply chain etc
The transformative impact of IoT across industries, coupled with its explosive growth, is rapidly turning it into a major job creation engine. This surge necessitates a growing pool of skilled professionals equipped to navigate the complexities of the IoT domain.
Some of the popular roles in the IoT domain include
Some of the top IoT companies in India are Tech Mahindra, LTI, HCL Tech, TCS, Kellton Tech,TVS Next Private Limited, Mphasis, NTT Data services, HData Systems and Hyperlink InfoSystem.
Looking Ahead: Future of IoT
The Internet of Things is transforming the world at an unprecedented pace. From smart cities and connected industries to improved healthcare and personalised experiences, the impact is undeniable. The coming years hold exciting advancements in the interconnected world. We can expect a deeper fusion of Artificial Intelligence (AI) and the Internet of Things (IoT), creating a powerful system called AIoT. This will be further enhanced by the integration of Generative AI, leading to the concept of GenAIoT. Additionally, processing power will move closer to the source of data with Edge computing, enabling on-device AI capabilities (EdgeAI). Security and privacy will remain paramount, with blockchain technology potentially playing a role in securing data exchange within this interconnected ecosystem.
PeopleLogic Opinion
The Internet of Things is transforming the world at an unprecedented pace. From smart cities and connected industries to improved healthcare and personalised experiences, the impact is undeniable. While challenges exist, advancements in technology and a focus on security and standardisation will pave the way for a more interconnected and efficient future. India, with its vast potential and government initiatives, is well-positioned to be a leader in this digital revolution. As the demand for skilled professionals to navigate this evolving landscape surges, PeopleLogic stands out as a trusted partner. With our expertise in identifying and recruiting top IoT talent, we empower businesses to harness the true potential of this interconnected future.
