In all walks of life, we are becoming more and more dependent on machines and data. Equipment that was once analogue, is now shiny machines packed full sophisticated electronics, generating a constant flow data. Just look at your watch for instance. The old ticking the second hand has been replaced by streams data showing heart rate and all manner environmental factors. It seems like we are finding reasons to connect just about anything and everything to the internet.
The Internet of Things is a reality in business and beyond
The need for wireless networking technologies is the macroeconomic indicator, which is expected to cause a surge in market growth. The Internet of Things (IoT) being developed by market players and becoming increasingly connected via wireless connections, it’s necessary that a Wireless Personal Area Network (WPAN) be created to allow multi-vendor interoperations.
Wireless networks attend to the unique requirements of smaller vertical markets and niche applications to provide the benefits of interoperability through standardization. Each standard criteria of a wireless network have specific characteristics arranged and optimized to serve specific IoT applications. The IEEE 802 Wireless Working Groups, IEEE 802.11 Wireless LANs (aka Wi-Fi) and IEEE 802.15, develop standards not only for wireless networks but for IoT networks, mesh networks, wearables, and busy light communications. The dawn of cloud data management in large scale IoT applications is anticipated to accelerate market growth.
With cloud computing, there is no need for individual organizations to organize extensive hardware, construct management networks, and workflow development in IoT. The advantages offered by cloud services are providing lifecycle management, where Cloud has introduced the IoT remote device lifecycle management, which plays a crucial role in enabling a 360-degree data view of the device infrastructure. The enterprises can move the applications between the cloud and the node to support the claims. Other factors, such as reduced cost and the role of data analytics, will further foster market growth.
The IoT is reshaping Industry 4 and Small Manufacturing Enterprises (SMEs). With many SMEs trying to make ends meet, IoT has been a boon for the small startups, and the SMEs have gained multiple benefits. The influence of IoT on various Indian SMEs is in the retail sector, where customer service is improved. The customer’s grocery list from the smartphone is connected as he enters the store, and the purchase time is saved by following the organized path.
In Medical Services, the SMEs furnish the market revenue and gain the patient’s trust. They can examine the patient’s health by tracking the data through wearables.
Regulations with iot networks
While it broadens the scope of applications, the growing number of connected devices makes the standardization and regulation of the IoT a complicated and nettlesome affair. Standardization and regulation issues can range from technical problems to legal matters. Fragmentation, for example, is a technical problem faced by users because of the lack of IoT standards.
Different smart devices may use various wireless communication protocols like Bluetooth, Wi-Fi, Zigbee, and 5G, hindering communication within IoT systems. On the other hand, lack of regulation highlights existing internet-related issues, as well as adding another layer of complexity to these issues.
Determining accountability is one example: Should there be defects and breaches related to IoT device usage, lack of regulation leaves accountability difficult to determine. Standards and regulations affect the overall quality of services that IoT technologies render, and therefore concern all IoT stakeholders, be they individual users, device manufacturers, or organizations integrating the technologies into their processes.
Significant market opportunities
The IoT technology stack has advanced over the past five years—in the meantime, each layer holds significant market growth opportunities. Device-enablement platforms have an especially strategic advantage of enabling related IoT growth while still in their own growth phase.