Internet of Things: The Journey from Concept to Reality

The IoT is about far more than just hardware, smart devices and connectivity technologies.
By Sameer Bhatnagar and Sapan Shah

Software Solution: A Replacement for Physical Complications
It has been observed that when anyone talks about the concept of the Internet of Things, the hype has always been about sensors, smart devices or objects, wearables and connectivity technologies. However, the IoT is not only about hardware or devices that are connected to the Internet; rather, it is more about software solutions and platforms. Smart objects in the IoT need to execute intelligent algorithms for interacting with other things and/or humans in an efficient way, discarding irrelevant data. They also need to take informed decisions and actions on behalf of end users in order to eliminate human efforts.

Cloud-based software solutions are designed to meet interoperability challenges that arise due to heterogeneous devices. They also manage large volumes of data using tools to ensure that the information is shared and stored securely and in observance of privacy laws. Moreover, cloud-based applications help to manage and monitor wired and wireless connected products and assets. Software solutions help to mitigate interoperability issues, thereby creating flexibility, and also help with various business functions. Organizations use various software solutions, such as real-time streaming analytics, application security, network security, network bandwidth management, data management and remote monitoring, to manage their IoT ecosystem.

Big Data + Internet of Things = Data of Things
Data is crucial in every sector, and analyzing it in order to reveal patterns in that data, or to develop logical information from it, is of utmost importance. Huge data volumes are generated through various smart and connected devices, which are used for industry-specific applications. This data could be transformed into crucial information and insights with the help of advanced IT solutions to yield greater efficiency, productivity and profitability for organizations.

Advanced solutions, such as real-time streaming analytics and data management, have transformed conventional management into fact-based, decision-driven management. These solutions enable organizations to analyze collected sensor data in real time, even if it was generated in heterogeneous formats. Such systems leverage real-time remote management and monitoring, as well as insights gained from remote devices. Moreover, they also help to detect anomalies in real-time data, and to trigger alerts when that data indicates problems within a system. This can assist organizations in easy decision-making, retaining customers and taking appropriate business-related decisions in real time.

IoT: A Long Way to Go
MarketsandMarkets' new research study, "Internet of Things (IoT) Market," traces the growth of IoT platforms, software and services across various industry verticals in the coming years. According to the analysis, the IoT market is expected to grow from $157.05 billion in 2016 to $662 billion by 2021, at a CAGR of around 33 percent during that span of time. Software solutions are expected to lead the overall IoT market, owing to the increasing number of applications and the widespread adoption of cloud computing across organizations. Meanwhile, services are expected to witness the highest growth during the forecast period of 2016 to 2021.

The reality is that the IoT has been developing for several years and will open the door to endless opportunities during the next five years in this connected world.

Sameer Bhatnagar is a research manager at MarketsandMarkets, a global market research and consulting company, and works with telecom and IT practices. He has been conducting research in information and communications technologies for more than seven years, including analytics and big data, security, and the Internet of Things.

Sapan Shah is a senior research analyst at MarketsandMarkets, a global market research and consulting company, and works with telecom and IT practices. He has covered everything from analytics to big data, security, cloud computing and the Internet of Things, while working on a number of custom and syndicated research assignments with large multinational organizations.

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