Without a spike of doubt we can say that in the near future, the Internet of Things or IoT technology will helps us in connecting different sources of information with one another. This next- generation technology will make all kinds of sensors, cars as well as mobile phones to work together tightly in a manner that they do not need any third- party application or individual to share information as well as communicate with each other.
With a seemingly exponential increase in the number of devices that are connecting with the internet, there is definitely the need for making room for more storage space. We know that these devices are composed of millions and millions of different components and all these components produce, process as well as consume lots of information across different environments. Some of these varied environments include utility factories, logistic applications as well as airports. Not only this, the future of Internet of Things is going to be applicable across all our everyday chores taking place at work, at home as well as while commutation also.
With the help of IoT technology, the society will be able to design more scalable, flexible, compatible and secure solutions to management issues, such as the development of a broad and complexly networked Internet of Things (IoT) cloud. This will also be helpful in supporting several different kinds of business models which so far appeared to be impossible for the human race.
Looking at all these factors, one thing that can be said is that IoT technology has a very bright future which is far beyond the imagination of the entire human race.
Market potential of Internet of Things Technology
The current buzz regarding IoT inspired technology is likely to have a staggering impact on our lives in the upcoming years. This powerful technology is definitely going to become a part of all the processes and industries around us, some of which are electricity, utility industry, utility management, industrial control, retail, water resource management, healthcare, petroleum, transportation, etc.
Basically, we can say that Internet of Things technology has the power to improve the productivity of our everyday lives. Another factor to be taken into consideration is that the huge market potential of IoT inspired technology is the reason why it is attracting investments from not only notable names in the tech industry; rather from governments, manufacturers, telecom operators and all industries as well.
Meanwhile, there is no doubt in the fact that IoT technology has the power to bring on the next economic revitalization. Another account which positively shows the impact of IoT technology on mankind is that US President Barack Obama, after being elected in the beginning of the year 2009, very enthusiastically responded to the “Smart Planet” concept put forward by none other than the ace chipmaker company Intel. This step on the part of World’s First President has put forward the concept of IoT as well as posting new energies as the way of energising lives in the coming years.
Soon after the acceptance of Intel “Smart Planet” proposal by USA, several other companies started to think likewise and within a year, they were able to conceive as well as develop their very own Internet of Things strategies and programs. Some of the notable names in this list can be Sensing China, EU’s Action Plan as well as iJapan Plan, all in collaboration with the IoT technology respectively.
Meanwhile, due to the decline in revenues from voice- services including telemetry, the operators are now prepping themselves up to look for new areas of growth for the Internet of Things technology as well as products to get conceived. With the increase in physical and digital information around us, there is huge market potential for IoT in the coming days. This is because there will be more demand for stimulated traffic from trillions of devices that are connected over a common network. With the help of the IoT technology inspired products as well as services, all operators will have the power to seamlessly expand all service portfolios; hence they will get a chance to increase the revenues beyond the fixed pipe.
Future of Internet of Things Technical perspective
A technical look at IoT proves that it will integrate both wired as well as wireless control, communication and IT technologies which are responsible for connecting several subsystems and terminals which operate under a unified operational and management platform.
You must have heard of the phrase that Rome was not built in a fortnight and the same rule applies to the future of Internet of Things technology as well. Surely we are gearing up for a technologically- rich life in the future, but since it a very huge leap into the future, we will certainly have to wait for a really long time before all living and non- living entities are bonded together in one common network cloud.