IOT REPORT FROM BI» Download Report Here
According to Business Insider, the Internet of Things (IoT) has been predicted and known to be the next Industrial Revolution where almost everything will be connected to the internet. IOT is going to affect so many sectors and areas like the way businesses are being carried out, Government s and consumer interaction with the world.
From the Business Insider Analysis, the internet of things gives room for entities. (i.e. Businesses, consumers and governments) to have connection and control. These connections and controls will come in 16 different directions including the Agriculture, manufacturing and packaging, the connected home and transportation sectors.
The components of the internet of things ecosystem, including its devices, networks, analytics and security. The report also has the estimates and forecasts on the burgeoning IoT market, including device growth, amount invested, and the potential return on investment (ROI).
Here are some key points from the BI Iot report:
- In total, it is projected that there will be about 34 billion devices connected to the internet by 2020, since up from 10 billion was recorded in 2015. Internet of things devices will account for about 24 billion, while traditional computing devices (e.g. smartwatches, smartphones, tablets, etc.) will account for about 10 billion devices.
- It’s reported that nearly/about $6 trillion will be spent on internet of things solutions over the next five years.
- Businesses activities will be the top adopter of IOT solutions and there are three different ways the IoT can improve the bottom line of business. They are;
- Lowering the cost of operation.
- Increasing productivity.
- Expanding to new markets or developing new product offerings.
- The Government is going to be the second-largest adopter of IoT ecosystems since they are focused on increasing the productivity of goods, decreasing costs and improving the citizen’s quality of life.
- It reported that Consumers will purchase a very good number of devices and invest a very significant amount on Internet of Things ecosystems and will lag behind businesses and governments in IoT adoption.
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You can download the Iot ecosystems full report of business insider from here. Here are there hints in the report
- It discusses the technological complexities of the Internet of Things into a single unit of ecosystem.
- Explains the benefits and shortcomings of many networks, including cellular (e.g. 3G/4G, Sigfox, etc.), mesh (e.g. ZigBee, Z-Wave, etc.) and internet networks (e.g. Wi-Fi, Ethernet, etc.).
- Discusses analytics systems of things, including cloud analytics, edge analytics, and many more.
- Looks into IoT security best practices.
- Details the four IoT market drivers and four IoT market challenges or barriers.
- Forecasts IoT investment into six layers: which are
- Data storage.
- System integration.
- Device hardware.
- Application development.
- The report also analyses how the IoT ecosystem is being used in a number of industries.
- Rounds it up with a glossary the defines Internet of Things terminology.