The rising popularity of IoT in 2016

It is a fact that the Internet of Things is rapidly penetrating our homes, producing new devices and introducing additional concepts of smart home ecosystems. The driving factor that supports IoT growth is its high revenue potential due to the possibility of monetization, network building with the help of low-power consuming devices, and enabling the platform as a service concept.

What factors favor IoT business growth

IoT is continuing to grow and expanding its geography worldwide. The most recent research indicates that the Internet of Things is receiving the most attention in Korea, Denmark and Switzerland. The U.S. places in fourth position in the world.

· Generating lots of data enables new services for consumers.

The focus of IoT network data usage has shifted from improving the overall operating capacity of a device network to support the activities of businesses offering new services and products to consumers, based on analysis of data generated through the internal network.

IoT data generation enables the development of new services.

· Providing cost efficient solutions for Internet connection.

Devices that represent the Internet of Things include sensors and computerized gadgets with chips that consume less energy than mobile phones. At IoT’s inception, devices required significant costs to support and ensure them running as part of a network, but the growth of the device ecosystem and wireless technology development have eliminated this problem. The introduction of 5G connection will bring new opportunities for robotics and autonomous vehicles.

IoT has impacted the development of wireless gadgets that don’t need much power to run.

· Facilitating IoT apps management through service platforms (PaaS).

The process of IoT app development and maintenance is intricate. Because apps are running based on data collected through the sensors, security in the network, data analysis and depend on upgrades for services, the task of implementing a project like this has been often too complex for most businesses until recently. These concerns have been resolved through platforms that make the process of app development speedier and management easier, with better security and simpler access.

PaaS has made it possible to develop IoT apps that provide more effective use of data.

To find out what factors accelerate IoT adoption among consumers,please click here.

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