Aditya Abhishek
Aug 8, 2017 · 2 min read

IoT-The shrinking world of technology

So there it is. Sometimes back, it was “Big Data”, which was the Next big thing and it turned out rightly so. And now, there is something called as Internet of Things or simply put as IoT, which is being termed as the next big thing. As we speak, 8.4 billion things are “connected “ and continuously generating tremendous amount of Data. Estimates say that by 2020, the total value of the IoT market would be somewhere near$ 267 billion. WOAAHH.

But what is this fuss all about?

Ever wondered, why there so much buzz about IoT? What is it exactly which is driving bigwigs like Amazon, Facebook, Microsoft, Cisco crazy to invest in billions in this newly found profound love?

In layman terms, IoT is nothing but a well-knit networking of devices, wearables, vehicles (also called “Smart Devices” or “Connected Devices”), embedded with electronic chips, sensors, software etc, hence enabling these devices to collect and generate Data. The Data collected in turn, can be studied and analyzed to make some important decisions. So a doctor can always monitor and analyze his/her patient fitted with a cardiac monitoring machine about his overall body conditions and prescribe medication accordingly, without the patient actually having to visit the doctor.

That being said, is just one of those situations where it would be helpful for us. There are numerous ways and areas it does wonders. But still the question remains only partially answered.

Transforming Business

The data collected by these devices, is enormous and runs into millions of terabytes. But this is hidden gold. The focus is on what to do with the data. It needs to be processed and converted into some useful information so that it can give some important insights. Insights, which eventually end up shaping the fate of the products. As per Forbes, Consumer applications represents 63% of the total IoT applications in 2017. The consumer durables industry thrives upon continuous improvement and innovations in their products. you know, Adhering to the common customer perception, Ye Dil Maange More.

But is this the end of the journey? making the product’s life cycle longer and make it a force to reckon with? Increasing their bottom line revenues and gaining the edge over competitors. The answer is partially, Yes.

The Road Ahead…

As I said, the answer is partially Yes.

Organizations make use of IoT more than that. Sometimes, it ends up transforming their vision and shaping their growth story. It impacts how they plan to stay one step ahead of their rivals. how their products are competitive and can withstand the ever-changing dynamic market conditions. In what ways, they are creating value. Most importantly, is it a holistic growth or a one-way journey.

Agreed?

Coming next …

But how is IoT traversing across different industry verticals. What are the opportunities available, and most importantly, how it is transforming the standard business practices….

Aditya Abhishek

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A sales professional.Sports enthusiast..avid reader and blogger..