The future that we imagined earlier with supercars, automated devices, and whatnot is not a distant reality anymore. It’s mostly possible and one thing sits at the core of it all, IoT or the Internet of Things.
For those unaware, IoT is a system for interconnected devices where they can communicate and get things done, without needing to be intervened by a human. Sounds great, right?
To tell you more about it, the scope of IoT is immensely vast. Starting from the automated cars that run through themselves to a simple automated light bulb, IoT is changing human lives for the better.
If you’re someone who loves running numbers then here’s something for you. According to a report from market research firm, Fortune Business Insights, it was predicted that the market cap of IoT will grow from $381.30 billion in 2021 to $1,854.76 billion in 2028. This gives us a whopping compound annual growth rate (CAGR) of 25.4% in the forecast period.
These big numbers are just not mere predictions but actual possibilities. The reason we say this is because in the current times, as the world gets more connected, we’ll be needing efficient processes in almost every sector. This is where IoT combined with machine learning, artificial intelligence, and several other technologies will chime in.
Scope and Usage of IoT Technology in Real World
The manufacturing units that are currently dependent on sheer man-hours will be operational at their full capacity, with efficient load management when coupled with IoT. Industries that often face a shortage of labor capital or are prone to human errors, would be able to chart new success parameters.
Similarly, the agriculture industry will also experience a paradigm shift. With the help of IoT solutions, we can identify when a crop needs water, pesticides, fertilizers, and also predict the right time to harvest.
Along with that, we cannot forget the modern-day application of IoT that comes with its aspirational value. To give you an example, if we’re talking about drone deliveries, then it’s going to be developed using an IoT-based mechanism. Another example will be an automated home that takes care of all your chores starting from laundry to switching on the AC, 30 minutes before your arrival. It’s all based on IoT one way or the other.
IoT is a Lucrative Option for Investors
Going from the point of view of an investor, many go for the aspirational value that is ‘how popular the technologies are’. This is why we’re seeing a high rise in the positive sentimental value attached to crypto and things related to that. But on the other hand, if you invest in an IoT solutions firm, you’re expected to grow a little slower but in a definite way.
It’s not for the intraday investor but for the ones who can't wait for the fruit to ripen. Take the example of Tesla. Going back to 2010, when they launched an IPO, the stock was priced at only $17 per share and now it’s more than 1000 dollars.
Most of the people who neglected Tesla back then thought of it as an automotive company but it’s much more than that. It’s collecting data whenever a Tesla car goes online and drives, to map its auto driver into better ways of driving on the road. This all is possible due to the correct usage of IoT, machine learning, and AI.
Unavoidable Challenges that comes with Usage of IoT
But there’s a catch, and just like any other new technology that arrives in the market space, IoT comes burdened by some of the unavoidable challenges. Let’s talk about that for a minute.
Loose security leading to disasters
To build a full-scale system that is based on IoT technology, we need to first set up a secured environment, which leaves no space for those with malicious intent. If we fail to do so then a hacker or a notorious organization can take over control and do irreparable damage.
Immensely heavy server load
If we’re to establish a system where a billion connected machines are to function wirelessly, then we need to have high-speed cloud servers for that. At the current time, it’s possible to connect about 1000 devices at max but that’s not enough if we’re talking about big-scale operations. So before taking IoT applications to the next level, we’d be needing to upgrade the speed of our cloud architecture.
Maximized consumption of power
With heavy server loads, and connected machines working at their full capacity, the whole process becomes an energy hogger. This will raise concerts from all over the place and thus, will lead to either a step-down or complete shut over. Which are both unintended consequences of a predicted outcome that was beneficial only in theory.
No identified laws for usage of IoT devices
If we’re to implement IoT devices at their full potential, there's a possibility of misuse as there’s no law fixed for the usage of the technology. As often seen in the case where there’s no fixed law, unnecessary interruptions are bound to happen.
Huge cost of setup as an entry barrier
To set up a full-scale IoT solution, we need huge capital investment at the very start. Starting from upgrading the servers, to concerts of power consumptions, and to finally developing an actual solution, it cost a hefty sum of money. Which serves as an entry barrier for industries, businesses, or individuals who are interested in IoT applications.
How to Overcome this Entry Barrier?
If you’re starting an in-house team to develop the roadmap for IoT solutions for your business, you’re going to incur most of the things we mentioned in the above section. But if you’re to hand over the task to someone who already has an IoT-ready architecture, the problem will be half-solved.
This is why TechAhead, one of the leading IoT development companies, has been investing in creating a team, architecture, and resources that make them IoT ready.
With the help from a team that goes back almost a decade in operations and experience, you can get exactly what you want without making an unnecessary spend on two of the most valuable resources; Time and money.
Interested to know how TechAhead will lay the foundation or roadmap for your success in IoT applications? Take a look at some of the past case studies and find it out yourself.
To check options related to developing IoT applications and related solutions click here.