Technology is the backbone of our generation. With initiatives like Digital India, technology is seeping into every bit of our daily life. It has now become imperative for us to innovate, and use gadgets and devices that enable us to do things efficiently—irrespective of our geographical location or other demographics. Internet of Things or IoT is one such initiative which enables us to achieve this.
IoT is a network of physical objects—devices, vehicles, buildings and other things—made intelligent with software, sensors, electronics and network connectivity that allow these objects to accumulate and exchange data. IoT-enabled end devices sense events, relay them to computing entities in the network in near real time and enable them to take intelligent decisions. Usage of IoT is likely to disrupt the way many organizations do business today.
The IoT market is expected to grow to $566 billion, connecting 8.7 billion devices by 2020 across south-east Asia, and the Indian IoT market is set to grow to $15 billion by 2020 from the current $5.6 billion, as per a report by Nasscom. An estimated compound annual growth rate or CAGR of 40% indicates a rapid growth in this sector, which means that we may be able to remotely control and monitor every single device within our homes from our smartphones and wearables.
The focus of IoT is on infrastructure in the future which is expected to be entirely automation-ready, energy efficient, secure and enabling an advanced way of living. According to estimates by the McKinsey Global Institute, IoT will have a total economic impact of up to $11 trillion by 2025.
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