IoT though a new payer in the market, has already taken it by a veritable storm by having a complete paradigm shift in the process. On the surface, it might seem like a network of connected devices but it is just the tip of a large iceberg whose potential is yet to be fathomed. Industry leaders and veteran are betting high on this, claiming it to be the flagbearer of next industrial revolution. As per the projection, within 2020, there will be staggering 26 billion devices. What started merely few years back, has grown exponentially to emerge as mainstream technology. Within a very short span of time, it has garnered high momentum of attention from the seasoned technology connoisseurs and industry leaders in IT.
IoT numbers are rocketing at full speed and sky is the limit for it. According to the IDC, the market revenue from IoT was $655 billion dollars which is projected to become astounding $1.7 trillion by 2020. With this lightning speed, it is going to cover all the industries irrespective of the domains, within a few years’ time span.
What IOT Showrunners have to say:
Frank Gillett, vice president and principal analyst at Forrester is quite bullish about the future of IoT. He has taken the recent instance of Netflix and depicted the future potential of IoT as companies like Netflix who had nothing to do with IoT coming upfront and trying to get the untapped market by enticing the customers to use their ‘Netflix Switch’.
“Creating a connected product using IoT technologies creates a relationship between the product company and the customer, this becomes an ongoing service experience and relationship that dramatically improves customer engagement and brand awareness. The relationship goes from being a one-time, arm’s-length transaction to an ongoing service relationship.”
Eric Schmidt, Google Chairman, at World Economic Forum went a step further and described it as the next inevitable phenomenon – “The Internet will disappear. There will be so many IP addresses, so many devices, sensors, things that you are wearing, things that you are interacting with, that you won't even sense it. It will be part of your presence all the time. Imagine you walk into a room, and the room is dynamic. And with your permission and all of that, you are interacting with the things going on in the room."
Jayavardhana Gubbi, a prominent research scientist of TCS Research and Innovation has delved deep into the topic and pointed out the tectonic shift that IoT will bring to the mobile system and how the proliferation of devices will help bring the next industrial revolution which has been longed for.
“The proliferation of devices with communicating-actuating capabilities is bringing closer the vision of an Internet of Things, where the sensing and actuation functions seamlessly blend into the background, and new capabilities are made possible through access of rich new information sources. The evolution of the next generation mobile system will depend on the creativity of the users in designing new applications. IoT is an ideal emerging technology to influence this domain by providing new evolving data and the required computational resources for creating revolutionary apps."
From the business perspective as well, IoT has become the cynosure of the eyes of the angel investors and venture capitalists.
Scott Weiss, Seasoned investor and venture capitalist is betting sky high on IoT. Witnessing the future possibility of IoT, he said –
“With the IoT, we’re headed to a world where things aren’t liable to break catastrophically – or at least we’ll have a hell of a heads’ up. We’re headed to a world where our doors unlock when they sense us nearby.”
Raj Talluri, Qualcomm senior vice president of product management, has expressed his opinion on IoT:
“I don’t think anyone really knows yet how big it’s going to get because the possibilities are really endless. When everyday devices are intuitive to use and can share data intelligently, it improves peoples’ lives, from better personal safety, to being able to more closely monitor our health and that of our loved ones, to helping us save time and make better use of our natural resources.”.
John Battelle, a well-known entrepreneur and writer himself has also spoken positively about IoT. As per his opinion-
““We speak of ‘software eating the world,’ ‘the Internet of Things,’ and we massify ‘data’ by declaring it ‘Big.’ But these concepts remain for the most part abstract. It’s hard for many of us to grasp the impact of digital technology on the ‘real world’ of things like rocks, homes, cars, and trees. We lack a metaphor that hits home.”
IoT within a brief time has attracted lots of attention. The speed it is heading, it certainly has the potential to become the next big thing of the century. Whether it lives up to the expectation of people or not, that time will decide.
Abhiit Chatterjee, a technology connoisseur
