The Future Of Internet Of Things – When It Grows Up

IoT enabled objects are productive, profitable, cost-effective and usually, resolve real-time issues. As technology is advancing quickly and therefore, we are entering in to the world of IoT enabled devices. According to some resources,

IoT might grow as much as 30% by 2016, and a crazy 20.8 billion by the year 2020. As a result, additional drivers like the $546 billion that US consumers will be paying, and $868 billion in the case of the enterprise. Obviously features will also improve as technology gets better over time.”

You can see how GPS has changed totally from guiding directions to restaurants where we decide to dine. Today, there are many restaurant recommendation apps that help us in making suggestions according to our current location. The mobile phone, which were once used only for making calls – is now becoming the primary device for a growing ally of individuals. As IoT is expanding and evolving, it seems that more and more devices could flood the market in the coming future.

IoT devices prove to be money saver and eventually, that makes your life easier. The devices are resolving the issues that set off the device’s cost. Hence, it proves that buying and employing the technology turn out to be a net positive for consumers. According to some surveys, data shows that Net Learning Thermostat has saved users 10 to 12 percent on their heating bills and approximately 15 percent on cooling expenses. Anyhow, these cost savings don’t end even after the short payback period as they continue throughout the device’s live, saving the consumer a multiple of the initial financial outlay.

According to a survey conducted by CNET and Coldwell Banker, there are nearly 10 houses already having smart home devices. And among those homeowners, 87 percent agree about the technology they are using, is making their lives feasible and 45 percent, on an average, say that this technology saves them more than $1,100 a year.

The prospects of the IoT revolution

The IoT revolution has already offered us a lot of opportunities and it will continue in the coming future too, we could have never imagined. As it says if a thing has an advantage, then it has disadvantage too. In this case, we will not be able to live our lives beyond this technology.

With hundreds of thousands of IoT enabled objects in the market, there is no deny in the fact that some will be in must-have list, while others will disappear after serving a purpose. Some may be never able to grab customer attention and others may take decades before we realize their potential and allow them to enter in our lives.

There are well-defined niche products and so are the niche markets. They have specific needs as well as users. And eventually, these IoT solutions will be like a blessing for some, while nothing for others. Hence, we need to give some time to IoT to thrive, make sense and a lot more. Customers will vote with their wallets by self selecting the things that matter the most to them. After all, the IoT is all about discovering new places that make a good sense for the Internet.