The Present And Future Of IoT

The global Internet of Things (IoT) market is growing exponentially. With a compound annual growth rate of 26.4%, the market size will reach $2.5 trillion by 2029 from $0.5 trillion in 2022. What’s fueling this disruption? Is this the right time to invest in the IoT?

The growth drivers of IoT

In 2017, Cisco reported that only 60 per cent of IoT projects were successful. Hardware costs were higher and human resources were scarce; this was resulting in poor returns on their investment.

By 2022, the tables are turned. Fabrication technologies such as miniaturization have brought down hardware manufacturing costs. Affordability and efficiency of hardware reduce the implementation costs of IoT projects. Now you see robotic arms manufacturing self-driving cars. People control home appliances without being home. Doctors are monitoring patients’ health without even visiting them.

Another impetus to the IoT’s rise is the invention of 4G communication technology. 4G has enabled faster, stable and secure communication. This technology spurred internet consumption globally. After introducing 4G in 2016, India now has the second largest smartphone user base in the world. As 4G users, we started to experience buffer-free streaming. And we started buying more IoT devices. In Q4 of 2021, consumers globally bought more than 42 million smartwatches. The global smartwatch market is expected to ship 250 million units in 2025. This is just the tip of the iceberg. Industries such as banking and finance, healthcare, agriculture, manufacturing, information technology, telecom, etc. are pouring capital into IoT initiatives. Almost 80 percent of such projects are successful.

Combining IoT with cutting-edge technologies such as Artificial Intelligence and cloud computing has brought IoT use cases into the mainstream. One of the best applications of this concoction is autopilot cars. You might have seen many videos of autopilot cars saving lives. Those are not clips from Christopher Nolan’s movies. Autopilot is for real. IoT is a key enabler for this magic. The pandemic has come as an opportunity to automate industrial operations at an unprecedented rate. Although Luddites fear automation will reduce jobs, in reality, it creates more career opportunities for the youth. Talent crunch was once a challenge for IoT adoption. But IoT solves the problem by itself by creating more jobs and attracting talent. Human capital scarcity is no longer a blocker for IoT adoption.

The future of IoT

The IoT industry now stands at the intersection of 5G, AI, cloud computing and better IoT hardware. 5G offers ten times faster data transfer than 4G. This lightning speed enables truly real-time communication. With faster, more stable and secure connectivity, 5G is a game-changer for the IoT industry. The applications of IoT have gone beyond industrial automation and smart homes. We are seeing some promising use cases of IoT that help us fight against environmental challenges.

For example, the United Nations Food and Agriculture Organization is using IoT to empower farmers with data on soil quality. The organization is also working on solutions for freshwater conservation and reducing greenhouse emissions from agriculture. Right now, the IoT industry is on its way to the pinnacle. Now is the right time to take part in this journey. But is this journey without its challenges?

Challenges to IoT’s future

IoT runs on data. The more we adopt this technology, the more data we create, process, analyze and distribute across the network. This brings some major challenges to the IoT networks such as data security and transparency. We often hear about data privacy breaches and executives of tech giants giving explanations to senators.

When you are investing in an IoT project, you must ensure the network is secure and safe.

Blockchain has already addressed this challenge. The immutable nature of blockchain networks makes them the best companion for IoT. Blockchain creates a decentralized network offering end-to-end visibility. The network establishes a secure communication gateway using encryption protocols. Only the authenticated parties can access the data. No hackers can meddle with the communication between things.

With Blockchain, the future of IoT is more secure and stable.

Looking for a partner to create a blockchain-powered IoT network?

You should learn about our work at Nitro Network.

About Nitro Network:

Nitro Network brings affordable and secure IoT solutions for you. The company is building the largest decentralized private communication network (PCN) using the LoRaWAN IoT devices. These devices enable your gadgets to communicate using 3G/4G/5G technologies.

This hyperconnected network will enable unlimited use cases in your everyday life. Participants of Nitro Network’s decentralized PCN are part of an inclusive ecosystem that they own, operate and earn from. Nitro Network’s PCN will be a game-changer and has its proprietary token, NCash, at its core. On Nitro Network, everybody wins!

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