IoT is becoming a part of our lives quite visibly. It is not just either the software or the gadget that we are using to get our needs resolved, but a combination of both in form of smart devices that are powered by the internet. And these are a result of predominating trends and emerging technologies that are part of the evolution that sees and extends the internet as an object to impact our changed lifestyles and growing needs.
From health trackers to GPS locators and cooking aids, Internet of Things is leaving its mark virtually everywhere. You just pick anything; cars, watches, appliances, electric fittings or for that matter the shoes you wear, all are now being sourced and allied with internet driven digital assistance.
By the year 2020, as per technology journals,it is expected to cover even more possibilities and go farther into sharper details. So, that shows all signs for you to plan and work towards the Internet of Things and gain the most out of the next massive technology. But, before you actually do it there are a few things that you should bear in mind in order to keep your IoT app development investment safe and sound.
Here are the 5 Things you need to know before investing in the Internet of Things:
The very first thing that you need to ponder over is how much IoT is worth. As expected by technologists and Internet experts, by the year 2020 IoT would be worth more than $7 trillion. And these numbers will double in the following next 10 years. Which further reveals, the number of devices connected to the internet would reach 50 billion in 4 years from now. And if you go by the Gartner’s study, it predicts that about 250 million vehicles would be allied with IoT in one or the other way. That’s massive!
Every new technology is subject to trial and error. Many market studies question the constancy and validity of IoT as a pragmatic technology and a chunk of technologists believe that the estimations of its growth are a bit lofty. Also, privacy and security are more on a vulnerable side and it could be disastrous and challenging to the quality that we expect from it. Therefore, you need to consider this downside before taking a call looking at your preferences.
As there’s a huge potential anticipated with the IoT concept, many huge ventures and subsectors are looking to invest into it. While such large business houses like GE and Wipro have a large capacity to invest and take bigger risks, smaller companies might fall short of enough luxury in terms of time and investment. So, look into the risk factor and provide for contingencies before you plan to go with your IoT endeavor.
IoT is yet to grow in its range and value and is continuously tried and tested for possibilities. There are many more establishments and technology players exploring their piece of opportunity. While investing do your research and conduct a proper SWOT and Trend Analysis around your IoT idea. Look for the options that offer you with thickest of openings and least congestions. Choose your competition and your partners wisely as you break open into the league.
Here your approach is everything. When you plan to invest in a technology like Internet of Things you are involving into a big long-term commitment as soon IoT and connectivity will become commonplace. While you are still in the process of gaining familiarity and building your composure with IoT, it will continue to grow. So, think of the future as you start and aim at a big picture to get the most lucrative returns from your endeavor.
Whether you are looking to invest in a larger idea or it’s just a budding initiative you are venturing into, think of going with the long-term plan aiming at the larger aspect of IoT and avoid going with short-term goals. That is where you will be able to reach higher marks and fetch assured results.
A marketing graduate, a deemed strategist, a sure geek - Tushar is a fine blender of the art and science of writing. When it comes to tune up content with commerce, he knows the trick. For him, if words don’t make you think and beat, they are not worth your time. A crazy foodie, an unfailing jogger – that’s him off the desk!