Listen to this articleThere was a time when the audience thought that the Internet was a short-lived idea because it only used to benefit researchers and scientists. In today’s scenario, everyone is waiting for the latest technological innovations. The Internet of Things (IoT) is among the top considerations as it is changing the way data is collected and shared across the globe, simplifying the workload and streamlining the complex processes. Digital revolution is the only reality. The GSMA study says that the incremental revenue opportunity of $1.1 Trillion will prevail by 2025 for beyond connectivity platforms, applications, and IoT solutions.
India is a digitally developing country. It is now on the verge of technological transformation, powered by IoT. According to a Zinnov report, India’s IoT investments will reach $15 billion by 2021. On the other hand, markets and markets report says that global investments will reach $560 billion by 2022. IoT companies in India are creating job avenues, boosting industry productivity, and even changing the socio-economic scenario of India.
What is IoT?
The technology connects the hybrid devices (Mobiles, computers, machines) with internet capabilities enabling them to communicate real-time data without involving any individual. It plays a massive role in shaping the future of technology by maximizing the potential of real-time data capabilities. Here are some of the reasons that define the success of IoT companies in recent times:
- The major sectors in India are massively investing in IoT solutions. Microsoft, Samsung, IBM are in the top ones.
- The interconnection of connected objects adds value to the operations. The strength of the IoT solution lies in its ability to process varied data. The IoT companies offer lower costs for storing, computing, and communication technologies to the brands by ensuring this feature.
- Artificial Intelligence (AI) has taken up the processes in recent times. It has manifolded the uses of IoT solutions such as predictive maintenance, preventive maintenance, etc. The top IoT companies ensure the best of technologies while providing these solutions.
Data processing has added real value to IoT solutions. The French Electronic Communications and Posts Regulatory Authority (Arcep) conducted a consensus in 2016. It says the majority of the value that adds to connected devices relies on data processing.
Consistent Growth of IoT companies in India
The emergence of advanced principle technologies and the proliferation of devices has fueled the demand of IoT companies leading to their growth in today’s times. Better growth lies in sensor technology, computing power, and other reliable technologies. The investment in IoT technologies is estimated to grow at 13.6% every year through 2022.
Coming to sensor technology present in IoT devices. It will continue to become more advanced and widely available with constant innovations that deliver cost-effectiveness, large-scale monitoring, and detection. On the other hand, computing power has increased to 100 times in the past 15 years! The applications like real-time analytics and artificial intelligence can transform local devices into cloud and edge computing solutions.
More than 5 billion smartphones, 2 billion computers, and 1 billion tablets are demanding a huge market for integrating the devices. The role of IoT companies will evolve for connecting the prevailing IT devices with IoT applications. The private equity funds must re-evaluate the IoT sector as it can create significant value.
The industries where IoT companies are contributing massively!
The IoT sector is gaining importance with the rising awareness and inclination of people towards smart building. Everyone is aware of automation but giving rise to wireless automation is a different thing altogether. It is the reason for the emergence of technologies such as Google Alexa, Amazon Echo, Smart AC Controllers, Smart lighting, etc. Some industries have transformed their operations with the help of the leading IoT companies. Here are those:
- Manufacturing
IoT companies are enabling enhanced automation, analytics, and data collection for the manufacturing units. They are giving a push to the Industry 4.0 movement leading to automation for optimized workflow and analytics. With IoT applications, manufacturing is becoming easy with streamlined machines for optimized production. Smart IoT solution collects data and puts it in fail-safes technologies that enable proactive maintenance, automated recovery after failures, and sync with the analytics that leads to improved workflow in the future.
- Energy Utility
This sector is one of the major sectors to adopt IoT as saving energy is one of the top considerations of every building. With the introduction of the energy management system, the companies can record energy consumption precisely and reduce costs significantly.
- Healthcare
It takes a lot of time and effort to consume and access patients’ data. By streamlining and automating the processes, the IoT companies are contributing massively to the healthcare sector.
- Retail
There are massive transformations in the retail sector as the IoT companies are enabling marketers to leverage their wide range of applications. Its list of benefits includes increased productivity and sales, in-store layout optimization, asset management, operational compliance, predictive maintenance, reduction in energy expenses, automated checkouts, and much more. Some retailers have already started utilizing IoT applications.
Industries are realizing the role of IoT solutions, applying the correct one to make their processes advanced and automated. There are significant market opportunities for IoT companies to serve a range of industries with their best solutions.
A digital revolution in the true sense!
When the IoT companies are serving at such a vast level, the demand for high-tech professionals will also rise, creating more avenues for the Millenials. IoT is the next big digital revolution where great minds will be innovating the best IoT solutions to automate the processes. When businesses simplify their operations and implement new technologies, IoT is the latest trend to be applied.
Zenatix is one of the promising IoT companies in India and is here to make an impact by automating the processes. With 20% energy savings, 25% reduced asset breakdown, and 30% higher compliances, only the best IoT-based automation, and monitoring solutions are delivered. For better insights, contact us.