Many research institutes state that IoT application development will have a $6.2 trillion impact on the global economy by 2025.
The economic value added by IoT will be around $19 trillion by 2020, according to Cisco.
Technology has a great scope and potential for IoT app development services. IoT applications are revolutionizing the way businesses run, irrespective of the industry with the inclusion of wi-fi availability all over a surge in smartphone usage, digitalization across the global expansion of connectivity with cheaper connections and smart devices, with reduced costs, resulting in a better economy.
>>>Let us address the impact of IoT across various industries
Different nations can trust IoT devices to better a better future by overcoming several challenges many countries are facing today.
1. Transportation: IoT devices can contribute to intelligent traffic management which in turn will contribute to fast, safe, and economical transportation.
2. Agriculture: IoT devices can be used for proper utilization of resources like fertilizers and water resulting in high yield agriculture.
This will result in more predictable demand-supply requirements.
3. Government: IoT devices can help in collecting more accurate information for better decision-making, helping in improved transparency and accountability.
4. Healthcare: IoT devices can contribute in Health maps on demand, and better services in case of emergency and disaster.
5. Environment: IoT devices can contribute to a greener planet by offering better waste management and air quality monitoring.
6. Smart Living: IoT devices can provide improved Safety and Security, resulting in a better life.
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To implement IoT, organizations need to overcome key hurdles such as
1. Lack of information on how to apply emerging standards and protocols to allow smart objects to connect and collaborate.
2. Quality assurance and testing of IoT devices before launch.
This can help in error detection and avoid failure.
3. Two major concerns about using IoT are Privacy and security.
As most of the devices have minimal human interference, security breaches or malfunctioning devices that may cause catastrophic failures in the IoT ecosystem are potential risks.
To avoid this, continuous testing of devices is required.