The future a lot had imagined almost two decades ago with supercars, automated devices, and other things is no longer a distant reality. It is becoming entirely possible. Also, one thing sits at the center of all of this, and that is the Internet of Things (IoT).
For those who are not aware, the Internet of Things (IoT) is a system for interconnected devices where that can communicate and get things done without any intervention from human beings. For many it does sound great.
In all honesty the scope of IoT is immensely broad. Ranging from automated and self driving vehicles to automated light bulbs, IoT is changing human lives for the positive side. Those who love running through numbers, here is something for them.
According to reports from reputed market research firms it has been predicted that IoT’s market capitalization will grow from USD$ 381.30 billion in 2021 to USD$ 1854.76 billion in 2028. This gives the IoT industry a compound annual growth rate (CAGR) of 25.4% in the forecast period.
Such huge numbers are not just some predictions but real-time possibilities. The reason this is being said is because at the moment, each person in the world is getting more connected. For this phenomenon to prosper, everyone will be needing efficient processes in each sector.
This is the reason IoT combined with machine learning, artificial intelligence along with many other technologies to thrive.
The scope and usage of IoT technology in the real world
The manufacturing units dependent on man hours will now be operational at full optimum capacity thanks to IoT. The tech can bring in efficient load management. Industries facing labor crunch are usually prone to human errors. IoT can help them chart new parameters for success.
Likewise, the agriculture industry will also experience a change in paradigm. With the aid of IoT solutions, farmers can find out when crops need water, fertilizer, pesticides, any additional material, and the right time to harvest plus any further protection needed.
Along with all this, no one can forget the modern-day applications of IoT coming with their aspirational value. To quote an example, those who are talking about drone deliveries will be developed through a modus operandi and mechanism based on IoT.
Another example of such is an automated home known as a smart home. It takes care of all regular household chores from laundry to air conditioners, lighting, and the like, all before the residents’ arrival, during their presence or when they have gone asleep. All of this is based on IoT in one way or the other.
The Internet of Things is a Lucrative Option for Investors
When looking at it from an investor’s Point of View (POV), a lot of them go for the aspirational value meaning, how popular are these technologies and what return can they give us for our dollar invested. This is the reason the world is observing a rising positive sentimental value attached to cryptocurrency and other related things.
Yet, on the other hand; those who invest in a firm offering solutions on Internet on Things (IoT Solutions), then growth might be a bit slower than expected but would be definite and consistent.
Investing in IoT is not for the intraday investor (i.e. traditional stock exchange investors) but is for those who just can’t wait to taste and savor the ripe fruit. An example of such is Tesla. Going back to 2010 when the company launched an IPO, the share price was only USD$ 17. Ten years later, the price of each share is now USD$ 1000.
Most of those who neglected and overlooked Tesla’s stock back then were of the view that it would be just another automotive company, like the old version of Fisker. Yet, Tesla is more than that. It is collecting data whenever a Tesla car goes online and drives. It also maps its automatic driver mode into much better ways when it comes to driving.
How is this possible? Professionals from a mobile app development company in Abu Dhabi give credit to the correct usage and utilization of IoT, Artificial Intelligence (AI), and Machine learning.
