Patent issues lead to an unparalleled increase in IoT companies
Most of the Internet of Things products are the significant components of the forthcoming Industrial Revolution or Industry 4.0. IoT will bring forward the computation power, Artificial Intelligence, wireless communication, and a massive amount of data for building significant technological infrastructure. Moreover, the foundation would work in complete autonomous.
The size of the worldwide IoT market is predicted to become more significant in the next decade. By 2020, the market capitalization of IoT will reach $7 trillion. On the other hand, in a country such as India, the total market capitalization of IoT will be $9.2 billion.
There are massive advances in the manufacturing industry, and this has allowed the small business manufacturer in producing sophisticated Internet of Things products. Moreover, this also brings the issues which govern the Internet of Things products along with the governing communication standards devices.
Up until this year, most of the manufacturers of the Internet of Things products only wanted to avail patents on the products which have a physical existence. These manufacturers also create patent for the configuration of the devices and their structure, operation, and output. On the other hand, most of the Internet of Things devices work right within the healthcare, household, and electronic products.
If companies start to patent a product, then they will eventually hamper the overall growth IoT industry. Some of the most notable technological advancing companies in the world, such as IBM, Apple, Qualcomm, and Samsung, over a broad segment of products. Moreover, these products can easily integrate with several Internet of Things devices.
It is impossible to conceive new IoT products and bring in completely new functions in the devices. For instance, a miniature Internet of Things capsule which people swallow to capture photos is something that companies cannot patent. By the looks of it, this allows several companies which don’t conceive the productivity of the Internet of Things; hence, there are several similar-looking IoT devices in the market.
**This post was published on https://cio.economictimes.indiatimes.com
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