The best days for IoT are on the way
FICCI and EY India’s recent report sheds light on the forthcoming future of the Internet of Things. The findings also highlight the technological perspective regarding the impact of transpiring technology like Artificial Intelligence and 5G.
By the looks of it, the key industries in India would be electricity and water industries. The other key sectors that would feature the groundbreaking IoT are logistics and transport, healthcare, manufacturing and automotive industry. Moreover, the centralized infra based on the cloud will become a foundation for most of the Internet of Things applications. Furthermore, the foundation would deliver scalable, low-cost storage, computer as well as geographical coverage.
It is expected that Artificial Intelligence will become much more evolved as well as pervasive. On the other hand, it will be available in most of the devices starting from the mobile phone to the top-notch servers. Artificial Intelligence will also be used in the smart homes, manufacturing industries & smart cities. AI also has the potential to be implemented in the digital twin, edge computing, as well as fog.
According to the experts, VR, AR, 5G and Internet of Things will play a significant role in IoT Adoption. Around $18.2 B is expected to be the overall market opportunity for computing by the end of 2022. Also, the market size of Augmented Reality, Virtual Reality and Mixed Reality are projected to be around $147.4 by the time the world progresses to the year 2022.
Experts are predicting that in India, there will be 50 billion Internet of Things connected devices by 2020, such as RFID chips and sensors. As far as connected cars and mobility are concerned, GPS tracking will lead to a significant reduction in stolen car cases. Internet of Things will give rise to 25% cut in terms of premium cost and 10-40% cut in terms of maintenance.
**This post was published on https://economictimes.indiatimes.com
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