Although the Internet of Things (IoT) has been one of the fundamental tenets in the shift from digitisation to digital optimisation and digital transformation from the late 2000s, it is not a “magic wand” and needs a holistic, multi-pronged and detailed phase wise approach to leverage its benefits. The benefits of IoT are significant, and can unlock a value between USD $5.5 trillion to $12.6 trillion globally by 2030, as per this McKinsey’s research. Major developments and popularity of the cloud, along the IoT ecosystem of the physical, edge computing and the cloud application layer are driving this adoption and growth of IoT in consumer, industrial, government and defence applications. As per this research of IoT Analytics, the number of IOT devices which is 18.4 billion in 2022, shall grow to 27 billion by 2025.
The pandemic with its induced factors of lockdowns, social distancing, and travel curbs also contributed an exponential adoption of IoT and cloud along with 5G and Edge Computing, as well as Artificial Intelligence and Machine Learning (AI/ ML). Right from Automotive, Aerospace, Manufacturing, Healthcare, Oil and Gas to Smart Utilities & Cities, Transportation, Retail, Agriculture, Hospitality, White Goods, Buildings and Government, the use cases of IoT are exploding across the B2C, B2B and Industrial space cutting across operations, manufacturing, supply chain, logistics, HR and other organisational functions.
This co-existence of IoT Industrial Devices,…
