Nowadays, our lives tend to become more connected and efficient thanks to the Internet of Things (Iot) and smart home technology. With 2015 ending, we can look back and notice that connected technology made really important changes.
We are constantly generating data and receiving information, our devices become smarter. In general, connectedness provided by the IoT is only extending.
According to a report released by MarketsandMarkets, the Internet of Things Analytics Market “is expected to grow from $4.85 Billion in 2015 to $16.35 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 27.48%.”
In addition to that, North America is expected to be the largest market as for spending and using the Internet of Things analytics. Moreover, according to another recent research conducted by International Data Corp, the world market for Internet of Things will reach $1.7 trillion by 2020, representing a compound annual growth rate of 16.9%.
Well, it’s already huge. Let’s see some IoT predictions for 2016.
First of all, smart home companies are going to become household brands. In 2015, smart home companies managed to develop and upgrade their products making them more accessible and valuable to customers than ever before. So, in 2016, smart home companies such as Nest, Ecobee, August and Ring will become household brands and will not be seen as luxury tech products.
Then, IoT is going to improve manufacturing and healthcare. As more and more initiatives enter the market to capitalize on the cost saving and efficiency benefits these industries enjoy through connected technology, probabIy the world will see a greater acceptance of it, reads Tech.Co.
Chris Witeck, Principal Technology Strategist at Citrix, believes that in 2016, the IoT platforms are going to be more mature, with more examples of IoT platforms solving real business problems. “I think a core business proposition for the Internet of Things is simplifying within a complex environment the delivery of data, applications and services to people, places and things, back to concept of the ‘Integration of Everything’,” states Witeck.
The Next Web states that in 2016 we’re going to see really secure IoT products. According to a report, seventy-one percent of consumers fear their personal information may get stolen by using smart home products.
In fact, consumers say they are more worried about this than they are about the cost of the technology. In 2016, IoT companies will be forced to increase security features to ensure users’ private information is safer than ever before, reads the source.
Well, it’s obvious that the Internet of Things is changing, and the brand-new 2016 is going to be an exciting year for business, analytics and growth.