The Crypto Connection
When IOTA launched with a $1.5bn market cap earlier this month, it dislodged well establishing cryptocurrencies in terms of market cap. This made me think of all the disruption caused by ICO's. While the impact of cryptocurrencies and more so - the Blockchain applications across industries and regions is yet to be fully realized, Internet of Things is already penetrating our daily lives.
This world of interconnected devices and sensors that is slowly taking over our lives - from ordering groceries to getting our bath water at the perfect temperature. As we grow more and more dependent on our devices - it will be interesting to see where we land in a few years
Over the next 7 days, I want to look at 7 key areas that are projected to witness exponential growth - from a perspective of technology development and patenting in these areas
1.Smart Homes
2.Connected Cars
3.Smart Cities
4.Smart Farming
5.Smart Retail
6.Industrial Internet of Things (IIoT)
7.Supply Chain Logistic.
Connecting the World
Industry sources estimate that there will be nearly 50billion Internet of Things (IoT) devices by the year 2020. This rapid rise has attracted an increasing number of manufacturers and start-ups to innovate in order to gain a slice of the market.
As more devices and consumers plug in, businesses across sectors are reaping the benefits of IoT by making more informed decisions, aided by the torrent of interactional and transactional data at their disposal.
Source: Multiple Sources
Under the hood
IoT is an ecosystem of interconnected devices/objects that are accessible remotely through the internet. This ecosystem consists of a diverse pool of devices, ranging from smart phones and tablets to cars, machines in production plants and jet engines among others.
Embedded sensors enable IoT devices to communicate with each other over a network without human intervention. They are capable of capable of transmission and collection of data, interact with internal states and even with the external environment. This is achieved through Physical, Network and Application layers.
These layers allow for the capture of more data, from more places, and ensuring more ways of increasing efficiency, improving safety and IoT security. Today, IoT is evolving into transformational force that is helping businesses improve performance through analytics and deeper insights – all while combining to create greater value for humans.
Market Scenario
The global market is largely driven by tech giants, several players have established research laboratories to innovate and increase product applications.
Spending on IoT products and services, continued expansion of the e-commerce sector and shifting of industries towards applications and online support portals for customers contribute further support to the IoT industry.
Source: IDC
On the back of substantial spending by industries and increasing consumer demand the IoT market size is expected to grow robustly between through 2025.
CAGR of 13.2% through 2020 (est.) Source: Huawei, Grand View Research
Global leaders such as Samsung, ZTE, Google and LG have exhibited strong R&D activity with mid-sized patent portfolios containing many seminal patents - increasing their value.