Internet of things has come a long way since its inception. Though it’s still quite green. However, Internet of Things is undoubtedly is turning out to be quite a properly defined, financially sound and reliable industry. At the same time, IoT has proven itself extremely capable of offering real, irrefutable value. Starting from the smart storm water management solutions which help to prevent flooding to the new-age intelligent household security systems which are capable of keeping the families secure. There is a lot that IoT is doing to offer real value. That’s why Industrial Internet of Things industry is predicted to touch the $123B in 2021.
Also, it is believed that Internet of Things alone is expected to grow the productivity in the delivery and supply chain performance by almost 15%. With the immense growth of IoT more and more interesting stats are being generated. Various facts are proving the inception and evolvement of IoT absolutely right. There seems to be everything right in the field of IoT, but is that true?
Where are the chinks in the armor in the world of IoT?
IoT is undoubtedly one of the most promising industries at the moment, but the IoT market is something to look at. Or rather, there isn’t anything like an IoT market. At times, experts recognize IoT as a noteworthy third wave of computing. It is further preceded by PCs and mobile phones. Just like any other technology like mobile phones, the maturity stage of IoT is a little messy.
Fragmentation of the ecosystem
Fragmentation in the field of IoT is complicating the market. It is leading to several short-lived ideas, firms and even various ill-conceived strategies. Irrespective of the potential of IoT, there are a plenty of obstacles that IoT experts have to consider. Including the intricate security problems, there’s always the threat of tremendously intense mass fragmentation. This is because too many people and companies are stepping in the world of IoT. Therefore, there’s surely the need of a much integrated Internet of Things ecosystem.
How to solve it?
When it comes to the fragmentation in the IoT ecosystem, it is supposed to impact the manufacturers who are developing and maintaining connected devices. However, this fragmentation is also impacting the users as well. A large variety of organizations are making various IoT devices and platforms. However, the environment is not very inclusive and they are finding it tough to work together. Therefore, we need more standardized APIs and protocols to make the systems more fruitful.
Fragmentation in IoT is undoubtedly troublesome. Specifically when it comes to the interoperability perspective, this fragmentation is going to be harmful. However, there are various methods to solve this. Internet of Things is quite helpful as it makes it easy to link various devices. This helps to offer various advantages to the user. However, fragmentation of IoT is a serious affair as it hampers the whole functionality of IoT, therefore, it needs to be tackled soon.
Is competition in the world of IoT boon or bane?
Internet of Things industry is booming. Though, it is at a beginner’s stage at the moment, considering its solid potential. But, still there seems to be a lot of competition in the IoT space. More and more software development companies and experts are trying to explore the IoT possibilities, because they know that the future of IoT is bright.
This high level of competition is both positive and negative for IoT. Positive because of a lot of reasons. As, more healthy competition will lead to improved IoT environment. This means that better IoT products will be developed. Also, the complete IoT industry will keep evolving and improving with the high rising competition.
But, at the same time, here also fragmentation of the ecosystem might hamper the positivity of competition. Though, a lot of products and programs are developed for IoT, but they have to meet certain standards. IoT experts have to set some principles and they have to base the inventions and explorations as per the set standards. This going to reduce the fragmentation, and improve the performance of the IoT world.
The IoT industry is all set to touch the $457B by 2020. This implies that people are not only interesting in IoT, but they also want to use it. This is good for the IoT market. But, at the same time, IoT players have to get rid of the obstacles to make it more fruitful for the world.