It is only natural we think about the future of IoT. For years, the Internet of Things (IoT) technology has been a popular concept, but it now appears ready for widespread business use. In 2014, only 13% of companies were utilizing the Internet of Things (IoT); today, that number has risen to 25%. According to forecasts from 2018 conducted in 2023, the number of IoT-enabled devices will triple in this time period consequently.
The rise of the Internet of Things (IoT) technology has paved the way for this. IoT technology will become more accessible in the first place, allowing more enterprises to benefit from it. IoT technology has been around for a long time, and SMBs will profit from this latest wave of maturity.
Businesses can leverage the Internet of Things (IoT) technology even if they can’t afford custom solutions. CognitiveClouds offer competitive and cost-effective IoT services and solutions, especially for those with constraint budgets.
PE funds should re-evaluate IoT as a sector that may produce value for midsize enterprises. IoT market, use cases, technological stack, and more are discussed in this piece. Let’s read further to know what kind of future is linked with this technology – Internet of Things (IoT)!
The Future of IoT Framework!
These results can be transformed into business advantages for private equity funds interested in investing in, owning, or working with IoT.
- The consistent growth of IoT for a long time.
New gadgets and technologies have helped to expand the Internet of Things. For the next five years, IoT investment is expected to grow at a rate of 13.6% each year. Future expansion will be fueled by improved sensors, increased computer power, and more stable mobile connections. Sensor technologies for the Internet of Things (IoT) will continue to improve. Large-scale monitoring and detection will become possible thanks to low-cost sensors.
Computing power has tripled in the last 15 years. The cloud and the edge receive real-time analytics and AI from devices. New augmented and virtual reality apps will be made possible by 5G Network. Because it connects existing IT equipment, the Internet of Things (IoT) will propel the market. Every year, the traditional IT gadget market expands by 2%. The need for device integration is enormous, with 5 billion smartphones, 2 billion PCs, and 1 billion tablets.
- It has had significant wide applications.
IoT has 200 enterprise applications, but it isn’t just for large corporations. Early adopters mass-produce IoT. IoT has an impact on Industry 4.0, smart cities, smart homes, connected cars, and e-health. Because of IoT improvements, all affected industries have gained new capabilities.
B2B enterprises can communicate with fielded items thanks to Industry 4.0. Continuous monitoring allows for predictive maintenance, which increases output and equipment uptime.
The increased demand for IoT technology reflects how maturing technologies have started to deliver the IoT’s promises. Additionally, private equity funds should look for chances to invest in IoT-related industries and areas expected to benefit greatly from this emerging technology.