The concept of Internet of Things has gained significant traction over the last decade, owing to collective efforts by industry players, associations as well as academia. Various consortiums of corporates as well as industry associations such as IPSO alliance, IIC (Industrial Internet Consortium), OIC (Open Interconnect Consortium) etc. have been working towards increasing worldwide IoT awareness and adoption. Increasing number of devices connected to the internet has played a significant role in driving IoT adoption. Academia in collaboration with other industry stakeholders has further supported development and deployment of IoT solutions.
The current whitepaper in collaboration with Deloitte tries to cover the history of IoT adoption, current trends and future growth drivers.
IoT is poised for exponential growth globally, with the number of connected devices expected to grow 5.5X to 20.8 billion and revenue expected to grow over 3X to $3 trillion by 2020Brief snapshot of some of the IoT use cases/applications across industries
Automobile and Transport & Logistics are the top industries driving growth of IoT market in 2020
Reducing cost of sensors and demand for connected devices to be the key drivers of IoT demand
Lack of end to end encryption, uniform security standards, technology intimidation, and compelling business case pose significant challenge to mass adoption
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