In the Internet of everything market, cloud computing services open up new avenues for growth. The global market is thrived by players of various kinds and sizes with a huge chunk of them based traditionally in the field of consumer electronics or ICT or the internet and communication technologies. Some leading IoT companies in the market include Cisco, Amazon, Intel, Microsoft, Apple, Google and more. The top players focuses on the acquisition of proprietary technologies and platforms in developing innovative products. Some players are focused on the development of secure technology solutions to have a competitive edge over others in the Internet of Things value chain.
GROWING PROMINENCE OF CLOUD COMPUTING SERVICES BOOSTS DEMAND FOR IOT
The IoT market is underpinned by fast advances in the cloud computing arena. The growing demand for cloud-based services among different organizations led to the quick evolution of internet of things technologies and platforms as the backbone. There is more adoption of IoT to resolve energy constraints in cloud-based servers. Furthermore, the burgeoning demand for more processing power as well as storage choices has boosted the uptake of the internet of things software and platforms.
The fast-paced digitization across different regions and the growing demand for services that are data-driven in various areas are the major factors that boost the IoT market. The growing number of use cases in different end-use industries to enhance productivity as well as bring process improvements are the key trends that are expected to bolster the IoT demand. Furthermore, the growing demand for cloud computing solutions as well as the advances in communication technologies are the major factors that are expected to catalyze the market.
PRIVACY AND SAFETY OF DATA IN THE INTERNET OF THINGS
The growing concern of data privacy and safety in IoT connected devices is a crucial factor that’s likely to prevent the market to a certain extent. The privacy of sensitive data is a major concern that’s expected to handicap the growth of the market to a certain degree if not addressed proactively. The lack of security measures and limited processing power, like encryption is another integral factor that is likely to limit the demand for the internet of things. There’s an emerging need for real-time failures assessment and data integrity to make the IoT useful in various areas, like healthcare and automotive. The integration of wireless technologies in next-generation systems and smart locks made the more secure. This is expected to enhance the demand among property owners, thus catalyzing the IoT market growth.
GROWING DEMAND FOR CLOUD COMPUTING
Cloud computing is seen to quadruple in the next few years. It is predicted that only eight percent of all workloads would remain to be processed by traditional centers. The other ninety-two percent would be processed by cloud data centers. Cisco predicted that there would be several changes by 2020. The changes include a growth to 14.1 zettabytes in cloud traffic. The IoT and big data are huge contributors in this growth, with amount of data that’s generated by IoT to reach 600 ZB for every year. From the year 2015 to 2020, the workloads in private cloud data centers is predicted to be lower by 19 percent, while those in public cloud centers would increase by that amount. The shift is attributed to the rise in hybrid cloud strategies, like cloud bursting wherein the public cloud accommodates sudden traffic spikes, but day-to-day operations rely on private cloud.
Trust in public cloud is growing not only for businesses, but for individual consumers too. The current trends suggest that by the year 2020, the average consumer user would use an estimated 1.7 GB of cloud storage space every month, in comparison to the average 513 MB that they used in 2015. Much of that could be attributed to a five percent increase in video streaming and twenty percent increase in social networking workloads. The percentage of consumers overall using personal cloud storage is predicted to grow from forty-seven percent to fifty-nine percent, representing approximately a billion more users. Smart users are looking for ways to make sure that they attract, capture and keep a share of the new cloud consumers. One of the best ways is to have an infrastructure in place capable of accommodating big numbers or new customer seamlessly.
Smart service providers work towards integrating features from all three kinds of services and providing more hybrid options. The one thing that will not change is that businesses would continue to need stable, instant and consistent communication with customers on numerous platforms. Also, they will need a secure storage for all data built from the communications.
The same as consumers want the choice of communicating through text, email or phone, businesses also want to choose and combine the most useful tools in the cloud and IoT to customize systems.