The Internet of Things (IoT) market stands as one of the most promising and dynamic technology trends of our era, offering a plethora of opportunities yet to be fully realized. The driving force behind the Industry 4.0, the IoT market demonstrated a remarkable growth trajectory projected to exceed 16% over a decade. (2018- 2028)

Market Dynamics & Growth: Fuelling Innovation

According to Statista, the global IoT market generated a staggering revenue of US$970 billion in 2022. Accounting for 31% of the Internet of Things market, Automotive IoT was the largest segment, generating US$300 billion in revenues. In a global comparison, the United States produced the highest revenue in the IoT market in 2022, generating US$143 billion.

IoT in Everyday Life: Making Science Fiction a Reality

IoT’s impact extends beyond industrial realms into revolutionizing our daily lives. The convenience of smart homes, where concerns about leaving appliances on or docks unlocked are alleviated by IoT technology. This everyday integration practically underscores the IoT’s transition from science fiction fantasies like Batman’s batmobile or Ironman’s Virtual assistant Jarvis – to practical reality.

IoT in Indian Enterprises: Transforming Industries

For instance, in the hospitality industry, IoT plays a transformative role. IoT sensors and systems are integrated into numerous components, from entertainment systems to sensors and security cameras.

From smart rooms to enhanced security services, IoT can transform the hospitality industry. IoT enabled security cameras can identify unauthorized access to restricted areas on a teal time basis, streamline operations in automating records and reducing the manual labour and errors while check-ins.

IoT : Shaping the Future

Gaurav Sareen, the IoT business head at the iBUS Group provides us a comprehensive structure of how IoT transforms Indian enterprises, emphasizing its fusion of Information Technology (IT) and Operational Technology (OT). Listen to this candid conversation now at Spotify.