Internet of Things or IoT is a technology that deals with bringing control of physical devices over the internet. We are already surrounded by smartphones, smartglasses, smartwatches, and smart homes, but IoT will create an explosion of new devices and applications, one of which is the smart office.
We have seen a dramatic transformation in both life and work in recent years as a result of new technology, from smartphones to the Internet of Things, with the prospect of bringing an additional 20 billion connected things online by 2020, according to Gartner.
The freight train that is the Internet of Things (IoT) is gaining steam. Machina Research expects the global IoT market to more than quadruple between 2014 and 2024, growing from $900 billion to $4.3 trillion. Within the next eight years, Machina estimates there will be 30 billion connected IoT devices; investment in IoT will be upwards of $1.6 trillion.
AWS IoT provides a managed, multitenant service that enables communication between IoT devices, applications, and the backend. By virtue of being a managed service, IoT platform eases out several deployment and infrastructure monitoring issues. However, it imposes some limits and restrictions on how data can be modeled and the size of device information that can be stored in a “shadow” on AWS IoT 1. Primarily, the restrictions ensure the safety and security of the platform and deployments, and avoid misuse of the platform by a tenant or rogue entity. It is critical to be aware of and understand these restrictions before finalizing the solution architecture as some of them may impact the feasibility of the solution architecture and operating costs.
IDC forecasts that the worldwide IoT market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020, with a compound annual growth rate of 16.9%. This growth will be dominated by the manufacture of devices, and investment in connectivity and IT services. IDC also predicts purpose-built platforms, application software, and as-a-service offerings will capture a larger percentage of the market by 2020. While the IoT managed services market is estimated to grow from USD 21.85 billion in 2016 to USD 79.60 billion by 2021, at a compound annual growth rate of 29.5% during the period 2016–2021, according to a research by MarketsandMarkets research firm.
The market today is witnessing the emergence of new type of consumer electronics, sensors and mobile devices that can be connected to the network. Some have the ability to connect to the global network (cellular phones, tablets, etc.,), while some remain constrained to more of a private network that could be residing inside a home.