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.
There are a few major trends driving the rapid increase in data traffic on the network. At the top of the list is the Internet of Things (IoT), 5G and the convergence of mobile broadband and media traffic.
We live in an era of rapidly advancing technology and Big Data. The use of smart phones, tablets and other gadgets is reaching saturation in many markets. About half of the world’s population has access to the internet. The popularity of social networking is spreading; for instance, Facebook has nearly two billion monthly active users.
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.
Most of us use Gmail, Dropbox, iCloud and Facebook almost every day. We have become accustomed to the idea of storing our personal data in the cloud. As the world of information and data continues to expand, the cloud is expanding right along with it. The cloud's presence is well appreciated and accepted in the highly dynamic, information-heavy, always growing corporate arena.