Software Engineering Insights

As per a report by MarketsandMarkets, the global healthcare IoT market size is anticipated to increase from USD 127.7 billion in 2024 to USD 289.2 billion by 2028 at a CAGR of 17.8% over the forecasted period.

The Internet of Things (IoT) is a technological framework that is being adopted in myriad industries at a fierce rate. There has been continuous innovation in this field of technology as it converges with various technology stacks associated with Big Data and Artificial Intelligence. Simultaneously, the number of connected IoT devices is also increasing rapidly, posing the need to improve one of the most important aspects of IoT - scalability.

Take a look around. What's in your sight? A TV? Maybe your smartwatch, washing machine, or a Bluetooth speaker? All of these gadgets have something in common: they run on embedded systems. They're all over the place, quietly making our modern lives run smoothly. You probably interact with dozens of these devices every day, without even realizing it.

The arrival of Industry 4.0 heralds a new era of the industrial revolution, where rapid advancements in connectivity, mobility, AI, and ML are reshaping the business landscape. However, amidst this swift progress, we must also navigate the risks that arise from increasingly complex and automated systems that demand unwavering reliability and stability.

The Internet of Things (IoT) sees most of its usage in the domain of asset tracking. Companies can make better decisions about their products if they can keep track of where their precious cargo is and therefore, location-based applications of IoT have always been dominant use cases.  

The various applications of the Internet of Things (IoT) have helped companies across the board to automate processes and improve their bottom line. This technology is doing wonders for the finance sector in improving service delivery, making customer transactions more transparent, and making the overall process of money exchange more efficient. 

Referring to some of the most pivotal technologies as mere buzzwords is a disservice to innovation. The Internet of Things (IoT) is one such domain of technologies most people tend to refer to, without fully understanding its nuances or its technical aspects.

Smart homes, wearables, automated cars are some of the popular concepts that introduced the world with the IoT technology and its potential applications. The continued growth of this technology and its use case realization has created a global IoT market of $389 billion, which is forecasted to reach $1 trillion in 2030 (according to Statista). 

Technological advancements and innovations are helping organizations to cope up with the disruption caused by the outbreak of the global pandemic. The IoT industry is no exception.

What is IoT? The Internet of Things (IoT) refers to a network of digital devices over the internet that use embedded sensors to transmit user data between them and the cloud. More popularly known for their application in "smart homes", the purpose of these interconnected systems is to make life easier with devices that communicate independently and respond to human stimuli.