IoT continues to deliver new opportunities for digital business innovation

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Use of Internet of Things (IoT) devices is being increased day by day. The number of devices connected to each other with Internet access will exceed 25 billion by 2021 and the number of connected devices will stand at 14.2 billion by the end of 2019.

As the IoT continues to expand, the need for a governance framework that ensures appropriate behaviour in the creation, storage, use and deletion of information related to IoT projects will become increasingly important, research and advisory company Gartner said in its report titled ‘Top Strategic IoT Trends and Technologies Through 2023’.

“The IoT will continue to deliver new opportunities for digital business innovation for the next decade, many of which will be enabled by new or improved technologies,” said Nick Jones, Research Vice-president at Gartner.

“Chief Information Officers who master innovative IoT trends have the opportunity to lead digital innovation in their business,” Jones added.

By 2023, it is expected that new special-purpose chips will reduce the power consumption required to run a deep neural networks (DNN), enabling new edge architectures and embedded DNN functions in low-power IoT endpoints, the report said.

This will support new capabilities such as data analytics integrated with sensors, and speech recognition included in low cost battery-powered devices.

“Currently, most IoT endpoint devices use conventional processor chips, with low-power ARM architectures being particularly popular. However, traditional instruction sets and memory architectures aren’t well-suited to all the tasks that endpoints need to perform,” said Jones.

Although Bangladesh is currently using 4G mobile networks for Data Communication, the use of 5G will be required to support advanced IoT deployments, according to local experts.

Meanwhile, a survey of GSM (Global System for Mobile communication) shows that the smart-meter and security system built using wireless internet system in the house saved people’s money on one hand and also brought about emotional tranquility.

In the near future, 89 percent of people will want to get involved with wireless internet access devices to reduce costs, bring peace, and get security. Not only that, the use of Internet is changing peoples’ lifestyle.

According to a Business Intelligence (BI) report titled ‘The Impact of the Internet of Things’, at least one person among four in Germany, Japan, United Kingdom and United States has a smart device or an Internet connected device.

The IoT market will surpass the integrated market of smartphones, PCs, tabs, internet accessed cars and wearable technologies by 2019, it said.

At that time, hardware, software and management services of around US$ 70 billion to be invested to build IoT’s capacity. By the year 2016, machines worth of US$ 670 billion will come in the market, among which the profit of hardware sales will be five billion US dollars, only 8 percent of the income from the IoT.

The BI report further said the enterprise sector is representing the IoT. However, due to the increasing use of IoT in government and household sectors, the enterprise sector will fall behind by 2019 and the government sector will be topped by IoT.

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