The significant growth in the connected things across the globe has resulted in the emergence of IoT and has made it an area of interest of policy makers. The ambition of Internet of Things (IoT ) Market is to connect the physical world with the virtual one. United Kingdom is seeing the enormous growth in this segment due to strategic level infrastructure which is helpful for economic growth. Due to which IoT is receiving considerable attention from the government, universities, etc., across the United Kingdom.
IoT is a concept describing a scenario where physical objects are connected to the internet, also can be identified by other processes or devices, via an IP address. The internet connected objects collect and exchange data using the embedded sensors. The IoT devices connects with internet and can be controlled or monitored from any remote location. The ecosystem of IoT includes components which enable government, businesses & consumers and connect their IoT devices which includes dashboards, gateways, networks, remotes, data storage, security and analytics. Some of the industries benefitting with the IoT are hospitality, manufacturing, transportation, banks, connected home, oil, gas & mining.
Some IOT User Industries All Over the World
Around 35% of manufacturers use smart sensors. This number is estimated to grow to 53%, by 2020. Some benefits include: significant increase in capacity utilization, lower unit costs and improved safety.
Globally the municipalities will spend on IoT systems. Some benefits include: increased productivity, improved safety, predictive maintenance, reduced asset loss – self diagnosing devices will identify product issues early, from temperature and environmental changes to predicting machine failures.
In retail industries the usage of IoT includes greater customer intimacy, more targeted customer offerings and enhanced profitability.
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Key Trends in The Market
Rising Health Related Technologies
With aging population, cost pressure and local governments social care budgets, the requirement of technology is growing, which help filling the gaps, reducing availability of resources and structural reform. Further, digital therapies are competing and complementing the pharmaceutical industry as companies are manufacturing smart treatment and diagnostic devices. The new devices formed address various issues like mental and physical conditions, fertility, depression, back pain, insomnia etc. Usher of era of Generation Health will include donating the data which will be more fruitful and all this will be possible due to IoT applications across the United Kingdom.
Reinvention of Consumer Devices
As the market is segmenting and growing many products across UK are being reinvented and new products are getting personalized, intelligent and specialized by adopting unique characteristics of IoT. The IoT services might be able to provide and make the whole ecosystem of devices more usable.
Adoption of IoT Solutions as a Service
In many companies across UK IoT is continued to drive towards as a service model as companies who work on the IoT projects are increasingly using solutions and platforms and enabling them as a service approach.
Faster Adoption of IoT from many Industries
Enterprises like mining, utilities, agriculture, logistics and retail are significantly adopting IoT services. Tracking the physical assets, optimization of processes, managing the resources leads to more and more usage of IoT services.
It is evident that IoT holds significant potential for major economic opportunities across United Kingdom and among wide variety of industrial sectors and consumers however, there are some important policy issues which affect the adoption and development of IoT across all the sectors. With a growing usage of commercial activities and Internet of Things (IoT) projects across UK, there is a strong need to use the evidence from ‘real world’ and IoT implementations to inform the policy in this rapidly emerging area.