As IoT is taking on the world, Moolya embraces it!
What if your car not only knew exactly where to go but to get there in the fastest time possible? If there are 2-3 routes to your destination, what if your car suggested a better route when compared to the one you are already on due to traffic congestion? And this, based on real time data? Imagine if the car played the music of your choice even before you asked for it? No, we are not talking about Bumble Bee of the Transformers movie; we are describing a car conceptualized with Internet of Things.
Internet of Things (IoT), is one of the hottest trends running in the tech world. To the rest of the world, it simply means the concept of connecting technology and gadgets through Internet. This is known as smart communication system, such as a car navigation system, a smartwatch that can read out mails to you as you step out for a walk, or it can even be a smart TV that is internet enabled and downloads the subtitles for the movie you are watching automatically. In short, IoT is the use of internet to enable all gadgets to network and work with an unimaginable customization level.
To get it up and running, IoT requires units. An IoT unit is any device that is used for communication between systems/devices through the internet. Gartner defines IoT as “The network of physical objects that contain embedded technology to communicate, sense or interact with their internal state or the external environment,”. IoT does not include communication systems between computers, laptops, smartphones and tablets.
IDC estimates that “as of the end of 2013, there were 9.1 billion IoT units installed. It expects the installed base of IoT units to grow at a 17.5% CAGR over the forecast period to 28.1 billion in 2020.” The IDC market report on IoT further adds, “The worldwide Internet of Things market will grow from $655.8 billion in 2014 to $1.7 trillion in 2020 with a compound annual growth rate (CAGR) of 16.9%. Devices, connectivity, and IT services will make up the majority of the IoT market in 2020. Together, they are estimated to account for over two-thirds of the worldwide IoT market in 2020, with devices (modules/sensors) alone representing 31.8% of the total. By 2020, IDC expects that IoT purpose-built platforms, application software, and “as a service” offerings will capture a larger percentage of revenue.”
Looking at the potential of IoT, many have the jumped into the business in India. “It is difficult to estimate the number of IoT entrepreneurs in the country but there are around 150 to 200 serious startups in India today and that number is growing rapidly,” Nihal Kashinath, the founder of IoT Bangalore (IoTBLR) was quoted in an article published by lightreding.com (IoT the Flavor of India’s Tech Startups). IoTBLR is an open community for IoT enthusiasts in the city.
IoT has already made considerable progress in the wearable technology market. We have already seen people getting used to smart watches, health bands and eyewear. There are serious talks of wider usage of smart clothes and body embedded technologies as well. All this connected through the magical thing called the Internet, giving boost to the IoT technology.
As the world embraces more of these devices, Moolya is preparing its testing team to take on the business and grow with the sector. The wearable team at Moolya has already done some incredible work of testing in the wearable field (Wearable Technology – the next tech frontier). Our tech team already has its heads under the hood with the car navigation systems and smart TVs. It is only a matter of time before we start helping companies to ride the IoT wave.