Internet of Things Industry will see a drastic evolution by 2020

Internet of things (IoT) has been described as “the next Industrial Revolution” because of the way it will change the world around us. There will be more than 24 billion IoT devices installed around the world by the year 2020. That is approximately 4 devices for every human being on the planet. IoT is a network of internet connected objects that are able to collect and exchange data. IoT technology decreases the workforce and improves the supply chain to the organizations.

New ideas and methods to expand the Internet of Things have consistently emerged, when the first glorious smartphone was released to the public. Many experts are saying that by 2020 the IoT will be experiencing explosive growth. BI Intelligence has produced a complete detailed report on Internet of Things. This report gives a clear understanding on the future of IoT, Including the following:

• By the year 2020, we can expect that there will be more than triple IoT devices that are present now.

• Over the next five years, nearly $6 trillion will be spent on IoT solutions.

• The three entities using IoT ecosystems are business, governments and consumers.

• Governments will be the second largest adopters of IoT ecosystems as they are focusing on increasing productivity, decreasing costs, and improving their citizens' quality of life.

• Consumers still investing a large amount of money for purchasing IoT devices. So, they will lag behind business and governments in IoT adoption.

IoT trends 2017 indicate that the future generation is going to be more close to devices. That is not only PCs but also different appliances. The few top IoT trends in 2017 are listed below:

IoTs would be useless without APIs:

Application programming interface, the name itself says that applications will communicate with each other. It usually connects plenty of information with IoT. Technavio has predicted the global API-as-a-service market will reach $965 million by 2020, a compound annual growth rate of more than 30%.

Programmer doesn’t find any difficulty to write code, as most part of the code is already written in the form of building blocks by APIs. This is one of the reason why software developers prefer APIs. With the help of APIs connected devices are protected securely and then given to the customers. APIs are treated as market promoter, without which Internet of Things would be useless. XML/JSON or REST, SOAP are different forms of application programming interface.

Security concerns with IoT:

As the number of devices connecting to IoT is increasing tremendously, security becomes a major concern. So, security should be considered from every point. In 2017, still there are some security problems with IoT. The security risk is mainly because of IoT developers, as they have not implemented security features completely. Because of these security problems, Internet of Things is yet to spread across the world. In order to secure the IoT, few things are to be followed and implemented like data encryption, data authentication, hardware testing and side channel attacks.

IoT Platform Ecosystem market:

IoT platform is nothing but offering particular software for Internet of Things empowerment. It helps in associating different IoT components. IoT platform is required to handle hundreds of vendors, handle dozens of wireless standards, collect data and connect devices. Sometimes for business purposes IoT acts as an agent of transformation. Currently, we can find more than 300 IoT platforms present in the market. But all the IoT platforms are different from each other and all the platforms are not best IoT platforms. The best IoT platforms are those which makes implementation of functionalities and features easier than ever.

Cognitive Computing made the communication easier between data machines:

Cognitive computing (cc) decreases the workforce to the workers by giving capability to the pc to deal with different problems. It also helps the business people in giving correct information at correct time. So, we can say that cognitive computing decreases the time consumption in decision making process. Cognitive systems sometimes behave like humans which requires less human interaction to solve complex problems. Data machines communicate with each other very fastly and accurately with the help of cognitive computing that is present in the Internet of Things.

Blockchain enhances the security of IoT:

Blockchain is very well known for its special feature called security. If the number of network nodes increases then the centralized network doesn’t work properly. This shows a major impact on IoT. Here comes the use of Blockchain which increases the security and privacy of Internet of Things. It makes all IoT transactions easier. Blockchain is developing day by day by changing the future of Internet of Things constantly. One of the reason for implementing blockchain in IoT is because of is cheap cost and amazing features when compared with others. Hardjono described a blockchain-based IoT framework called ChainAnchor.