Will the IoT Hype Become a Reality in 2017?

Research reports place bold claims on the long-awaited arrival of the Internet of Things (IoT). Everyone from telecom service providers to chip-making companies, has been raving about connecting the future with their devices. After much hype, in the coming months and years we are set to see more and more actual IoT-enabled devices powering a range of different connected smart applications designed to improve how businesses operate and people live. On the surface of it, the vision of a connected world seems promising. But one question lingers: are the different technologies that IoT relies on really ready to support this new world?

Gartner analysts forecast that the market for IoT devices is poised to explode and will reach nearly 21 billion connected devices by 2020 according to Gartner. Industry reports such as by CCS Insight also estimate that the global wearable technology market will be worth $25 billion by 2020, indicating that the market is set to grow from 84 million units in 2015 to 245 million units in 2019. India is eyeing a share of 5 to 6 per cent in the USD 300 billion global IoT industry in the next five years as reported by Livemint. These enormous figures show that the IoT – in all its different forms – will span every aspect of our lives.

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