In today’s technological era there has been a significant rise of the IoT (Internet of Things) technology. The technology solutions are being used by many industry sectors like retail, healthcare, agriculture and many more. Because of the ease of access of mobile phones and easy transmission of data, mobile apps are giving a boost to IoT technology.
According to Statistia, in 2030 it is predicted that there will be approx 25.44 billion IoT connected devices. As IoT is growing continuously there has also been a rising demand for connected smart devices, gadgets and wearable like Fitbit, Apple Watch. Mobile applications act like a bridge for IoT devices.
Industry Specific Statistics
- Smart home market including automation systems that controls the lighting, climate, entertainment, appliances and home security is expected to reach $53 billion by 2022. (Statista)
- Smart cities sector is expected to create business opportunities that may have a $2 trillion market value by 2025. 70% of global smart city spending by 2030 is expected to come from the US, Western Europe, and China. (Frost & Sullivan)
- The agricultural industrial internet of things (IIoT) market is estimated to have $7 billion U.S. by 2025 with smart farming concepts. This market includes agricultural management platforms, supply chain & inventory management solutions, GPS services and field mapping services. (Statista)
- The market size for IoT in retail is expected to be worth $94.44 billion by 2025, with a CAGR of 21.5%. (Viewneo, Grand View Research)
- The size of the global IoT healthcare market is expected to reach $534.3 billion by 2025. (Grand View Research)
- The consumer IoT market is estimated to reach $142 billion by 2026 at a CAGR of 17%. (Market Research Engine)
- The industrial IoT market size is expected to reach $123.89 billion in 2021. (i-SCOOP)
Impact of Internet of Things
1. Increased Convenience
The major part of the world population are smartphone users managing the IoT network becomes easy. By 2025, there will be 152,200 IoT devices connecting to the internet per minute (Forbes). With the integration of a Iot technology to the mobile apps, the users can access and control the devices anywhere and anytime. Every industry sector with the customized mobile application can be benefited with this technology.
2. Interactive Mobile Application
There is no doubt that with the IoT technology the mobile apps become more interactive. With the advanced customization options this technology will develop rich, futuristic applications. The apps can stay updated with the new features introduced. The technology provides simple options for personalization and the apps are interactive as well, giving competitive advantage to the business.
3. High Security
The large amount of user data which is stored in the cloud requires a secure platform. As IoT devices collect a large amount of real time data of users and huge data is stored, there are chances of cyberattack. The app developers must create robust apps with highly strict security features for all IoT apps.
4. Niche Market Building
The businesses have still not fully tapped into the potential of IoT technology. Many businesses are hesitant to use IoT application services. But with the customized IoT applications business owners can get the competitive advantage and enter specific niche markets.
Challenges for IoT App Development
1. Data Collection and Processing
IoT applications keep collecting realtime data, so storing and processing such a large amount of data is challenging. The development team has to ensure the privacy and security of customers data and need a proper plan for data collection, storage and to process it to provide the required results. The data stored in the cloud should be according to the platform requirement and to ensure this you would require a team of experts to provide insight. For IoT development data is the most crucial, processing data to collect the useful information to provide the real time results.
2. Hardware and Software Compatibility
For IoT app development it requires compatibility between software and devices and changes which may be required in the future. The device should allow regular updates and bug fixes otherwise it would create problems in the operating of the device. It is important for IoT developers that the application is incorporated in the devices with the desired performance.
3. Connectivity Challenges
The IoT devices are run on the transmission of realtime data. Due to the poor connectivity and latency issues it becomes difficult to provide results for the IoT connected devices. The developers need to work on this during the design and development phase. They need to understand the device features and functionalities and make the development decisions accordingly. The IoT devices need to monitor, process and send data. Different devices require different kinds of connection like wifi, cellular, and bluetooth.
4. Security and Privacy
The most important challenge for IoT applications is data privacy and security. As IoT applications and devices are supported by the network, there is a risk involved for network security and other IoT components. The IoT works on the massive data transfer through various linked devices consisting of personal information of individual users. Such data is vulnerable to cyber attacks.
It is of vital importance for the businesses to adapt to the technological advancements to stay in the competitive market. The IoT app development can offer many benefits to the businesses with enhanced efficiency and improved customer service and experience. As IoT apps are useful across all the industry sectors, developers need to be aware of the challenges and provide robust solutions and explore the full potential of IoT technology.