The Opportunity of IoT: Part 1

The story of how IoT is being embraced by countries around the globe

The paradigm shift of hard work to smart work has triggered the rise of IoT culture. Here’s how countries have hopped on the IoT train, creating countless opportunities along the way

How often have we come across the phrase “make hay while the sun shines”? Needless to say, seizing the initiative and grabbing the right opportunity at the right time is of paramount importance. In the modern world scenario, there is now a massive shift in the jobs and skills sphere. The constant disruption in terms of newer business models, creation of newer jobs and subsequently the displacement of older jobs has led to a profound shift in the kind of opportunities opened and skills required in the modern era. IoT is an industry that has opened a plethora of opportunities in the global market, yet somehow each new opportunity is significantly more different than the previous.

It’s safe to say IoT is in the nascent stage of development as a sector. Come 2018 however, we could well be witnessing a boom that transforms the sector into one worth trillions of dollars. A research by the World Economic Forum claims a major driver of change is the transition of technology from a disjointed approach to a smart, connected approach. Spheres such as 3D-Printing, Robotics, Nanotechnology will not be able to address problems as well as smart factories, grids and even cities can. Employment trends are also witnessing a dynamic shift from office and admin-related roles to a more tech-relevant IT, engineering, mathematical and architectural approach.

With that kind of potential, let us crunch numbers to discover how much IoT really impacts the world

Pair this with the fact that IoT is a global market. Standing fourth with a stunning 14% share of a technological driver of change, a global shift of this kind can only be sparked by the cumulative shift witnessed in each country individually. As each country opens up to the trend of shifting to IoT as a solution-oriented industry, opportunities the country has to offer evolve in a dynamic manner.

Each country has its own story to tell us. As of March 2013, up to 10 billion devices were deemed connected by IoT. As we move into the tail end of 2016, the top countries with devices online per 100 tell us an interesting story. Korea leads the pack with 37.9 devices connected, with Denmark the closest behind at 32. Switzerland, United States, Netherlands, Germany and Sweden fit in the bracket of 20-30 devices per 100. Spain, France, Portugal, Belgium and UK make up the tail end of the group. A lion’s share of countries dominate the IoT market, with the emerging countries not even considered in this group.

Early adopters of IoT promise to be key contributors to enable the creation of so much opportunity

By 2020, considering a projected annual growth rate of 15-20%, IoT will be connecting between 26 to 30 billion objects and will cross the trillion dollar market. This trend has been recognized by countries around the globe, over and above the ones mentioned already. Way back in 2011, China’s Minstry of Industry and IT launched a five-year plan committing total support behind IoT. The Internet of Things is the core focus of Germany’s plans to modernize the manufacturing sector. India’s National Telecom M2M (machine-to-machine) Roadmap highlights how the government targets 100 smart cities at the end of 2020, funneling an investment of 7.4 billion dollars in the process. As of 2015, Singapore has allocated 1.6 billion dollars to its Smart Nation initiative. All this, and a lot more are markers of things to come.

 

With that amount of opportunity being created around the globe, it’s staggering to imagine the shift mankind will witness in terms of employment in the coming years. Globalization is a long established phenomenon and IoT is already leveraging this to change the way current opportunities work in countries around the globe.

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