A new international standard has been produced for the Internet of Things, signifying the growing use of connected technology and the need for a global commonality of practice for the various types of emerging technologies.
The new standard is ISO/IEC 30141, Internet of Things (IoT) – Reference architecture, and it sets out to provide an internationally standardized IoT Reference Architecture using a common vocabulary, reusable designs and industry best practice.
The Internet of Things continues to grow at a rapid pace. Most applications deploy existing technology and combines this by connecting devices together so that business operations can be improved and so that costs can be lowered. Many IoT applications are concerned with collecting data, allowing devices to work in synchronicity and for boosting customer engagement.
According to a review by Forbes, the global IoT market is set to expand from $157 billion to $457 billion by 2020. In terms of the sectors leading this growth, discrete manufacturing, transportation and logistics, and utilities will be the lead sectors.To add to this forecast, analysts at Ericcson are of the opinion that the number of IoT devices will amount to 18 billion by 2022, driven by the desire of many companies to take advantage of advanced data analytics.
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