Advantages of IOT in Entertainment things
The Internet of Things (IoT) is gaining importance of gigantic proportion and the entertainment industry is clearly not an exception. Past few years have witnessed growth of mammoth level and taken a ballistic shape. It is certainly not a technology fad, rather will stay here for years to come. This makes it important to partner with a IoT solutions company for effective implementation of this emerging technology.
There are connected devices everywhere, ranging from phones, wearables, and cars to home appliances, sensors and much more. The seamless interconnection of ‘smart objects’ creates an integrated solution with the Internet which is what we call the Internet of Things (IoT).
As the number of connected devices keeps on growing, the wave of IoT is shaping different industries such as manufacturing, education, healthcare, travel, and retail. One industry that is witnessing rapid change due to implementation of the IoT is the entertainment sector.
With IoT ecosystem revenues globally projected to reach US$4,300 billion by 2024, the IoT sector is attracting players from various industries – creating a competitive landscape in which consumer entertainment companies, and internet players are all heavily investing in resources.
Entertainment technology solutions enhance media companies’ capacity to deliver content to connected objects, and to collect, transmit and monetize data in the IoT value chain – particularly in the consumer domain.
According to International Data Corporation (IDC) estimates there will be 30 billion connected devices in the market by 2020.
Economic value of IoT is expected to be around $1.46 trillion in 2020.
Gartner forecasts 20.8 billion connected devices and $3 trillion IoT economic value during the same time frame.
The entertainment industry has witnessed complete transformation in the past decade, with rapid transition from scheduled television series in the 2000s to a rapid growth in the number of video-on-demand services and live streaming in the recent years. Consumers are gaining more control over what they watch and on the other hands creators now have access to a sea of information more insight into what the audience needs.
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