The IoT market is growing unprecedentedly and it will keep on growing because of the lack of patent ecosystem, which allows start-ups to develop IoT products.
Fremont, CA: Industry 4.0 is about the increasing connectivity of smaller and smaller components. By connecting elements, data is collected, and the more information is collected, the more effective the manufacturing process can become. IoT plays a vital role in interconnecting the devices, which brings together advances in computational power, wireless communication, AI, and data to build vast technology infrastructure. By 2020, the size of the IoT market is expected to reach seven trillion USD, and it is expected to grow spectacularly over the next decade. The progress in manufacturing has allowed even small manufacturers to build relatively sophisticated IoT products. The proliferation of these products has drawn attention to the issues of patents governing IoT devices.
IoT products manufacturers sought patents on physical products, the configuration of devices and their structures, operation, and output. These IoT devices are used in electronic products, healthcare products, and household products, and patenting products in which IoT devices are incorporated can hinder the growth of the IoT industry. Tech giants reveal that there is a wide range of products that can be embedded with IoT devices. New IoT products are regularly developed, and their functions cannot be patent. As an instance, a tiny IoT capsule that relays images of the human body upon swallowing cannot be patented. Thus, it enables different companies to manufacture an identical device. Start-ups are designing novel IoT products that can be embedded with IoT devices. As there is no authority to govern the patent of such products, there is tremendous scope for companies to design IoT products. Additionally, the technologies that enable IoT devices to connect are tough to patent as well.
The Indian IoT market is growing because the loosely defined patent structure allows different technologies and standards to work in conjunction. As an instance, a smart home has IoT enabled products that manage lighting, entertainment, security, climate, appliances, power, and much more. Different manufacturers may manufacture these different IoT products. At the same time, the IoT patent ecosystem is not defined. Hence, start-ups can take advantage of the loophole and create an IoT product for home automation that works in unison with other patented products. The lack of a patent ecosystem and growing IoT companies can continue to develop new kinds of IoT products and catapult the IoT industry.