Internet of Things is a network of devices that are connected via internet to create a smart environment. In IoT, the “things” are the objects that gather and send data without any external intervention. These objects can be controlled and monitored remotely. By 2022, it is expected that there will be 50+ billion IoT devices globally. This not only includes smartphones but coffee makers, washing machines, digital wearable devices and almost everything with a sensor in it.
The Internet of Things helps people live and work smarter. In addition to smart devices and homes, IoT is also essential to businesses. Its application extends to various sectors such as consumer, commercial and infrastructure. A large part of IoT devices are built for different consumer use like smart apps, Internet of Wearable Things, connected vehicles, etc. IoT also provides businesses with real-time data to show performance & insights into everything.
This technology is utilized in almost every industry, including healthcare, finance, retail, and manufacturing. Smart cities help citizens with a wide variety of benefits like smart traffic management, urban security, water distribution management, etc. The use of connected sensors is rapidly growing in farming to monitor crop/cattle yields and predict growth patterns. The uses/applications of this future technology are increasing in everyday life which will continue to grow with more businesses realizing its potential.
IoT revolves around communication between two or more digital devices. It offers unbeatable businesses opportunities and enables you to extend your business without any boundaries. Additionally, it helps to reach more customers and ease business operations.
For a consumer, this technology streamlines their day-to-day activities, helps in saving bills (utility), improve health and much more. IoT supports various ways to create systems flexibly and cost-effectively. Smart devices will certainly become more involved in the future and continue to make our lives better.
In a complete IoT system, there are 4 components - connectivity, sensors/devices, data processing, and a user interface. Multiple objects/devices with built-in sensors are connected to the IoT platform to form a digital environment. Here's how it works -
From tracking your lost pet to monitoring your business, IoT applications are used in almost every aspect of your life. For a user, it helps in making a restaurant reservation, monitoring the progress of their exercise and much more.
Businesses utilize IoT to understand the customers’ online purchasing habits, monitor and maintain inventory levels. Also, it helps in obtaining a predictive analysis regarding the maintenance of their machines and devices.
Internet of Things continues to drive growth for multiple industry verticals such as automobile, real estate, medical, education, etc. Its biggest impact can be seen through automation in business processes. It has helped industries grow beyond the expectations and influenced the way they operate.
The technology is being rapidly adopted across all industry verticals. Not only these industries but others like hospitality, sports, banking, and construction are growing due to the positive influence of this next-gen technology. As a business owner or a services provider from any domain, it is important to adopt it as soon as possible.