The Internet of Things (IoT) is a collective term for billions of physical objects or “things” connected to the Internet, all of which collect and exchange data with other devices and systems over the Internet.
IoT has been around since the 90s, but recent technological advances have made it possible, including:
- Affordable and reliable access to sensors
- Increased availability of cloud computing platforms
- Advances in machine learning and AI technology.
IoT devices range from small, ordinary household cookware to advanced industrial tools. Each IoT component has a unique identifier (UID) that allows it to send data without human intervention.
Organizations from different industries are increasingly using the IoT to work more efficiently, better understand their customers, improve customer service, improve decision making and increase business value.
Types of IoT
Networking, communication, and connectivity protocols are highly dependent on the specific IoT application being deployed. Just as there are many different IoT devices, there are many types of IoT applications based on their use.
The most common ones are:
- Consumer IoT – Mainly for everyday use. Examples: appliances, voice support, and lighting fixtures.
- Commercial IoT – Used primarily in the healthcare and transportation industries. An example: Intelligent pacemaker and surveillance system.
- Military Things (IoMT) – Used primarily for IoT technology applications in the military field. Example: Combat surveillance robots and biometrics that can be worn by humans.
- Industrial Things Internet of Things (IIoT) – Used primarily in industrial applications such as manufacturing and energy. Examples: digital control systems, intelligent agriculture, and industrial big data.
- Infrastructure IoT – Mainly used to connect smart cities. Example: Infrastructure sensors and management systems.
How does IoT come into use?
The IoT ecosystem consists of web-enabled smart devices that collect, send, and respond to data collected from the environment using embedded systems such as processors, sensors, and communication hardware. IoT devices share sensor data collected by connecting to IoT gateways or other edge devices. The data is sent to the cloud for analysis or analyzed locally.
These devices may communicate with other related devices and respond to information received from each other. Devices do most of the work without human intervention, but humans can interact with them. For example, it can set up devices, give instructions, and access data.
The connections, networks, and communication protocols used by these web-enabled devices are highly dependent on the specific IoT application deployed.
Artificial intelligence (AI) and machine learning are leveraged by IoT which has made the data collection process simpler and more dynamic.
Why is IoT important?
The IoT has enabled the physical world to meet and collaborate with the digital world. It brings many benefits to businesses by enabling them to automate and simplify their day-to-day operations.
As the Internet of Things grows exponentially year after year, companies are enjoying the tremendous business benefits it can offer.
The main benefits of IoT are:
- To create new business models and sources of income
- Improving business decision-making with data-driven insights from IoT data
- The productivity and efficiency of our business operations are increased.
- To improve the customer experience
Global spending on IoT is heavily impacted by the economic impact of the COVID-19 pandemic, but IDC research shows that CAGR will reach 11.3% in the projected period from 2020 to 2024.
Home security, activity tracker, industrial safety and security, augmented reality glasses and motion detectness are a few examples of IoT devices that are used these days.
Which sectors/industries are most benefitted by the IoT?
People who have smart devices at home and work with them to make their lives easier are already familiar with the idea of IoT. This technology is beginning to emerge with a variety of capabilities in almost every industry.
So which industry is the biggest beneficiary of IoT technology?
Here is the list of all the industries that have the biggest benefit from the Internet of Things.
Health care
The healthcare sector is beginning to take full advantage of IoT technology. Healthcare IoT technology, represented by tracking and real-time healthcare systems, is responsible for treating patients, diagnostics, maintaining medical and diagnostic equipment, and improving remote operations. Connected healthcare is necessary for good decision making, good behavior, intelligent treatment, and thus patient satisfaction.
Finance
The IoT is becoming more and more secure. Banks and customers are accustomed to managing financial transactions between different connected devices. Smart ATMs with ATMs are not uncommon. The sheer volume of data sent and collected in the IoT allows financial companies to measure risk accurately. Going forward, banks will use sensors and data analytics to gather more information about their customers and provide personalized services. This helps banks understand how customers buy and spend money.
Agriculture
The agricultural industry has always been very much embraced by innovation. With the advent of the IoT, the IoT has become very technology-driven and industrialized. The term “smart agriculture” describes the use of IoT solutions in agriculture. Use IoT sensors to collect environmental and machine metrics. This data helps farmers make informed decisions and improve almost every aspect of their work, from raising livestock to growing crops.
Manufacturing
IoT technology is the fourth industrial revolution. The rise of the IIoT, or the Internet of Things for Industrial Things, is a major driver of the Fourth Industrial Revolution. The World Economic Forum’s Fourth Industrial Revolution Center is working on several IoT initiatives in Denmark. These initiatives bring incredible social efficiency. Today, manufacturing is the most prominent investor in the Internet of Things.
Retail
Internet of Things technology helps retailers reduce operating costs and improve the customer experience through new and innovative use cases.
Here are some of the benefits retailers have gained from using the IoT:
- Improving the customer experience
- Better supply chain management
- Intelligent inventory management
- Automatic checkout
- A fully automated warehouse
Transportation and logistic
The IoT transport market was valued at $ 135 billion in 2016 and is expected to reach $ 328 billion in 2023. Speed and timing are two major challenges. Internet of Things devices aims to make transportation companies smarter and more efficient by automating and streamlining business processes. The IoT provides actionable insights into the data collected and helps the industry to maintain the health of the vehicle, make your trip more efficient, improve operational performance, and have many more benefits.
We, at Webcom Systems, have decent experience with IoT technologies. Our experienced professionals are available to guide you and share their experiences so that you can learn and understand the important things that are to be remembered.
If you plan to develop an innovative IoT strategy for your company and get the most benefit from this technology, you can consult our IoT experts.
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