The Internet of Things or IoT is a term that successfully cut through the noise in today’s world. As we technologically improve, our dependency on the new inventions and features of IoT also increase making it a huge part of our daily lives. What can we anticipate from IoT? So far, we have been surprised by how it has grown and helped us. To understand more, we need to find the answer to a question.
What is IoT?
Despite being a buzzword, many do not know what IoT is. We can blame this situation partially on articles that use complicated technical terms which does nothing more than confuse readers. We, at Redington, feel the need to do our part to explain how important IoT is and it’s potential to change our lives.
IoT or the Internet of Things is an ecosystem of digital and mechanical machines which can be accessed via the internet. By machines, we are referring to machines that have unique IP addresses and can collect and use data through the internet without any manual interference. Built-in sensors in automobiles and heart monitors are examples of such machines.
How prominent are IoT devices?
The number of IoT connected devices is increasing every year. According to Gartner, the world had 8.4 billion IoT connected devices in 2017 and 9.2 billion in 2018. Also, it is predicted that the number will be 20.8 billion in 2020. As for the numbers this year, an increase of 31% is expected and can also reach 10 billion or more, which is more than the world total population.
Many surveys also foresee an increase from 12 to 13 billion in 2019 because of the increase in the total number of connected devices with the invention of smart TVs, vehicles and digital set up boxes. This has encouraged organizations to look for cross-industry devices including HVAC systems, LED lightings and physical security systems further increasing their number.
Why are the IoT devices proliferating?
IoT makes our lives easier. Work becomes stress-free and less hectic. Let’s consider the example of smartphones. Our world changed with its arrival so much that human relationships improved, quality of work-life improved, and people grew happier.
Moreover, the role IoT plays in the medical world has directly put its name in the list of best technological innovations. Saving of data from patients, running of analytics on various machines are few of its functions. The advent of IoT has improved the quality and productivity of medical equipment and processes.
How will your businesses benefit from IoT?
Let us enlighten you more.
- New opportunities
IoT brings new opportunities that profit businesses of all types. With the introduction of advanced business models and services, enterprises have gained new revenue streams. IoT driven innovations build a strong business, reduce selling and marketing time and increase return on investments.
- Tracking of assets
Does your business involve real-time tracking? If it does, you will know how advantageous IoT has been. IoT improves tracking of assets like equipment, machinery, tools, etc using sensors and connectivity. This also helps to quickly spot issues with assets and run preventive maintenance.
- Efficient and optimization of process
As mentioned in the beginning, IoT is a system of machines interconnected over the internet. Due to this arrangement, every process is made efficient and smarter with real-time insights. It also reduces operational expenditure, thereby increasing productivity.
- Increased security
Now, imagine how secure your office will be when it is guarded by a system of interconnected cameras and sensors 24*7? You can monitor your equipment and resolve issues quickly too.
How bright is 2020 for IoT?
From how the use of IoT is spreading, we can say that it has a good future. As mentioned before, it was reported that it will outnumber the total population of the earth by 2020.
This graphical representation of the Statista shows how the use of IoT or IoT connected devices has been increasing from 2015 to 2025. We can see from the graph how the usage of IoT devices will be 30 billion and above which is four times the 7.7 billion, earth’s total population.
All companies which are related to IoT have been seeing a tremendous increase in sales and the revenue generated is more than what they expected. Eyeing the benefits, more companies are stepping into the field triggering more growth, usage and sales.
How does our future with IoT look?
Our life in the future will be very different from the present one because of IoT.
- Reign of smart cities
Soon, everybody will own a smart device and cities will become SMART. Everything we want will be available at fingertips. We will be able to lead a smooth life both inside and outside the office.
- Artificial intelligence will become big
Artificial intelligence will have a space for itself in every house. From controlling the lights to robots for household chores, AI will make living easier.
- Increase in internet participants
People will become engaged in activities on the internet and it will influence various streams of life. The features available on the internet will also increase making more people log in.
It is clear from our history that adapting and evolving are inevitable and crucial for success and survival. In our world, new technologies are being invented every day and they are welcomed with open hands. From the recent trends, we can conclude that IoT is one such innovation and neglecting it, will pull your business back. Then, why not embrace it?
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