What is IoT?
IoT is here to stay for a long time
Mind-boggling IoT numbers and statistics have proved that this world of IoT is transforming the world and is here to stay for a long time.
1. According to a survey by Gartner, by 2020, the number of Internet-connected things will reach or even exceed 50 billion.
2. According to statistics of Statista, the market for Radio Frequency Identification (RFID) tags, used for transmitting data to identify and track objects, is worth $11.1 billion. This is expected to grow to $21.9 billion in 2020.
3. By 2020, a quarter of a billion vehicles will be connected to the Internet which will open new doors for in-vehicle services and automated driving.
The three C’s of IoT
Communication: IoT plays a vital role in communication. It helps to transmit information to people and systems. It can predict the state and health of equipment. For example, company can track their assets through GPS-enabled assets. Such assets can track current location and movement of items and people within an organization.
Control & Automation: IoT enables the businesses to control and automate the device. Business or consumer can control a device remotely. The best thing about IoT-enabled assets are that any piece of equipment can be turned on or off remotely.
Cost savings: IoT would benefit the businesses and homes to a great extent. Company can save a lot of money by minimizing equipment failure. With sensor information like actual performance data and equipment health- driving behavior and speed, businesses can perform planned maintenance, reduce fuel expense and wear and tear on consumables.
Impact of IoT on Business
Today, IoT is being used widely in many industries like agriculture, building management, healthcare, energy and transportation. IoT is also being used for smart city concept wherein it can help us reduce waste and save energy, connected traffic signals can monitor utility use. IoT is used at a large scale in Manufacturing to organize tools, machine and people. In agriculture, IoT helps to boost production, efficiency and to track health of the herds. In offices, IoT can be used to monitor office equipments which are running on low supply and thus can be automatically re-ordered.
Security- An emerging issue for IoT
With billions of devices connected together and a huge amount of data being transferred online, security and data protection becomes a major issue. The IoT- enabled devices produces massive data which needs to be protected. To solve this issue, companies should find a way to store, track, analyze the data that will be generated on a large scale.
Conversations about IoT are taking place in every nook and corner. The way it is spreading its wings in the market reminds me of the day when each and every device will be connected and IoT will revolve everywhere. IoT will bring a paradigm shift that marks a beginning of new era of opportunity for everyone- consumer, businesses, cities, government etc.