IoT applications in factory settings alone have the potential to unlock total nearly $4 trillion by 2025. Others estimate the IIoT could add some $15 trillion to the global economy by 2030 According to McKinsey’s report
What Does IOT Stand For?
The letters IOT stand for Internet of things, this phrase was coined by Kevin Ashton in 1999. The term was initially used to promote RFID technology. The term did not become popular until 2010/11. Today IOT has become synonymous with the term 'The industrial revolution 4.0.'
What Is The Internet Of Things?
The IOT is an eco-system of interrelated computing devices with unique identifiers which has the capability to collect, send and act on data over a cloud without needing human to human interaction or human to computer interaction.
What Kind Of Devices Can Be Hooked To IOT?
Any devices which is mechanical, digital can use this technology. Even objects, and living beings including animals can be hooked with sensors and unique identifiers. Simply put every gadget/device or even things like a be an IOT device. container for food could
It is expected that there would be more than 64B IoT devices worldwide by 2025
The Four Components Of IOT
- Sensors or devices
- Data processing and
- User interface.
How IOT Works?
Here is a simplified answer to how IOT works. The sensors collect data from their environment , the data collected is sent through a satellite , cellular, wifi , blue tooth or some other connecting device to the cloud. The using some software the data is then processed and action is taken based on the output. This action could be automatic like sending out an alert or a user may intervene accordingly.
The Purpose Of IOT
The main purpose of IoT devices is to generate real-time data that can be analyzed and used to create desired business outcomes.
More than 80% of senior executives across industries, on average, say IoT is critical to some or all lines of their business in 2018
How Businesses Benefit From IOT?
Businesses receive sufficient real time data to make all the necessary changes in processes and customer relations that could help them beat their competition.
IOT helps businesses to get new insights for innovation and new products enabling them to widen their product range as the trends change and maybe even to diversify when required.
What Kind Of Data Do IOT Devices collect?
The sensors collect data from the device and gadgets of consumer such as security systems, smart wearables, smart appliances, smart TV’s etc. They also collect data from traffic monitoring devices, weather tracking systems etc.
This data is processed to make the infrastructure more sustainable, to help manage resources, regulate traffic flow, in short they help to make make our lives better.
By 2020, there will be 4 internet connected devices for every human on the planet. - Gartner
Benefits For Consumers From IOT Devices
Currently the home and personal Assistants assist customer to play music, receive directions, manage the lighting levels, receive information etc.
Wearable Technology helps keep track of fitness, health and vitals parameters.
While smart homes help make life easy by doing things like heating their bath water, cooking up their dinner or even catering to their other personal needs.
Security systems that are employed at homes ensure the safety of consumers with home surveillance.
Its easy to say that in the future is that IOT will soon be in every device we use. There is no stopping IOT, its here to stay.
I invite you to kindly join me in the following Chat Blog where we shall discuss the ways in which IOT is drastically changing businesses.
Using Data For Progress
Better Business Insights
Reduction Of Downtime And Loss
Better User Engagement And experience
Querlo Chat On How Internet Of Things (IOT) Is Changing Businesses
IOT is the future of business, the popularity this technology has gained within a short time is an testimony to it. There is no doubt at all that these gadgets and devices will make customers lives better.
However, biggest challenge would always be the social and ethical implications of how such sensitive personal data of the is stored, used and secured.
The ethical use of data may be thrown to the winds where smaller businesses are concerned.
Security flaws can be an open invitation to hackers to get their hands on consumers personal data, business and home.
What if these small smart devices become spies to the government?
In our hurry to be to get the newest gadgets could old discarded gadgets leave a disastrous and toxic legacy behind?
It is imperative to have a ethical and safety group studying the legal and ethical implications before IOT reaches every corner and crevice of our homes.
After the successful launch of "The bitLanders C-blogging", conversational AI blogging by Querlo powered by IBM Watson and Microsoft Azure. bitLanders continues to support its joint venture Querlo. We believe in our mission to promote our future - Artificial Intelligence (AI) - and build AI conversations via blogging, here we are to introduce "bitLanders AI-themed blogging!". - Credit: quote from bitLanders
All images used in this blog have been duly credited, no copyright Infringement Intended.
My other blogs that may be of interest to you
Thank you for reading and interacting with me on this blog. I hope that information I have shared on this blog has been helpful to you.
♥♥♥ Sofs ♥♥♥
Would you like to share your thoughts on AI and earn through Bitlanders? Follow this link and claim your first $1 reward on sign up.