What is Internet of Things and Why is it Important?

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What is Internet of Things and Why is it Important?

The Internet of Things potential has a lot to offer for the daily life of every human. It makes everything so efficient, productive, and advance. It is definitely another positive type of technology that most people can look forward too.

What is Internet of Things?  

The internet of things (IoT) is a computing concept that describes the idea of everyday physical objects being connected to the internet and being able to identify themselves to other devices. The term is closely identified with RFID as the method of communication, although it also may include other sensor technologies, wireless technologies or QR codes.

The internet of things (IoT) is significant because an object that can represent itself digitally becomes something greater than the object by itself. No longer does the object relate just to its user, but it is now connected to surrounding objects and database data. When many objects act in union, they are known as having “ambient intelligence.”

How can Internet of Things (IoT) help?   

IoT platforms can help organizations reduce cost through improved process efficiency, asset utilization and productivity. With improved tracking of devices/objects using sensors and connectivity, they can benefit from real-time insights and analytics, which would help them, make smarter decisions. The growth and convergence of data, processes and things on the internet would make such connections more relevant and important, creating more opportunities for people, businesses and industries.

Why Internet of Things (IoT) is important?

The internet of things helps people live and work smarter as well as gain complete control over their lives. In addition to offering smart devices to automate homes, IoT is essential to business. Internet of Things (IoT) provides businesses with a real-time look into how their companies’ systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations.

IoT enables companies to automate processes and reduce struggle costs. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods as well as offering transparency into customer transactions.

IoT touches every industry, including healthcare, finance, retail and manufacturing. Smart cities help citizens reduce waste and energy consumption and connected sensors are even used in farming to help monitor crop and cattle yields and predict growth patterns.

As such, Internet of Things (IoT) is one of the most important technologies of everyday life and it will continue to pick up steam as more businesses realize the potential of connected devices to keep them competitive.

 Let us see how businesses can take advantage of the internet of things.

Benefits of IoT (Internet of Things):

Increase Business Opportunities

IoT opens the door for new business opportunities and helps companies benefit from new revenue streams developed by advanced business models and services. IoT-driven innovations build strong business cases, reduce time to market and increase return on investments. IoT has the potential to transform the way consumers and businesses approach the world by leveraging the scope of the IoT beyond connectivity.

Enhanced Asset Utilization

IoT will improve tracking of assets (equipment, machinery, tools, etc.) using sensors and connectivity, which helps organizations benefit from real-time insights. Organizations could more easily locate issues in the assets and run preventive maintenance to improve asset utilization.

Improved Safety and Security

IoT services integrated with sensors and video cameras help monitor workplace to ensure equipment safety and protect against physical threats. The IoT connectivity coordinates multiple teams to resolve issues promptly.

Increase Productivity

Productivity plays a key role in the profitability of any business. IoT offers just-in-time training for employees, improve labor efficiency, and reduce mismatch of skills while increasing organizational productivity.

Cost Saving

The improved asset utilization, productivity, and process efficiencies can save your expenditures. For example, predictive analytics and real-time diagnostics drive down the maintenance costs.

Statics of Internet of Things:

  • The global IoT market is forecast to be worth $1.7T in 2019.
  • IoT has the potential to generate $4T to $11T in economic value by 2025.
  • 97% of organizations feel there are challenges to creating value from IoT-related data.
  • There will be 20.4 Billion IoT Devices by 2020.
  • The Home IoT Market is expected to grow to $53.45 Billion by 2022.
  • The IoT in Banking and Financial Services market size is expected to grow to $2.03B by 2023.
  • By 2024, the Global IoT Healthcare Market is expected to reach $140 Billion.

Examples of Internet of Things

Smart homes

A smart home is a house with devices connected and controlled by a user via the internet; smart home is one of the famous examples of the internet of things. These are designed to provide a sense of control, security and convenience at par. You can control your lights, turn on the air conditioner just before you reach home so that you get comfortable environment. You can also set and control lighting according to your current world.

Healthcare

Internet of things when combines with healthcare will result in great quality services and advancement of technology. The services will provide great advantages to health providers and people using the health services. IoT is an example of advancement and it is expanding with fitness gears such as werables, data analysis tools, and clinical equipment more.

Nest Smart Thermostat

One of the most highly visible and popular pieces of Internet of Things technology is the Nest, a smart thermostat that’s connected to the internet. The Nest learns your family’s routines and will automatically adjust the temperature based on when you’re home or away, awake or asleep, hot or cold; to make your house more efficient and help you save on heating and cooling bills. The mobile app allows you to edit schedules, change the temperature when you’re away from home, and even receive alerts when it looks like something has gone wrong with your heating or cooling system.

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