Why Internet of Things Should Matter?
The Internet of Things (IoT) is moving from futurist speculation to reality. It is a growing network of everyday objects that are interconnected over the internet and can collect data and transmit and receive information. The IoT was conceptualized from industrial production, where machine-to-machine communication helped in the manufacture of complex items. But IoT is now spreading wide in the commercial realm, assisting in the day-to-day tasks without any human involvement. As per Business Intelligence estimates, IoT will grow nearly ten-fold, from 2.5 billion in 2014 to almost 24 billion by 2019! Read how Internet of Things is transforming the lives of everyone around. Made up of millions of sensors and devices that generate unending streams of data, IoT is useful to improve our lives and our businesses in a lot of ways. The Internet of Things is made possible by low-voltage, low-cost components and sensors that can be added to cars, lights, home security systems, medical devices, appliances, desks and other objects, all of which send data to a managing application. The market size of IoT is expected to be $14.4 trillion by 2022, as per Cisco.
Significance of IoTYou would be pondering why IoT should matter to you? How will you be benefited from it? And how it will affect your everyday life? Below are the answers of all these questions!
- GPS systems, alarms systems and thermostats will be sending and receiving continuous streams of data to monitor and automate all your activities in automobiles and homes.
- Lights and thermostats will operate autonomously to save on energy costs. They will be turned off automatically when everyone will leave the place.
- IoT will enable intelligent transport solutions, speeding up traffic flows, reducing fuel consumption and prioritizing vehicles repair schedule.
- There will be smart doorbells, locks and surveillance systems, giving you information about who’s in front of the building at any point of time, thus ensuring your peace of mind.
- Smart electric grids will help in efficiently connecting renewable resources, improving system reliability and charging consumers based on smaller usage increments.
- It will help your business to improve customer service and customer personalization, accelerate process optimization, address real-time business needs, threats and opportunities and make forecasting more effective.
- More IoT devices will ensure more data and analytics on all the aspects of your business for improving the strategy and customer experience.
- IoT will help in remote health care monitoring, thus providing convenient access to health care, raising its quality and reach, and saving money.
- For your industrial company, machinery will be able to operate autonomously and when your smart machine will not be working properly, you will get a notification.
- Sensors in homes and airports, or even shoes and doors will help in improving security by sending signals when they are unused for a certain period of time or if they are used at the wrong time.
- There will be smart cars that will give drivers a better sense of real-time traffic conditions, making your business trip more efficient. When self-driving cars will be introduced, both accidents and travel time will be reduced.
- Machine monitoring sensors in your factory will diagnose and predict pending maintenance issues, short-term part stock-outs, and even prioritize maintenance crew schedules for repair equipment.