Hey there! Have you heard of IoT? Yes the most popular thing in industry. If not, it is Internet of Things. Do you use smart watches or have you heard about smart city, smart house, these are the practical application of IoT. Didn’t get it?If you just Google “what is IoT?”, you will get a technical answer:
“The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.”
Simply, The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the internet, collecting and sharing data. Now you’ll ask me “Okay, but why is it so much important?”.
Today majority of devices works on sensors but sensors will not live forever. In other words, cheap sensors are not going to be 100% reliable, 100% of the time. Physical damage during normal maintenance and operation in hostile industrial environments (such as dust, vibration, water, and caustic materials) will occur. Even sensor batteries can discharge. Ultimately, all sensors fail either instantaneously or slowly degrade. IoT replaces sensors, IoT contains loads of data, which can be used instead of sensors. IoT converts any electronic device into a smarter one but also provides the user, various features like real-time analytics, platform to analyze the collected data, cloud data storage, trigger an action from a remote location, remote notifications etc. Because of its wide range of applications, this technology can be integrated into almost all the industries. A lot of industries are eager to adopt this technology on to their operations to increase their productivity and improve efficiency.
Here are some examples of the impact the IoT has on industries:
Intelligent transport solutions speed up traffic flows, reduce fuel consumption, prioritize vehicle repair schedules and save lives.
Smart electric grids more efficiently connect renewable resources, improve system reliability and charge customers based on smaller usage increments.
You’re low on milk. When you’re on your way home from work, you get an alert from your refrigerator reminding you to stop by the store.
Your home security system, which already enables you to remotely control your locks and thermostats, can cool down your home and open your windows, based on your preferences.
IOT GROWTH: KEY STATISTICS & FACTS
By 2020, 50 billion devices will be connected.
By 2020, the global smart home market is forecast to grow to nearly 60 billion U.S. dollars.
Nearly $6 trillion will be spent on IoT solutions by 2020.
Internet-connected clothing is coming. Experts predict that 10.2 million units of smart clothing will ship by 2020.
The IoT will connect many of the devices we have at home, from smart microwaves to smart fridges.
According to Forbes, Google bought smart thermostat maker, Nest Labs, for $3.2 billion, and Samsung purchased connected home company SmartThings for $200 million.
A recent World Economic Forum survey showed that 88 percent of respondents were overwhelmed by the IoT’s impacts on their business models and long-term implications.
Barcelona has actively fostered its local technology industry. With $230 million in public funds, the city redeveloped an industrial area to create 22@Barcelona, where startups are putting public data to use in new applications and developing IoT technologies.
Source says that more than 40 percent of organizations expect the IoT to transform their business or offer significant new revenue or cost-savings opportunities over the next three years.
28 percent of software developers say they are currently working on applications for IoT-connected devices.
High price is the #1 deterrent to adoption of consumer IoT products, according to a recent Accenture survey.
Real World Applications of IoT
1. IoT in agriculture
With the continous increase in world’s population, demand for food supply is extremely raised. Governments are helping farmers to use advanced techniques and research to increase food production. Smart farming is one of the fastest growing field in IoT.
Farmers are using meaningful insights from the data to yield better return on investment. Sensing for soil moisture and nutrients, controlling water usage for plant growth and determining custom fertilizer are some simple uses of IoT.
Wearables have experienced a explosive demand in markets all over the world. Companies like Google, Samsung have invested heavily in building such devices. But, how do they work?
Wearable devices are installed with sensors and softwares which collect data and information about the users. This data is later pre-processed to extract essential insights about user.
These devices broadly cover fitness, health and entertainment requirements. The pre-requisite from internet of things technology for wearable applications is to be highly energy efficient or ultra-low power and small sized.
1. Smart Home
With IoT creating the buzz, ‘Smart Home’ is the most searched IoT associated feature on Google. But, what is a Smart Home?
Wouldn’t you love if you could switch on air conditioning before reaching home or switch off lights even after you have left home? Or unlock the doors to friends for temporary access even when you are not at home. Don’t be surprised with IoT taking shape companies are building products to make your life simpler and convenient.
Smart Home has become the revolutionary ladder of success in the residential spaces and it is predicted Smart homes will become as common as smartphones.
The cost of owning a house is the biggest expense in a homeowner’s life. Smart Home products are promised to save time, energy and money. With Smart home companies like Nest, Ecobee, Ring and August, to name a few, will become household brands and are planning to deliver a never seen before experience.
Who Invented IoT and It’s History
The term "The Internet of Things" was coined by Kevin Ashton in a presentation to Proctor & Gamble in 1999. Ashton is a co-founder of MIT's Auto-ID Lab.
The term Internet of Things is 16 years old. But the actual idea of connected devices had been around longer, at least since the 70s. Back then, the idea was often called “embedded internet” or “pervasive computing”. But the actual term “Internet of Things” was coined by Kevin Ashton in 1999 during his work at Procter&Gamble.
Your Takeaway Definition of IoT
What is IoT?: The internet of Things, or “IoT” for short, is about extending the power of the internet beyond computers and smartphones to a whole range of other things, processes and environments. Those “connected” things are used to gather information, send information back, or both