IoT has shaped and transformed a wide plethora of industries by connecting devices, automating processes, and boosting productivity. Besides, specialized branches of IoT, such as IIoT and IoMT, are revolutionizing many industries today, the pace of which is only going to increase in the forthcoming future.
Internet of Things (IoT) refers to a system involving different connected devices that interact or ‘talk’ to each other, sharing data to execute various tasks. As IoT promises a ‘smart’ civilization in the coming decades, intelligent homes, smart cars, wearables, and many connected devices have entered the picture, set to evolve the digital landscape and how netizens interact with each other. The projected number of IoT devices in the world in 2021 is around 46 billion. It is more than two-fold growth since 2018 when there were 22 billion connected devices.
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What is IoT?
IoT encompasses billions of connected devices spread across the world. Thanks to high-speed internet (and the evolution of cellular network technology – to 5G), the world moves towards a more intelligent tomorrow, which would make sharing and collection of colossal amounts of data as quickly as it has ever been! Besides high-speed internet, the omnipresence of wireless networks and the availability of economical hardware now virtually connects everything. Any device integrated with sensors can bank on digital intelligence to communicate in real-time. The entire process works without the intervention of humans. Eventually, IoT is fostering a responsive and more intelligent world, amalgamating physical and digital universes.
Some examples and applications of IoT Devices and Systems
IoT devices are everywhere, ranging from smartwatches to smart homes. Apart from these consumer-oriented devices, there are connected enterprise equipment, robots, machines, and smart-workers in futuristic industrial facilities and factories. No wonder IoT would be ushering in the fourth industrial revolution.
Have a look at some examples to get a broader idea about the potential of IoT.
How Does IoT Work?
The IoT environment consists of seven elements, each of which executes its part. These include:
An IoT ecosystem essentially consists of internet-enabled intelligent devices. These devices come integrated with embedded systems like sensors, processors, and communication hardware. As a result, they can collect, dispatch, or act on the available data as programmed. Devices connected to the system share the data as compiled by these sensors. They manage this data by communicating with edge devices or IoT gateways. The data may be analyzed locally or in cloud systems. The devices can perform most of the tasks without any intervention from humans. However, people can interact with these smart devices, providing instructions to set them up.
Protocols in the connected devices primarily differ depending on IoT applications, networking, connectivity, and communication. Besides, IoT can also deploy Machine Learning and Artificial Intelligence to collect and process data.
Types of IoT
Three broad categories of IoT are there, although the second and third ones are the wider applications of the main category. These are:
Although these systems have a similar character, connected devices and intelligent systems at the center, IIoT and IoMT are used explicitly in manufacturing and the medical field, respectively. On the other hand, IoT is the broadly used category for consumer usage. While IIoT is more concerned with industrial applications, supply chain management, and agriculture, IoMT involves integrating medical applications and devices to connect and manage healthcare IT systems. In general, IoT involves IIoT or IoMT plus remote monitoring, wearables, asset tracking, etc.
Benefits of IoT Devices and IoT Ecosystem
Organizations from all industry verticals can heavily benefit from IoT. While some of these benefits are conditioned to specific industries, others are applicable across many sectors. Some key benefits of IoT for enterprises are:
Through IoT, enterprises get the opportunity to rethink and evaluate the way they approach business. Besides, it provides them with strategic tools to streamline their marketing campaigns.
IoT also has got the potential to revolutionize agriculture, easing up the job for farmers. With sensors collecting data on temperature, humidity, rainfall, and soil condition, it is possible to automate several farming processes. Even within structural buildings, sensors can monitor the ambient infrastructure. It would enhance the operations being carried out in bridges, buildings, and other places. It would save time and cost significantly by boosting the workflow.
Every industry, including finance, manufacturing, retail, healthcare, and banking, has the scope to capitalize on IoT and reap huge benefits.
How does The Future look for IoT?
IoT presents the world with limitless potential to exploit data and technology. In the coming years, integrated AI and better network agility will further boost advancements in the industrial internet. Eventually, IoT would be working at hyper-scale, automating, deploying, orchestrating, and securing numerous systems.
With billions of connected devices operating simultaneously, the world would have massive capacities of actionable data. Eventually, it can automate different business processes and evolve the digital ecosystems of today.
With IoT ecosystems overcoming possible digital hurdles, fresh streams of revenue are on the cards. However, cyber threats would continue to be one of the issues that can slow down or even jeopardize this massive digital revolution. A calculated approach with adequate countermeasures to address such adversaries can help the world realize the true potential of IoT. In all likelihood, IoT would usher in the fourth industrial revolution, taking internet applications to levels that have not been touched yet.
Disclaimer: The author of this text, Jean Chalopin, is a global business leader with a background encompassing banking, biotech and entertainment. Mr. Chalopin is Chairman of Deltec International Group, www.deltecbank.com.
The co-author of this text, Robin Trehan, has a Bachelor’s degree in Economics, a Master’s in International Business and Finance, and an MBA in Electronic Business. Mr. Trehan is a Senior VP at Deltec International Group, www.deltecbank.com.
The views, thoughts, and opinions expressed in this text are solely the views of the authors, and do not necessarily reflect those of Deltec International Group, its subsidiaries, and/or its employees.
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