The Internet of Opportunities – it’s just the beginning of the IoT era
Perhaps the most sought after concept of human civilization is communication. And it is communication that accounts for the convergence between people, technology and the processes that revolutionize human lives. And within this paradigm of increasing connectivity, the third stream in the development of Internet, better known as ‘Internet of Things (IoT)’ has the potential to connect things with the World Wide Web. Imagine a digitized lock on every door of your house which can be controlled by your smart phone or checking your electrical appliances via your tablet. This is what Internet of Things (IoT) is about: The network that connects actual things or physical objects with the internet. The extensive connection of hardware by a software whose identifier platform is embedded in the hardware, with the help of which it can sense and connect with the environment around it without requiring any external human interference.
Communication among machines and physical objects is not a new concept. The best example of machine to machine communication is the tracking of physical objects via transmitters while transportation. But IoT is a much vaster innovation of this decade, bringing to the fore the colossal IT pool that can capture data from millions of end points and connect the human mind, the hardware and the software. The
McKinsey Global Institute in its report estimated that the total IoT phenomenon would have an impact of $ 3-6 trillions annually by 2025. The Internet of Things will be a standout amongst all the innovation patterns of the following decade, with proliferating chances for business organizations and policymakers to bloom and flourish.
Vision and Reality merge in IoT
Coupled with science and technology on one side, the total internet phenomenon and what is favourably called ‘Artificial Intelligence’, shall soon outnumber humans in the era of digital economy. It is important for the people to understand the essence of IoT which is connecting, combining and fusing the automated data generated and stored by machines and the manual data provided by the deeper insight of humans for better decisions and innovations. There are certain factors that have acted as driving forces for the need to develop the IoT vision:
- Affordable technology: The heart line of IoT is sensors. Technically, it is sensors that connect hardware to every other software and all of it with the Internet cloud. Since 2010, price of sensors have been falling rapidly. Thus, sale of sensors have gone up by 70% over the last five years leading to more capable and powerful sensors in more affordable prices. With the rise of cheap and good quality censors, the idea of vehemently connecting physical devices with software has also made way.
- Permeating connectivity: With the rise of smart phones as a large contributing factor, the pervasive internet connectivity has fostered the IoT vision more than ever. Widespread general access to high speed wireless networks extend and increase the permeating power of IoT applications more than ever.
- Innovation: With the vision of IoT working as a catalyst now, rapid innovation results in technological advancements in every field. Starting from smart phones which can be considered the gateway to IoT applications, to that of miniaturization of various gadgets and sensors leading to the crystallization of IoT vision and applications.
- Proliferation of Data: Humungous amount of data is generated and manufactured daily, either digitally or manually. As IoT accounts for managing such voluminous amount of data, this proliferation works in the favour of the growth of it.
- A Maturing Pool: The exponential growth of telecommunications providers, consulting firms and device manufacturers, it is easier now to produce a maturing ecosystem of human intelligence, artificial intelligence and hardware devices.
Transforming Market Economy with evolving IoT
It is not scientifically viable that the market remains untouched while IoT proliferates to a gigantic, independent pool of connected devices. What IoT is slowly giving rise to, is also known as Industrial Internet, a term coined by Frost & Sullivan. Linking the retail and manufacturing sectors with the telecommunications services and the digital economy leads to a paradigm shift in the entire global market economy.
How IoT will change the State of Things? Opportunities to grow!
The greater changes of any innovation can be tested against time by viewing it in light of basic survival requirements and things related to daily quality survival.
- Changes in Utility: Smart networks are an essential advancement that will lead to more energy conservation and efficiency. Computerized meters produce information that can help buyers to settle on more intelligent choices around their energy utilization yet can likewise empower utilities to grow more gainful plans of action, including dynamic rate structures that will encourage more proficient utilization and client reliability. Ongoing utilization data empowers power generators to oversee supply and request all the more proficiently.
- Changes in Healthcare: Delivering high quality healthcare commodities is an increasing demand as well as a rare availability in both developed and developing countries. Having a network that expands the permeating power of preventive healthcare is an essential venture for governments and NGOs that will save lives and improve the quality of the same via technology.
- Transportation: Smart goods permit the supply’s augmentation chain so observing administrations, overhauls, content, and other computerized administrations expand past the shipment of the products and into the client’s surroundings, changing a logistics operation into a keen production network.
Once envisioned, Internet of Things will have its impact on every industry in the coming decade. But every new system comes with its own flaws and we need to thrive in spite of them, the gravest threat among them being the threat of security. As all devices come to be operated under one gateway, it is more susceptible to security threat. But revolutionizing business systems and real-time analytics shall provide worthy solutions to such breach of security and by that time technology would be advanced even more.